500 or bust?
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So, aside from the debate of WHEN or IF, my question to all of you is, “How much retention is necessary to keep you in your seat and at what level will you walk?”
So, aside from the debate of WHEN or IF, my question to all of you is,
"How much retention is necessary to keep you in your seat and at what
level will you wa
50% T-12 ending December 08. Upfront. Or they could hire my replacement for 100% up front min with a backend component, sweeten their 1st year payout for them to say 50%, hope they bring over their assets and can produce right away and hope I wont be able to bring my accts with me, which I will. To retain FA’s who are proven would be the best business decision they could make.
showmethemoney is on the nose. I am a 1.2 mill T12 end of Dec 08 and I would stay for 50% up front. Anything less I will take my March bonus and start my exit plan
[quote=BE PATIENT]showmethemoney is on the nose. I am a 1.2 mill T12 end of Dec 08 and I would stay for 50% up front. Anything less I will take my March bonus and start my exit plan[/quote]
What if you don’t get a March bonus?
We are getting bonuses week of March 16th. It has been planned for a year and has been printed and announced so need to answer “What if”.
[quote=TiredofWaiting]What??? Are you kidding me! I can assure you I own my clients as much as you!! If you ask DL, he’d probably say all of the clients belong to WS/WFC! But I think we all know who really owns the relationships!
Hopefully, soon WFC/WS will realize that making us continue to wait and continually asking of or patience is counter productive and will cost them more in the long run!
As they continue to make us wait, they certainly aren’t slowing the recruiting spending down![/quote]
If you ask DL he will say what he has always said the client belongs to the FA
Because of the dynamics of my branch - I would be extremely happy with a 50% retention. However, if they could give us a name, turn the deferred comp of the last deal into cash - I could probably stay for that.
[quote=Hydeho]
[quote=TiredofWaiting]What??? Are you kidding me! I can assure you I own my clients as much as you!! If you ask DL, he’d probably say all of the clients belong to WS/WFC! But I think we all know who really owns the relationships!
Hopefully, soon WFC/WS will realize that making us continue to wait and continually asking of or patience is counter productive and will cost them more in the long run!
As they continue to make us wait, they certainly aren’t slowing the recruiting spending down![/quote]
If you ask DL he will say what he has always said the client belongs to the FA
[/quote]
Right…but the day you leave everyone in your branch will be calling your clients to keep them at AGEWACHARGO…Danny says that but in reality it doesn’t happen.
[quote=Misfit] So, aside from the debate of WHEN or IF, my question to all of you is, “How much retention is necessary to keep you in your seat and at what level will you walk?”
[/quote]
If WFC/WB can’t match the Merrill deal, at least for the top producers (50% over $750k, and 75% over $1 million) I think the dash for the door will be significant!
All of this talk about retention versus recruitment, Who in there right mind would come to this mess right now. I know they are bring in new brokers, but how do you explain that to your clients, “We are going to WS, the name is going to change to something, I am just not sure yet.”
What kind of talent would come in to this mess, when you can get better deals elsewhere.let's get this straight once and for all... isg brokers generate a vast majority of production via acats from other firms, not from cannibalizing the bank assets. if we did, we'd f*ck the bank and they wouldn't want us around.
the fact that we're in a bank makes it easier to prospect as you can see prospects' safe money and can qualify easier. better still, bank clients vent about how their broker never returns calls, churns accounts, or just doesn't get it. it's poses good opportunity, but you need to close the client to get him to move the assets. if an isg broker leaves, wells risks losing the brokerage assets along with the bank deposits and loans. i brought in $5mm in'07 and 4.5mm in '08 in deposits and loans from my clients for the bank. they wouldn't have wachovia banking services without me. their are a few misguided pcg/age brokers on this thread that need to get over their superiority complex as a mass isg departure would be crushing to wells. i think all channels deserve a package due to management's horrendous handling of this merger from day 1. if nothing is announced by president's day, wells will have problems.[quote=go_huskies]
i think all channels deserve a package due to management's horrendous handling of this merger from day 1. if nothing is announced by president's day, wells will have problems.
[/quote] I think you're right. Everyone at every production level has been hampered by the way WS/WFC has handled this. They've been hampered in defending the company and trying to gather assets ( to get them to the next level) etc... WFC has successfully succeeded in creating the greatest distraction for all of us FA's that thwarts business. The longer they wait, the harder it is for all of us to concentrate on our business plan and our clients.[quote=go_huskies]
let’s get this straight once and for all… isg brokers generate a vast majority of production via acats from other firms, not from cannibalizing the bank assets. if we did, we’d f*ck the bank and they wouldn’t want us around.
the fact that we're in a bank makes it easier to prospect as you can see prospects' safe money and can qualify easier. better still, bank clients vent about how their broker never returns calls, churns accounts, or just doesn't get it. it's poses good opportunity, but you need to close the client to get him to move the assets. if an isg broker leaves, wells risks losing the brokerage assets along with the bank deposits and loans. i brought in $5mm in'07 and 4.5mm in '08 in deposits and loans from my clients for the bank. they wouldn't have wachovia banking services without me. their are a few misguided pcg/age brokers on this thread that need to get over their superiority complex as a mass isg departure would be crushing to wells. i think all channels deserve a package due to management's horrendous handling of this merger from day 1. if nothing is announced by president's day, wells will have problems.[/quote]The problem is that Bank assets are alot sticker and the banks know this...when your checking acct, auto bill pay, mortgage and credit card are all one place....moving your accts becomes alot harder for the client...even if you brought them in...as for the walk ins...well they will simply deal with the next guy who warms the seat.
That is the reality.
What kind of talent would come in to this mess, when you can get better deals elsewhere.
Good question, but regardless, they are showing up. A lot of ML guys coming in now.
[quote=showmethemoney]What kind of talent would come in to this mess, when you can get better deals elsewhere.
Good question, but regardless, they are showing up. A lot of ML guys coming in now.
[/quote]
That is really scary!
That is really scary!
Scary but true and ISG is paying them 100% and more upfront with 40% backend.
[quote=nestegg] [quote=go_huskies]
let's get this straight once and for all... isg brokers generate a vast majority of production via acats from other firms, not from cannibalizing the bank assets. if we did, we'd f*ck the bank and they wouldn't want us around.
the fact that we're in a bank makes it easier to prospect as you can see prospects' safe money and can qualify easier. better still, bank clients vent about how their broker never returns calls, churns accounts, or just doesn't get it. it's poses good opportunity, but you need to close the client to get him to move the assets. if an isg broker leaves, wells risks losing the brokerage assets along with the bank deposits and loans. i brought in $5mm in'07 and 4.5mm in '08 in deposits and loans from my clients for the bank. they wouldn't have wachovia banking services without me. their are a few misguided pcg/age brokers on this thread that need to get over their superiority complex as a mass isg departure would be crushing to wells. i think all channels deserve a package due to management's horrendous handling of this merger from day 1. if nothing is announced by president's day, wells will have problems.[/quote]The problem is that Bank assets are alot sticker and the banks know this...when your checking acct, auto bill pay, mortgage and credit card are all one place....moving your accts becomes alot harder for the client...even if you brought them in...as for the walk ins...well they will simply deal with the next guy who warms the seat.
That is the reality.
[/quote] a credit card???...that's reaching. most of my clients have been asking when and where i'm going to move. i've been their only contact through this mess. as far as the walk ins, i usually get pretty tight with their cpa and attorney if they're qualified. i'm a cfp and i foster relationships. i'll move 80% of my core book if that's what i'm forced to do. i'd rather stay as there are competitive advantages, but the way mgmt has acted is not confidence inspiring. i'm being patient, but my anxiety is on the rise.