500 or bust?
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[quote=go_huskies][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.[/quote]
I am sure some bank FA's have strong relationships with clients and bring in biz through referrals etc....but a great majority of the business that most Bank FA's I know at WS and BofA get are from referrals through the Bank and vice versa....that is the purpose of teh "universal bank" to keep all assets in one place...the more bank products the customers buy...the sticker they become to the bank, and less likely to leave they become. Not saying you can't take them with...it is alot harder when they have other relationships vs just one...like the traditional brokerage side. I ahve a friend that would love to leave the Bank side....but knows he would only keep a fraction of the assets.
No more sales bonus = -60,000/ YR 2008
New account fees = -30,000/ YR Single, Joint and Trust accounts, my end ---------------------------------------------------- Total - 90,000/ YR ---------------------------------------------------- Retention + ? ---------------------------------------------------- Net ?[quote=disappointed]No more sales bonus = -60,000/ YR 2008
New account fees = -30,000/ YR Single, Joint and Trust accounts, my end ---------------------------------------------------- Total - 90,000/ YR ---------------------------------------------------- Retention + ? ---------------------------------------------------- Net ?[/quote] 65% of clients company wide avoid any acct fees due to the many exceptions. Account fees will not cost you $30m.nest egg…out of about 30 brokers in my region, 25 came from wirehouses and brought a book with them. my colleague just rampaged his former firm for about 30mil in the 4th quarter and produced 350m between october and december. no hacks in my world…
My end 30,000. It all depends on how many accounts you have. I have gone through my book. Most of my business is transactional....A LOT
Would one of you recruiters out there toss out a quick comparison of the packages being offered (currently available, still) by UBS, MS, etc?
[quote=disappointed]
My end 30,000. It all depends on how many accounts you have. I have gone through my book. Most of my business is transactional....A LOT
[/quote] $50m in assets in the household, sign up for Edocs, no fees. That should save you some cash.[quote=disappointed]
To the former AGE brokers. How are you addressing the new account fees?
[/quote] At first I was concerned about the new fees. However, I'm pysched for some of the changes. First, if clients sign up for internet delivery of account statements, confirms, etc, there are NO account fees (no IRA fees or investment account fees). Second, all of my households over $250k not only avoid IRA & investment account fees, but also receive a fee ultra asset (command) account. Third, for those clients who are scheduled to pay the $60 investment account fee, FAs have a fee waiver pool to use that equals 10% of all account fees to clients. In the end, I was concerned for nothing.[quote=Sam Houston][quote=disappointed]No more sales bonus = -60,000/ YR 2008
New account fees = -30,000/ YR Single, Joint and Trust accounts, my end ---------------------------------------------------- Total - 90,000/ YR ---------------------------------------------------- Retention + ? ---------------------------------------------------- Net ?[/quote] 65% of clients company wide avoid any acct fees due to the many exceptions. Account fees will not cost you $30m.[/quote] Keep in mind that at $500k or more in production your payout will now be signficantly higher. Also, we will receive deferred comp that is almost half of what our sales bonus was. One negative that you forgot, our 401k match is now capped at $10k.Keep in mind that at $500k or more in production your payout will now
be signficantly higher. Also, we will receive deferred comp that is
almost half of what our sales bonus was. One negative that you forgot,
our 401k match is now capped at $10k.
Are you talking about Wachovia/WF??
A note to the legacy AGE people regarding acct fees take the time to make sure all your households are set up correctly, begin taking advantage of the different credits given due to various acct set ups (50,000 in a mutual fund, edocs) that 6/30 deadline comes up awfully quick. It’ll just save you a bunch of brain damage and time down the road.
[quote=nestegg]
[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]
Just trying to make the client belong to the NEW FA
[quote=ryedog123][quote=Sam Houston][quote=disappointed]No more sales bonus = -60,000/ YR 2008
New account fees = -30,000/ YR Single, Joint and Trust accounts, my end ---------------------------------------------------- Total - 90,000/ YR ---------------------------------------------------- Retention + ? ---------------------------------------------------- Net ?[/quote] 65% of clients company wide avoid any acct fees due to the many exceptions. Account fees will not cost you $30m.[/quote] Keep in mind that at $500k or more in production your payout will now be signficantly higher. Also, we will receive deferred comp that is almost half of what our sales bonus was. One negative that you forgot, our 401k match is now capped at $10k. [/quote]Not necessarily a higher payout at 500k...depends what kind of business you do...if it is transactional...it is the same, likely lower when you count all the 0 payouts and ticket charges..if they really paid us 24% and 50% that would be different...on the surface it looks like more but in actuality it is the same or lower unless you are all fee based or something.
[quote=Sam Houston][quote=disappointed]
My end 30,000. It all depends on how many accounts you have. I have gone through my book. Most of my business is transactional....A LOT
[/quote] $50m in assets in the household, sign up for Edocs, no fees. That should save you some cash.[/quote] Be careful, watch the fine print and know that "not held assets" do not apply to the total values of 50k or the 250k for command asset.[quote=Bud Fox][quote=Sam Houston][quote=disappointed]
My end 30,000. It all depends on how many accounts you have. I have gone through my book. Most of my business is transactional....A LOT
[/quote] $50m in assets in the household, sign up for Edocs, no fees. That should save you some cash.[/quote] Be careful, watch the fine print and know that "not held assets" do not apply to the total values of 50k or the 250k for command asset. [/quote] Annuities do, level 4 funds do not. Simple solution, move all funds to level 3.Do “not held assets” include insurance-based 401k assets in so-called tracking accounts?
I’ve heard providers like John Hancock and Transamerica allow some firms to set up these 401k accounts for the purposes of PCs and net new household credit. Even though assets are held at the insurance co., the grid treats them as if they’re long.
If we can make it through this week maybe we will find out what is going on in February. I forgot to mention when I was talking to my Branch Administrator on Friday I made mention of some brokers leaving our area, he quickly responded that they brought in a guy that replaces all of their gross. I asked what did that cost and he laughed and said alot. Got to love this new business model. Replace the current revenue at twice the cost.
Citi had to sell the only profitable business they own. MS wants this business the same way B of A does. However that old business model is broken just like GM but a new one will emerge. Offices in the future will look different and work differently. More FA's will work remotely or go independent .The Banks may want Fa's on a salary, taking orders, making projections,sending reports, and opening accounts based on the Banks criteria. The big guys will run a Wealth Team and do very well .The average producer(400 -700) is piece of history and I am proud to be one. The industry does not need all this office space , phone systems , wire ops. receptionists and lobby space. We need tech., communications and accurate information. I will go indy, join a team or both by 2010. I am very excited about our future and it is in the best interest of our clients.
Dom Portwood: Hi, Peter. What’s happening? We need to talk about your TPS reports.
Peter Gibbons: Yeah. The coversheet. I know, I know. Uh, Bill talked to me about it.
Dom Portwood: Yeah. Did you get that memo?
Peter Gibbons: Yeah. I got the memo. And I understand the policy. And the problem is just that I forgot the one time. And I’ve already taken care of it so it’s not even really a problem anymore.
Dom Portwood: Ah! Yeah. It’s just we’re putting new coversheets on all the TPS reports before they go out now. So if you could go ahead and try to remember to do that from now on, that’d be great. All right!