500 or bust?
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I never said I was a big producer. I went into production right out of college at AGE, then got a job as a wholesaler, now I'm back in production. I've been back in production for 11 months and I've brought in $9mm in new assets. What did I lie about?9 million my ass. Any producersupposedly making the big $ as you say then decides to be a wholesaler? What a moron. I have read many different posts, many I disagreed with but you my friend take the cake. Let me get this straight.
You are a big producer who quits AGE to be a wholesaler then comes back to be a 9 mill producer who in his spare time gets on Reg Rep forum to chat about a company he quit 8 yrs ago? You are a liar, a loser, a dreamer and once again ----a moron
[quote=jimmymac24]I am a ws broker and came over on a deal from another firm 3 yrs ago. i am still on a deal so i dont feel i deserve a retention deal. My manager says I may get one but I am not focusing too much on it.
Truthfully do we really deserve much?? I just don't get why everyone feels so entitled to a retention deal. I think a lot of the threats of leaving are just that. Most guys will stay. Some will leave but thats the nature of the business. I think WFC is probably just baffled at how our industry works and doesnt get it and is really given danny a lot of resistance. My guess is there will be a deal but it will be a lot lower than the estimates.[/quote] Didnt stop you from taking the deal money now did it? It amazes me how people can talk about taking a deal when they moved from one firm to another like it is perfectly normal yet when your firm is bought out question retention? Its not any different. WS ceases to exist or havent you figured that out yet? If you feel its acceptable to take money when you move then how is this any different? Its not[quote=jimmymac24]
I know what your getting at gohuskies but We are writing new history here. Our govt is scrambling to figure out what to do and is lost really. I hope things get better but realistically we had a great run and its gonna be a long time before we see better times.
My only point really is I think guys in our business are funny with how they think they are entitled to retention bonuses when we are in this economy. There are too many guys running advisory businesses that are underqualified and benefitted from the a boom economy. So many guys doing 300k who think they deserve retention. Its gonna be survival of the fittest and I feel 5 to 10 years from now the number of brokers will shrink drastically.
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.Bottom line is firms are throwing out 200% + deals. WS does not exist. Wells is STILL offering big upfront and back ended deals for talent. There is absolutely no way anyone can justify that and they say, no retention.
Thats all political posturing PR crap. Anyone who understands the business knows you have to retain production. If you do not pay retention, producers walk because they will get paid to move their business to a firm who will pay.
[quote=jimmymac24]
? Its notDidnt stop you from taking the deal money now did it? It amazes me how people can talk about taking a deal when they moved from one firm to another like it is perfectly normal yet when your firm is bought out question retention? Its not any different. WS ceases to exist or havent you figured that out yet? If you feel its acceptable to take money when you move then how is this any different My move is not any different?? are you kidding me? Of course it is a lot different. I put my business at risk and took a big chance in moving my business. That is what we get paid for. You sit in your same seat and have to go thru some technology changes. big deal. your clients and business all came with you. A small retention in this economy makes sense but when you get to stay in your seat and keep your clients its crazy to compare that to a real move. Most guys are too scared to move so the minute there is a merger think its my time to get paid. Moving to another firm is a challenge and for you to say its no different is stupid.[/quote] Bah your full of hot air. You moved from one firm to another. Not a "big risk" as you blather about. Bottom line new company (just like a move) New culture (just like a move) and possibly complete repapering of the clients (just like a move) You want to sit there and tell me that from where the client sits this is a lot different???? Man are you in denial. The ONLY thing that isnt changing for the client is YOU JUST LIKE A MOVE from one firm to another. Finally, it is crystal clear you have never gone through this kind of transition. I was around for the Pru/WS merger and it was a NIGHTMARE. You're kidding yourself if you think this WS/AGE transition is going to go seemlessly. It will probably be just as much a hassel once you double the system load. Add in an entire change of culture once we get though that and you are looking at nothing short of a full change. Oh and then if that were not enough, the massive changes in major metro area's because of branch location consolidation and many of the firms brokers will be moving to entirely new offices. So, hot shot, unless you were around last time WS went through this kind of change there is no way you can say "oh this is no big deal, just a minor tech change." Like I said, your hypocricy is sickeningI never said there should be no retention. I said its funny how much you guys think ur entitled to it in this economy. I think a smaller deal than expected is what i expect. If moving to another firm is no different than go thru all the pain of a merger than why would you not just take double the money and move??? If its no different you would do that but you don’t want to because you fear you will lose a lot of clients especially in this environment.
WFC may eventually have to sell us just like Citi to raise capital. Truth is you guys wont leave unless there is no retention. they will pay but it will be very low relatively speaking.Stop the madness!
Do you want to work for WFC or not? The rest is just so much noise. Make a decision where you and your clients will be well treated and move on. Unless you, yourself, have sat in a meeting with WFC/WS management, No one, and I mean NO ONE, can possibly know how this all shakes out. If you don't think every board member isn't looking over their shoulder, you're kidding yourself. As fluid as things have become, would it be a surprise that a decision on retention or sale of WS, or name change, etc. has been made, reversed, revisited, reinstated, reversed again, etc. ? We are in a time unlike any other, and the folks making these decisions don't have any greater insight into the future than any of us. Let them do their job. Decide what is best for their company, and shareholders, and employees. If you disagree - chart your own course. Isn't that why we all chose this profession? So we could control our own destiny? Are we not familiar with "past performance is no guarantee of future results?" There - I'm done. Thank you for your attention to this matter.[quote=go_huskies][quote=jimmymac24]I think we all have gotten a little full of ourselves and are going to face a grim reality over the next several years. The good old days are over and are not coming back for a long long time. Lets face it. We benefitted from an economic boom that started in the early 90s and is clearly over now. We were way overpaid and things are gonna continue to change for the worse. Harry Dents new book the next great depression is an eye opener for me. We are in for a rude awakening. Half the guys on these posts will not be in the business in 5 years. We all benefitted from a boom that made us look a lot smarter than we really are.
Time to come back down to reality. maybe that is why everyone is so tense about retention because you want one last payment thats really not deserving before things get a lot worse. I understand that. We just need to call a spade a spade. Things will never be the way they were for us.[/quote] harry dent???...we should be at dow 36000 per his last book. [/quote] nice....or 3600 based on his current book[quote=jimmymac24]I think we all have gotten a little full of ourselves and are going to face a grim reality over the next several years. The good old days are over and are not coming back for a long long time. Lets face it. We benefitted from an economic boom that started in the early 90s and is clearly over now. We were way overpaid and things are gonna continue to change for the worse. Harry Dents new book the next great depression is an eye opener for me. We are in for a rude awakening. Half the guys on these posts will not be in the business in 5 years. We all benefitted from a boom that made us look a lot smarter than we really are.
Time to come back down to reality. maybe that is why everyone is so tense about retention because you want one last payment thats really not deserving before things get a lot worse. I understand that. We just need to call a spade a spade. Things will never be the way they were for us.[/quote] This is the best post in all 100 pagesI think we all have gotten a little full of ourselves and are going to face a grim reality over the next several years. The good old days are over and are not coming back for a long long time. Lets face it. We benefitted from an economic boom that started in the early 90s and is clearly over now. We were way overpaid and things are gonna continue to change for the worse. Harry Dents new book the next great depression is an eye opener for me. We are in for a rude awakening. Half the guys on these posts will not be in the business in 5 years. We all benefitted from a boom that made us look a lot smarter than we really are. Time to come back down to reality. maybe that is why everyone is so tense about retention because you want one last payment thats really not deserving before things get a lot worse. I understand that. We just need to call a spade a spade. Things will never be the way they were for us. This is the best post in all 100 pages Its nice to see someone else gets it. What i said is very true. i have several friends in this business who are not very smart or talented guys but were able to build a decent business and make 200k+ a year. People in other businesses would say to me how in the world is that dumb*** making big money. It was because he came in to this business at the perfect time. Now its time to revert to the mean and its not fun for any of us.
[quote=jimmymac24]
Originally posted by jimmymac24I think we all have gotten a little full of ourselves and are going to face a grim reality over the next several years. The good old days are over and are not coming back for a long long time. Lets face it. We benefitted from an economic boom that started in the early 90s and is clearly over now. We were way overpaid and things are gonna continue to change for the worse. Harry Dents new book the next great depression is an eye opener for me. We are in for a rude awakening. Half the guys on these posts will not be in the business in 5 years. We all benefitted from a boom that made us look a lot smarter than we really are. Time to come back down to reality. maybe that is why everyone is so tense about retention because you want one last payment thats really not deserving before things get a lot worse. I understand that. We just need to call a spade a spade. Things will never be the way they were for us. This is the best post in all 100 pages Its nice to see someone else gets it. What i said is very true. i have several friends in this business who are not very smart or talented guys but were able to build a decent business and make 200k+ a year. People in other businesses would say to me how in the world is that dumb*** making big money. It was because he came in to this business at the perfect time. Now its time to revert to the mean and its not fun for any of us. [/quote] You guys better be careful, you will be called names for calling it like is under this thread. Only the dillusional are really welcome here.
Tell you what jimbo… get back to us a year from now and then tell us how much a non event the merger was. Its funny how people who have never gone through a major merger think its a complete non even and therefore think that retention shouldnt be paid.
You have absolutely no clue as to what you are talking about jim and I will laugh my butt off at you when you start to realize just how big a transition a major merger is and how much stress you, your support staff and your clients will experience as you go through the merger process. Yeah, tell me how much a non event it is when your SA cant log into the system to get a check out and how much a non event it is when YOU cant log into a clients account because your OP SYS keeps locking up and crashing....Tell you what jimbo… get back to us a year from now and then tell us how much a non event the merger was. Its funny how people who have never gone through a major merger think its a complete non even and therefore think that retention shouldnt be paid.
You have absolutely no clue as to what you are talking about jim and I will laugh my butt off at you when you start to realize just how big a transition a major merger is and how much stress you, your support staff and your clients will experience as you go through the merger process. Yeah, tell me how much a non event it is when your SA cant log into the system to get a check out and how much a non event it is when YOU cant log into a clients account because your OP SYS keeps locking up and crashing.... Buki Robbie how about you just take into consideration that you have been way overpaid for years and dealing with all of the merger stress is your way of giving back. Call it even now. Life is not always fair. You are part of a dying breed unless you are a big producer and can survive this. You will be better off when you just admit it and feel your pain. process your feeling. Let it out Puki[quote=WSxAG]Stop the madness!
Do you want to work for WFC or not? The rest is just so much noise. Make a decision where you and your clients will be well treated and move on. Unless you, yourself, have sat in a meeting with WFC/WS management, No one, and I mean NO ONE, can possibly know how this all shakes out. If you don't think every board member isn't looking over their shoulder, you're kidding yourself. As fluid as things have become, would it be a surprise that a decision on retention or sale of WS, or name change, etc. has been made, reversed, revisited, reinstated, reversed again, etc. ? We are in a time unlike any other, and the folks making these decisions don't have any greater insight into the future than any of us. Let them do their job. Decide what is best for their company, and shareholders, and employees. If you disagree - chart your own course. Isn't that why we all chose this profession? So we could control our own destiny? Are we not familiar with "past performance is no guarantee of future results?" There - I'm done. Thank you for your attention to this matter.[/quote] As long as they are doling out 150%-230% deals (which they currently are...) it rings as pure BS to say "These are unprecidented times, sorry guys, no retention." I will say it again, unless you have gone through a MAJOR merger like this you have no idea just how much change and stress you, your clients and your support staff are going to go through. I REFUSE to go through all that again without being compensated ESPECIALLY in times like we are in right now.On a serious note…
As dismal as things are in our industry and the firms we represent, our clients still need us more than ever before. Just because the market is lousy and we don't feel good about WFC/WB, there is money in motion, there are needs to fill, there are contacts to be made, and a great prospecting story yet to be written. This entire post has been so depressing. We all want to know about retention and why WFC is acting as stupid as they are. After a while, it wears on you. I agree with a lot of the posts recently about just getting "fed up" and not caring and walking away if need be. I've got to stay focused and take care of people - which is why I entered the business in the first place. We all wish that the firm would take care of us...but maybe under the new landscape - that's a thing of the past. PS...love the Harry Dent comments. You only have creditility once. How many books or speaches Harry - come on!http://industry.bnet.com/financial-services/1000279/wachovia-brokers-agita-grows-after-wells-fargo-acquisition/
Wachovia Brokers’ Agita Grows After Wells Fargo Acquisition[quote=Maynard]http://industry.bnet.com/financial-services/1000279/wachovia-brokers-agita-grows-after-wells-fargo-acquisition/
Wachovia Brokers’ Agita Grows After Wells Fargo Acquisition[/quote] From this sounds like the money is jussssttttt around the corner