500 or bust?
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[quote=kowachovia][quote=Sam Houston][quote=kowachovia]wow - I tell people that I have never lost an account due to fees and I discount, and its automatically assumed I dont provide any service.
Its a numbers game, more assets allow me charge lower fees. If a prospect walks into my office and I propose a 1.10% fee on a million dollar account with managers, and then walks to your office and you propose anything over that I wonder who wins the business? Here's another shocker - I pay all my client account fees that are not IRA's. IRA's were all charged in the past and even fund companies charge for IRA's. I spread it out over several months. If I have a good month I write more off in that month. I guess the Wal-mart/vanguard business models could work, but what do I know? Jesus, what kind of service do you provide for 3% on a managed account?[/quote] I never said you did not provide any service. What I said is if you don't feel the service you provide is worth full value, how do you expect a client to view you at full value. If you want to associate yourself with Walmart, go right ahead. I would be insulted by such a comparison, but to each his own.[/quote] its a business model not a stereotype. I love competing against Merrill and UBS I know their fee structures backwards and forwards. You cant buy I shares in their fund wrap progams. Just because you dont charge full value doesnt mean you have to provide a lower level of service. This happened a few years ago prior to 00: A broker left to another firm and did a bunch of managed money. He charged mostly 2.0%. I have never participated in book reassignments, but I was in the meeting where the manager was speaking about the account ditribution of the former FA. I suggested that everyone cut the fees on the accounts to 1.50% - the other FA's retained a ton of accounts that way. Like you said - to each their own.[/quote] You have a reading comprehension problem. I did not say you provided less service. I said you devalued your service. The cutting fees example you used makes my point. As soon as some other broker comes along and says "WTF, 1.5%??? I only charge 1.25%" those assets are gone, not because of bad service, because you have made the client believe that the cost of the program is important as opposed to the value of the service provided. I could get my hair cut for $12 at cost cutters, but I choose to pay $40 to the gal I use. Cost is only on issue in the absense of value.How about Obama complaining about Thane’s lavish spending 1.2Myn to fix up his office…
Obama just spent 170MYN of taxpayer money on a one day bash for himself! Now he's out to attack guys that got a bonus earned directly from their own hard work? (And, I'm not talking about the super high paid executives who are just profiteering here - more about traders and others who receive a bonus as part of their compensation and depend on it to live). I bet even Barney Frank had to swallow hard at that. Oh... and...forgive the pun. Anyway, I've started to get pumped up again. This market is terrible and, in a way, that's a good thing. Hopefully Friday next week is the day we find out one way or another about retention and get it out of the way. I went onto one of the other threads talking about UBS and wow, it didn't seem all that great. Another talked about MLBAC - not too many happy campers. This place really isn't all that bad. I just hope they play the retention announcement to get everyone pumped up about working here again. And, if you haven't done it yet, check the payout this month - no ticket charges. Fantastic. I've been around and Wachovia is really a good place - I think DL was more or less hit by a bus when WB melted down. He has to get pumped up again as well. When it comes down to it - to whatever degree - we are in sales. You have to pump up a sales force - not "go home and hug your family" - no.. get the hell out and sell something! Something like: I want you to realize... we've given you the best payout... and now we've given you the best retention package - now give something to yourselves and your family - I want you to go out and attack and take accounts! Double your business this year and if the market comes back your business will quadruple next year! Then he breaks into a tirade in German -- you get the idea. Should I dare to dream?CDO we have our differences but I agree: "today sucked, not sure why. today really bummed me out" This shite is a beat down!
WTF does this thread have to do with fees and fee structure. Wachovia Securities Retention : Where The F. Is It? The shite hits the fan when the MS/SB retention is announced. Then let the floodgates open and WFC will be stuck with 10,000 brokers doing 200K or less.I just saw a tortoise............ no wait its just WellsI just saw a bunny
ummmm…looks like…ummm…Obama…is ummmm…anti----retention
http://www.cnbc.com/id/28917969
I completely agree with SELL HIGH.
The next DL call should go like this: I am sorry I mislead you on the time frame of the retention announcement and the name. I am sorry you all had your recogniton trips canceled, I am sorry all of your equity in the firm evaporated. I am sorry I can't fix it all but I got you......(Whatever he can get) Now go out their and sell. I would be motivated, instead I spend half of my client meetings explaining what the name on the sign might be and that the packet they just received is for the WB merger not the WFC merger yet, more changes to come. I am stuck with the same thought, where would be the best place for my clients. Right now I don't know. I believed I was there at AGE, I tried to believe it at WB and I am sure right now I don;t have a clue what firm is the best place for my clients.Where do the revenues that pay the salaries and bonuses for DL and JH come from?
The next DL call should go like this : "Gentlemen, in the last 2 months we have presented 12 different retention proposals to WFC and they have all been rejected. There will be NO retention, therefore JH and I are submitting our letters of resignation effective immediately" Someone needs to show some balls and take the fall for this. WTF would WFC's investment in WBS look like after that call?When DL resigns it will signify the begining of the exodus.
If they sell us again I am leaving and not paying my retention bonus back. Let them sue me.Anyone on this board skip the recognition trip and will be receiving cash instead? $4,600 added to production or gross income? thanks in advance.
I am getting the 4600. Another FC in the office took 500 points in the points shop 2 weeks before and the firm said he would not be offered the 4600 because he opted out. He complained loudly and forcefully and got the 4600.
Our regional today was telling–yes, I know, this is the 43rd post of “good info from my regional”, but I’m just passing on the comment–that WS FAs will be paid the identical % we were paid on the AGE retention…i think that was around 30-35% at 1mm, and 40% 2mm+…not sure exactly. All $$ up front.
Whoa are those numbers off. You know, you can easily look up the schedule. Guys at a million got 100% They could take 75% up front and 25 in back A guy doing 400-500 got 50% up front and 20 in backOur regional today was telling–yes, I know, this is the 43rd post of “good info from my regional”, but I’m just passing on the comment–that WS FAs will be paid the identical % we were paid on the AGE retention…i think that was around 30-35% at 1mm, and 40% 2mm+…not sure exactly. All $$ up front.
Those are the numbers of the AGE guys…they got cash. WS guys-the schedule I was told would apply-got far less and got it in deferred comp, not cash.
James F wrote: The next DL call should go like this: I am sorry I mislead you on the time frame of the retention announcement and the name. I am sorry you all had your recogniton trips canceled, I am sorry all of your equity in the firm evaporated. I am sorry I can’t fix it all but I got you…(Whatever he can get) Now go out their and sell.
But then in fairness James goes on to say I can't find the best place for my clients. That's exactly my point. The retention announcement is as good of time as any for WB to begin to make the argument that this is the best place for you and the clients. UBS? Morgan? Bank of America? Those are the big ones... I think there's a point to be made that although WB had a problem and, by the way, exactly the same issues all the other big firms had, well WB fixed it. Now we are backed by Wells. As for equity evaporating ask the Merrill guys how their FCAP equity is or Citigroup or Morgan (that one came back a bit). The grass is always greener - if people stop complaining so much and take an objective look they'll notice there are not too many options as for big wirehouses. The AGE guys who just got hundreds of thousands of dollars are complaining the loudest. Just like the note above, they blame the fact the entire industry melted down right on DL after the firm gave you tens of thousands dollars about a year ago. This discontent in my opinion may be a result of leaders not focusing enough on selling the brand to the employees. And the moneys not it - I believe they've thrown a lot of money at the sales force. It's the lack of defined marketing strategy to firm up the new companies image to its brokers who have just been put throught the wringer. ML used to pound - we have the most assets per broker - we are the biggest - we are the leaders - if you stay quintile 1 for 10 years you'll be a millionaire etc. etc. etc. That worked. I feel we need a more consistent and repetitive approach here.