500 or bust?
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[quote=Sell High]
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. [/quote] The reason AGE is complaining the loudest is because the whole industry DID NOT melt down..Wachovia, Merrill, MS, BofA etc did. AGE would not have just like RJ and Stifel have not...we would have been the largest independent brokerage left through this storm, and in an awesome place to take advantage of it...we were forced into this debacle and it was none of our or the company we signed up for's doing. To top it off the merger and integration has been a disaster...i know all the Legacy WS brokers can't seem to grasp all thsi because you have been fed the line that WS is the best firm on earth for too long..that maybe true compared to Wirehouses, but compared to where we have been it is no picnic at WS/Wells that is for certain...this company is as bad as working for the DMV! It is poorly managed at every level in comparisonGuys, as expected, the political heat is turning up on “bonuses”. As a former broker, I understand, you understand, all of us understand retention. There is one problem, the public doesn’t understand retention. This is where there may be some trouble. I hope it works out for everyone, but there is a small chance that the retention bonuses going forward are looked at with an eye towards the publics view. I have talked to some brokers that are jumping ship now, based on the idea that retention bonuses get tougher due to the numbers of people jumping ship.
I also think it is interesting that UBs is still offering, as their government assumed most of the junk on the banks balance sheet, which allowed it to continue to be aggressive.I share your wish that AGE had not sold out, but how is it possibly none of the company's doing? Nothing could have, or would have changed without the explicit approval of the AGE shareholders to sell the firm. I agree it was not of the employees doing, but it is hard to say it was not of the company's doing, since it was the company that CHOSE to sell out.…we were forced into this debacle and it was none of our or the company we signed up for’s doing.
I share your wish that AGE had not sold out, but how is it possibly none of the company's doing? Nothing could have, or would have changed without the explicit approval of the AGE shareholders to sell the firm. I agree it was not of the employees doing, but it is hard to say it was not of the company's doing, since it was the company that CHOSE to sell out. [/quote] Correct...what I am saying is that AGE would have not had these issues and the AGE guys didn't sign up for this...if you are Legacy WS...you did sign up for this...you knew you were working for a bank all along. Yes the company sold out because the shareholders voted for it....wonder if there is a firm where the employees own most of the stock....hmmm...Indy or Stifel.....[quote=nestegg]…we were forced into this debacle and it was none of our or the company we signed up for’s doing.
[quote=fritz][quote=ryedog123]
Timing on retention announcement IMO:
25% chance it will occur this coming week
40% chance it will happen the first week in FEB
15% chance of 2nd week in FEB 10% other 10% Never [/quote] Think I would lower this week a little. [/quote] What are the current % going forward, is next week the big oneAnyone on this board skip the recognition trip and will be receiving cash instead? $4,600 added to production or gross income? thanks in advance.
Yes, I did take the cash vs. the trip. Booked a trip far less expensive thn $4600, will reimburse myself l8tr...
[quote=fritz] [quote=fritz][quote=ryedog123]
Timing on retention announcement IMO:
25% chance it will occur this coming week
40% chance it will happen the first week in FEB
15% chance of 2nd week in FEB
10% other
My opinion is after conversion…
10% Never [/quote]
Think I would lower this week a little. [/quote]
What are the current % going forward, is next week the big one [/quote]
[quote=nestegg][quote=Sell High]
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. [/quote] The reason AGE is complaining the loudest is because the whole industry DID NOT melt down..Wachovia, Merrill, MS, BofA etc did. AGE would not have just like RJ and Stifel have not...we would have been the largest independent brokerage left through this storm, and in an awesome place to take advantage of it...we were forced into this debacle and it was none of our or the company we signed up for's doing. To top it off the merger and integration has been a disaster...i know all the Legacy WS brokers can't seem to grasp all thsi because you have been fed the line that WS is the best firm on earth for too long..that maybe true compared to Wirehouses, but compared to where we have been it is no picnic at WS/Wells that is for certain...this company is as bad as working for the DMV! It is poorly managed at every level in comparison[/quote] I cant speak about Steifel but RJ has there own VERY serious issues with ARS.... And please you can not compare a small regional firm with firms that have 10-20 times the scale, scope, and assests.And please you can not compare a small regional firm with firms that have 10-20 times the scale, scope, and assests.
Yeah. That would be totally unfair to the poor small firms who didn’t screw up so bad that they had to be bailed out to save them from going out of business.
Because we all know that the true measure of ANY firm’s profitability and success is … “scale, scope, and assests.”
OK, maybe not “assests” but scale and scope for sure.
[quote=BukiRob] [quote=nestegg][quote=Sell High]
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.
[/quote]
The reason AGE is complaining the loudest is because the whole industry DID NOT melt down…Wachovia, Merrill, MS, BofA etc did. AGE would not have just like RJ and Stifel have not…we would have been the largest independent brokerage left through this storm, and in an awesome place to take advantage of it…we were forced into this debacle and it was none of our or the company we signed up for’s doing. To top it off the merger and integration has been a disaster…i know all the Legacy WS brokers can’t seem to grasp all thsi because you have been fed the line that WS is the best firm on earth for too long…that maybe true compared to Wirehouses, but compared to where we have been it is no picnic at WS/Wells that is for certain…this company is as bad as working for the DMV! It is poorly managed at every level in comparison[/quote]
I cant speak about Steifel but RJ has there own VERY serious issues with ARS… And please you can not compare a small regional firm with firms that have 10-20 times the scale, scope, and assests.[/quote]
You have hit a nerve here…AGE was the best firm my clients and I have ever worked with. Strong branch manager - WB - not so much at all…(i am being very nice here)…ability to do my own thing…among sooo many other things…Albert Galletin must be just rolling in his grave to see what we have become thru BB selling us out like he did…Is there anyone here that thought their firm was just such a great place to be that they knew they would retire from that same firm one day??? I did and am sooo very disgusted. Yes I could go Indy but what the heck…at least WB/WFC could throw us (AGE) a bone. I feel tired of hearing, “why do u need to overnight this UPS?”, “yes, u will pay for all state registrations”, XMS and Fmaes (or whatever they call it) needs to be edited cuz me, your branch manager has rejected it, the phone number u have reached has been changed to…(WTF?), WHAT IS UR “A” NUMBER??? Took me years to remember my “E” number!!!
My glass will remain half full. GEEEEESSSSSHHHHHHHH!
OBTW, who scared off Tarpon???
I agree. I never got around to planning for my retirement because I liked the firm so much. Sure am doing some planing now. Never use to question the value I got for the Percentage of my production that went to the firm. Now I question that big time.
I agree. I never got around to planning for my retirement because I liked the firm so much. Sure am doing some planing now. Never use to question the value I got for the Percentage of my production that went to the firm. Now I question that big time.
I understand 100% Albert. My big issue is that i am way too far away from NRA. There is no value here at WB - no matter what ur production level or what you bring to the table. Just pickn my battles....
Cramer just got a question on email how the hell ML brokers got a retention? The emailer said they should not have…Cramer said retention is just a word for a “hand out”, then rolled his eyes are what a joke it is …And said the era of this stuff is over. Hope Stumpf wasnt watching
Cramer says that ERA is over? Oh gosh, now there is a guy who would know. The guy is a DOUCHE BAG. A pump and dump shock jock. His track record BLOWS. At the end of the day, you pay production to retain it. The fatal flaw in his and other’s thinking is that the FIRM owns the account. It does NOT. When a Company buys a brokerage firm they are paying for the name, reputation, support staff and infastructure of the firm but what they are decidedly NOT buying is the revenue created by the producting broker. If you do not pay for retention the broker has EVER right to take his business elsewhere.
Cramer is just spewing the PC crap that is floating around. He is ONLY interested in pleasing his viewers who are decidedly NOT in our business. He has a ton of incentive agreeing with his viewers and zero reason to side with those of us in the business.[quote=BukiRob]Cramer says that ERA is over? Oh gosh, now there is a guy who would know. The guy is a DOUCHE BAG. A pump and dump shock jock. His track record BLOWS. At the end of the day, you pay production to retain it. The fatal flaw in his and other’s thinking is that the FIRM owns the account. It does NOT. When a Company buys a brokerage firm they are paying for the name, reputation, support staff and infastructure of the firm but what they are decidedly NOT buying is the revenue created by the producting broker. If you do not pay for retention the broker has EVER right to take his business elsewhere.
Cramer is just spewing the PC crap that is floating around. He is ONLY interested in pleasing his viewers who are decidedly NOT in our business. He has a ton of incentive agreeing with his viewers and zero reason to side with those of us in the business.[/quote] Agree, Kind of doubt he turned down any of "hand outs" in his day..i had a call w/sr mgmt this afternoon. bottom line…danny, et al have no say in the matter at this point. wells has been focused on integrating the banking ops, and they just started looking into the brokerage biz. (…after 4 months, just starting?)
the tone was along the line of "don't have high expectations." i can hear it now..."we really had intended on putting together a great retention package for you, but the current environment prevents us from implementing it. fortunately, wells is so strong you should feel privileged to give up 60%+ of your revenue to be affiliated with such an organization..."[quote=go_huskies] i had a call w/sr mgmt this afternoon. bottom line…danny, et al have no say in the matter at this point. wells has been focused on integrating the banking ops, and they just started looking into the brokerage biz. (…after 4 months, just starting?)
the tone was along the line of “don’t have high expectations.”
i can hear it now…“we really had intended on putting together a great retention package for you, but the current environment prevents us from implementing it. fortunately, wells is so strong you should feel privileged to give up 60%+ of your revenue to be affiliated with such an organization…”
[/quote]
WTF?