500 or bust?
3938 RepliesJump to last post
Why would you wait 5 years? 5 more years of BS?[/quote] . . . that's about how long the line is getting to be, to get in . . .[quote=BE PATIENT]Damn I miss John. And knowing the guy he is he wouldnt be laughing he would be disapointed that he wasnt able to take more guys with him when he left. I am taking my March 16 bonus, taking my retention, and in 5 years I will be a Stifel employee
Why would you wait 5 years? 5 more years of BS?[/quote] . . . that's about how long the line is getting to be, to get in . . .[/quote] There will always be the ability to cut in front of the line for certain producers.[/quote][quote=WSxAG][quote=nestegg][quote=BE PATIENT]Damn I miss John. And knowing the guy he is he wouldnt be laughing he would be disapointed that he wasnt able to take more guys with him when he left. I am taking my March 16 bonus, taking my retention, and in 5 years I will be a Stifel employee
Absolutely right, although you might have to find an OSJ to go in with instead of setting up your own. Still a good deal if you find a good OSJ, and you still own your book.
Anyone have any insight or comments on Hayes conference call today? A source of mine said that the new name and retention will be announced next week with the Danny call.
hey. I called that number but I think that’s the wrong number. Do u have the correct one?
“Wachovia retention” is going to be the biggest NON EVENT of 2009 in this industry!!! There are people in positions at Wells busting up over the excessive level of attention and energy this whole discussion has created! I’m saying this knowing it’s only Feb 4th and anything can happen! Sure there’ll be ‘some form of retention’ and for ‘some’ it will be decent. But for all the postulating and pontificating that’s happened on these boards, it’ll be a big politically correct piece of crap wrapped up in a pretty box.
flame on
Does Wells or Wachovia have someone or many who hates them enough to clue the mainstream media in on the retention deal details once it’s out? A CASH deal could explode all over DL and the Wells brass in this environment
Yeah, thats why the MER retention package went under the radar as well as the MS/SB retention deal... Bottom line Firms HAVE to get guys under contract or they run a big risk of losing them in a normal environment. Tell guys for 4 months its coming then then pull the rug out from under them and you end up with a head count of 40% of what you started the deal with. They will pay because the dont have a choice regardless of weither they intend to keep brokerage long term or not. Dont pay the producer and you have no revenue. No revenue, no businessDoes Wells or Wachovia have someone or many who hates them enough to clue the mainstream media in on the retention deal details once it’s out? A CASH deal could explode all over DL and the Wells brass in this environment
[quote=BukiRob]Yeah, thats why the MER retention package went under the radar as well as the MS/SB retention deal…
Bottom line Firms HAVE to get guys under contract or they run a big risk of losing them in a normal environment. Tell guys for 4 months its coming then then pull the rug out from under them and you end up with a head count of 40% of what you started the deal with. They will pay because the dont have a choice regardless of weither they intend to keep brokerage long term or not. Dont pay the producer and you have no revenue. No revenue, no business[/quote] Exactly. Other firms are paying retention. If WFC doesn't pay its becuase they don't want to and or don't care if advisors leave which say a lot about what they think of the business -- not becuase of the "environment" -- that would be an excuse.Mary Mack wont be announcing anything. Same thing as we have been hearing for 4 months now, you can bet on that.
PCG branch mgr today said retention announcement next week at the latest. WS is going to get all the overtime lawsuit stuff going now and then name and retention (similar to what's been already said here) will follow. This all from the region. Didn't Wall Street shower Obama with $$ for his pres. bid?
[quote=FawnLiebowitz]
PCG branch mgr today said retention announcement next week at the latest. WS is going to get all the overtime lawsuit stuff going now and then name and retention (similar to what's been already said here) will follow. This all from the region. Didn't Wall Street shower Obama with $$ for his pres. bid?
Seems like WFC needs to tell people what is going on. Stop dicking around and telling folks next week, middle of the month, next month, end of year, first of the year, etc. Folks are taking it as disrespectful and unprofessional. MGT 101.
You hate to see any of our fellow advisors getting jacked around like that no matter what firm it is.Mary Mack’s call tomorrow is an “all associate call”…no way is she telling y’all about retention with back office Bob on the line.
[quote=3rd ID] Mary Mack wont be announcing anything. Same thing as we have been hearing for 4 months now, you can bet on that.
[/quote]
Let me sum up this call - read the memo on Q & A. That’s about it. All the other calls went straight from the Q & A summary sheet. So, don’t waste your time.
I am amazed that there is not more talk about conference call with hays. In todays call with managers one manager said “retention?”. Hays said “Retention is days, not weeks”.
…here are the comments from tdays call
1) retention coming in a few days…DOWNPLAY expectations given current economic environment and last couple weeks political environment
2) new Name coming at time of retention announcement
3) Concerning UBS/AGE/WS would be difficult to handle an addl merger given the integration of AGE/WS. UBS is possible…not probable but not a definitive no…I think the view was ubs b/d being acquired by Wells…but the dancing on the response could have made the russian ballet.
4) Where is Stumnph (Wells CEO) …can he come out and say he likes us…no comments from him further cause concern as whether this whole thing is spun off.
Stay tuned for next week