500 or bust?
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So, if the answer is No…who walks? And will be be a coordinated walkout to overwhelm the attorneys?
be careful captain, lots of assets are in motion and i've taken my share from ria's from both schwab and fidelity due in part to concerns about who's watching "these small guys".
signed acats for another 600m into isg from an indy clearing through fidelity and a nice piece from ed jones for the same client today. clearly, the wirehouses are in the kill zone right now. but isg/wells is in a unique position to blow a few rounds through the hulls of the independents. as far as assets in motion, it's just getting started. round one has been riping apart the major wirehouses. round two will be full service banks (isg) vs regionals vs indy. game on!in the next few weeks u will see lots of people leaving…what a mess…they really screwed this one up and opened themselves up to lawsuits…trust me there was a blank look on about 40 brokers this afternoon before it turned to anger when the news was delivered. the best part is that the mkt managers don’t give a sh…because with all the empty real estate they can recruit and get paid for filling seats.
[quote=go_huskies]
be careful captain, lots of assets are in motion and i’ve taken my share from ria’s from both schwab and fidelity due in part to concerns about who’s watching “these small guys”.
signed acats for another 600m into isg from an indy clearing through fidelity and a nice piece from ed jones for the same client today.
clearly, the wirehouses are in the kill zone right now. but isg/wells is in a unique position to blow a few rounds through the hulls of the independents.
as far as assets in motion, it’s just getting started. round one has been riping apart the major wirehouses. round two will be full service banks (isg) vs regionals vs indy. game on![/quote]
Sorry Husky… the target is squarely… squarely… on every client with every wirehouse broker.
Advisors are leaving your platforms in droves to go independent.
Clients are leaving with their assets to independent advisors.
Institutional clients don’t trust your firms any longer.
The advisory community KNOWS that big brokerage is dead.
You fellas simply don’t have the money to compete any longer. It’s a game of survival and you guys don’t have the cash.
Game, set, match.
Turn in your balls and leave the court.
On a serious note… there are many of you that have been wiped out. Took stock… gone. Pinning your hopes on retention just doesn’t make any sense. Why are you guys waiting for the money? Your clients are sick and tired of reading about your firms in the news every day, and if you really think about it, you don’t even have the systems to manage assets for your clients - most of you still have to ask permission to do trades. I’m lost on why anyone is still there…
C
You guys see the CEO from Stifel on Kudlow tonight? Very impressive. If there is no retention at WS, Stifel is going to have such a long line of brokers wanting in, that brokers will have to PAY Stifel to take them!!!
http://www.cnbc.com/id/15840232?video=1021971212fool me once…here is the quote on the call…“retention will be announced in days, not weeks” “We need to curtail expectaions with the current environment not only in the last few months but the last week or two as well”… I know…Every mgr in the country on both AGE/WS was on the call.
By the way…Stifel has added 33 branches and over 200 FA’s mostly from the AGE side of the WS/AGE since last Jan 08
Stifel better to hope to get the brokers in and producing sooner than later before their MARS issue comes to a head.You guys see the CEO from Stifel on Kudlow tonight? Very impressive. If there is no retention at WS, Stifel is going to have such a long line of brokers wanting in, that brokers will have to PAY Stifel to take them!!!
I hope your numbers are correct but I think they are way optimistic. We still don’t know what kind of a firm this will be, so far not so good. DL sorely lacks leadership skills, he has really shown his lack of ability during this current mess. Leadership is needed most in times of crises DL has none and never will.
i love a challenge captain. no one can out hustle me. i’m in isg, i have my cfp, and i cover bank region with over $300mm in deposits at my fingertips for prospecting. i’m not interested in the deposits, it’s these people’s brokerage accounts held away that i seek.
they love the idea of someone with my credentials at their bank. somehow, through all the bs, they still believe the bank is the safest place for their money. keep trading and watching the market while i gather assets... i may one day go indy, but this environment is going to get ever more dangerous for that model.Stifel better to hope to get the brokers in and producing sooner than later before their MARS issue comes to a head.[/quote] I know that's DL's line and maybe it's true, maybe, but I would like to know how much ARPS exposure they actually have. RJ has about $2B or so, what about SF?[quote=mnbondguy]You guys see the CEO from Stifel on Kudlow tonight? Very impressive. If there is no retention at WS, Stifel is going to have such a long line of brokers wanting in, that brokers will have to PAY Stifel to take them!!!
THJE AGE fa’s are already booking and thats with a contract already on them from WS…if this retention bombs look for the WS guys to follow them right out the door…it wont be pretty…still hoping Im wrong on the numbers and g26 is right…we’ll know next week
shred…Raja has 1.5 bill and Stifel has 100 mill…Raja has the far more serious situation
No retention they lose 30% of the brokers and 50% of the production, but hey we are all big boys and thats the gamble management wants to take so be it!
I also heard, not from a “source”, but from regional who is and has been very close with DL, following grid
T12 1/1/08-12/31/08
0-200k - 10%
200-499k - 20%
500-750k - 30%
751-999k - 40%
1mill+ - 50% w/25% backend
He said DL had to fight for the 0-200k 10% because it was going to be zero, but DL said due to the stress from WB name w/ clients everyone deserved something
That would be ok with me but that is not what i was told by a guy much more envolved in
the retention package then a regional.BP…that looks a little more realistic…still hopin the 1mm number is correct at 50 plus 25