500 or bust?
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I heard that last week too....not too comforting. I guess the real questions is: What is the mood going to be like on Friday @ 4pm when we hear nothing?What do you think “non traditional retention” means?
[quote=fritz]What do you think “non traditional retention” means? [/quote]
Monopoly Money with Danny’s Face on it!
I heard that last week too…not too comforting. I guess the real questions is: What is the mood going to be like on Friday @ 4pm when we hear nothing?[/quote][quote=fritz]What do you think “non traditional retention” means?
I think the mood will be in line with the mood of no more “Client One” – F**k!!! Oh yeah, the system as we know it will no longer exist by 4:00…
Perhaps Wachovia Bucks that we can apply towards inflated commissions and fees since we can't even give ourselves the same discounts that Joe Blow gets walking in off the street at E-trade, Ameritrade or ING direct[quote=fritz]What do you think “non traditional retention” means? [/quote]
Monoploy Money with Danny’s Face on it!
the new system actually seems pretty good, it has some quirks we’ll have to figure out but it is an actual major improvement over the old system. Client One was so 90’s…
the new system actually seems pretty good, it has some quirks we’ll have to figure out but it is an actual major improvement over the old system. Client One was so 90’s…
I do understand this....just alot of change w/o much back office support...frustrating....
I said before and I'll say it again. I believe there will be retention. There has to be. If not a lot of good FA's will seriously think about how they have been treated.. and will go to work somewhere else...if not right away then once they get their ducks in a row... to a firm that can be trusted and respected.
There will be retention -- The other firms are paying retention. The other firms are paying BIG dollars for recruits. Wachovia Securities is paying for recruits. It's cheaper to pay someone to stay, than to recruit, or to lose assets and revenues. No way can Danny afford not to deliver. Everyone is paying the FA's to move or stay. He promised retetion. If he does not deliver a GOOD retention then it should be clear to all that he has ZERO pull in the company, the company doesn't care about the FA's -- and would risk losing any last shread of crediblity he may still have with some. And a UBS joint venture goes against DL's holy grail global banking model... supposedly the only way a firm can survive and compete.... yada yada yada. How would he spin that? Ummmm....Wednesday at 4 is a week after the “Days not Weeks” comment. I am so glad that we work for a company that will defend its mortgage brokers to the end…Full page ads in the paper are great while they ignore us. I am Stumpfed.
" non traditional retention" Try 100% payout for 2 years. Maybe 150% for a year. How about some restricted stock instead of cash. Some combination. Not traditional. I might go for it myself. At least I would own what I have earned.
Sheredder,
No brokervision. New contact management being built from the ground up. Has not even been born yet. Good luck next week.Let’s see…take your pick:
Option #1: You can pay nearly all producers a retention bonus and average, let's say, 50% of T12. Option #2: You can pay 0% to the 90% of people who won't leave and 100%+ to big hitters to replace the few that do leave, and lock those new people into 7 year contracts. Which would you choose if you are management?ALBERT…GOT THE INFO TODAY… 1)Heard this comment from a less than reliable source…retention will be announced Friday and 2) From a very reliable source that it will consist of an improved grid payout period! That is the non traditional source…When I say payout start thinking 50-55 at the low end and maybe 70-75% at the highend…my guess is a yr…two yrs max…
tdude, that could explain why the accelerated the payout of the March fees into Feb…to save themselves some $ on an increased grid payout. Makes sense.
eg…march fees into feb was to give the AGE advisors 12 months (not 11) of fee revenue for sales bonus…In jan of 08…fees were pd qtrlycovering the march month…given that…fees were doubled up this month so sales bonus would be based on 12 mos…March we wont get any fees…which means pay chks in apr will suk
No that doesn't explain it. AGE brokers where shorted one month of fees the first of the year when they went to from the quarterly payout to monthly. So to give them a full 12 months (they are still on age pay grid and can qualify for bonuses) they moved one month up. This was known long ago.tdude, that could explain why the accelerated the payout of the March fees into Feb…to save themselves some $ on an increased grid payout. Makes sense.
If the increased pay out is for two years. That would put us three years into the contract from the previous retention. So we could enjoy a high payout get our t12 up and then leave to another firm get 140+% with some more back end. All that type of retention will do is pay us well with a defined end date so we can plan leave when the higher payout ends.
Heard this last week. With the deals that are out there right now this will not cut it for me.ALBERT…GOT THE INFO TODAY… 1)Heard this comment from a less than reliable source…retention will be announced Friday and 2) From a very reliable source that it will consist of an improved grid payout period! That is the non traditional source…When I say payout start thinking 50-55 at the low end and maybe 70-75% at the highend…my guess is a yr…two yrs max…
[quote=tdude]ALBERT…GOT THE INFO TODAY… 1)Heard this comment from a less than reliable source…retention will be announced Friday and 2) From a very reliable source that it will consist of an improved grid payout period! That is the non traditional source…When I say payout start thinking 50-55 at the low end and maybe 70-75% at the highend…my guess is a yr…two yrs max…
Heard this last week. With the deals that are out there right now this will not cut it for me.[/quote]
Ok then thanksbyeseeyalater. Hope you are in my branch so your accounts get divvied.
[quote=gauge26]
If the increased pay out is for two years. That would put us three years into the contract from the previous retention. So we could enjoy a high payout get our t12 up and then leave to another firm get 140+% with some more back end. All that type of retention will do is pay us well with a defined end date so we can plan leave when the higher payout ends.
[/quote] This makes sense to me. You have been pretty confident about normal retention, do you give this a high % chance of being the plan?