500 or bust?
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Fellas,
Before you write us all off at 0, please read this:
http://www.reuters.com/article/newsOne/idUSTRE5196IY20090211
Someone should send that to Stumpf.Fellas,
Before you write us all off at 0, please read this:
Bonuses alive and well for U.S. brokers | Reuters
Some say that the 24-50 grid is pretty good and easy to understand. Problem is that you are getting that grid on less. The haircuts on managed money, higher ticket minimums, ticket charges, no money market payout, etc, etc, etc.g26…read fine print of advisory handbook…u mean u didnt here the conference call HA!..Gallatin Offitt 28 bps,caaps laffer 25 bps…allocation advisors exc ibbottson 25 bps and ibstn 10 bps…new $ get whacked starting thursday…existing accounts get whacked starting 1-1 of next yr…dude up in WI with a 100 mill in caaps must be smoked right now…prolly loooking at a 250k cut to his gross.
[quote=Redpen]
FRITZ,
What is our profit margin ? No one seems to be able to tell me. [/quote] That's the point, you don't have one. And, if WFC pays a truckload of retention it'll be an even bigger turd. We are not going to see a return to the mean, production has to drive these deals and one thing history has shown is that these gi-huge deals are many times de-motivational. Add that to a crap market and shrunk client assets and it is absolutely impossible to justify the P&L hit over an 8 year period. None of the wires have long term investment capital, it's all about survival. Do yourselves a favor and find a decent place to work, they're out there. I know, you'll all kick the habit after one more joint.......Friday the 13th, can’t be good, has anyone heard from the Koolaid King Kowach lately, is he still employed as DL’s fetchitboy?
Two more days. Again I will go with what I heard
0-250 Zero
250-500 20%
500-750 40%
750-1mill 50%
1mill+ 50% and 25% backend
fwiw, mgr here understands non traditional to mean cashless. buzz is ramped up grid for mid level production and up for period of contract. to be sold by mgmt as similar to traditional retention but must be earned going forward not given looking back. mid level not defined. both name and details fri.
btw, prior post defined non traditional as monopoly money with dl's face on front. under this deal, if true, dl's face would be on back. other part on front.HuffPost – 14 Mar 09 Bailed-Out Firms Distributing Cash Rewards: "Please Do Not Call It A Bonus"
Two Wall Street firms that received at least $60 billion in government bailout funds will be rewarding their financial advisers with controversial retent...
regional heads meet with jh and dl thursday to hear the particulars. full conference call fri morn. supposedly also incudes acceleration of age deal deferred vesting.
I have a sneaking suspicion that this entire “retention” situation is going to end badly for WS. No personal interest either way except I hate to see the trend to develop against retention amidst this incredible witch hunt going on by the congress, president and media.
[quote=Danny Isadouche]If my mgr trys to sell me on cashless I will tell him to shove it up his arse![/quote]
I think you’ll be in good company
With some other firms now raising their recruiting deals, there will be an exodus if retention is cashless. SOme of these deals are so good I am a little tempted to consider going back to a wirehouse.
there may be one. but it would pretty much be meaningless.
in a traditional deal, if it was a five year deal and you walked after year three you'd still have to pay back two years worth. in this deal, if you took the advanced grid -- which may be designed to replicate the net net of traditional cash deals, all things equal -- and left after year three there's nothing to pay back. the firm wouldn't be out anything more than it would otherwise be at that point. the contract might be there just to separate the legacy players from the new hires for payrolls purposes.To me, it seems what BP mentioned would be just enough to keep me. Cashless, wont cut it, I dont think. This is going to be very interesting.
If it is an accelerated payout would that include guys that still have a few years left on contract. ie, a guy came from another firm 5 yrs ago and has two years before forgivable loan is completely forgiven.