Congratulations Wachovia!
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[quote=Redpen]Just had a compensation problem again and was able to get a supervisor on the phone. I spent and Hour with her. They did not pay me on 5500 dollars of gross. They will cut me a check tomorrrow
Just so you know the min. commision is 95 but the min comm. to the client is 55. You do not get paid under 95. I had 800 bucks under 95. If I had reduced the comm. to 55 I still would not be paid but clients would have paid about 300 bucks less instead of the firm putting that money in their pocket. Watch your trades and lower the commision as low as you can under 95 and do not give it to danny and help your client. You all know you do not get paid on the money market trails. Guess what, you do not get paid on trails of money market funds from outside funds like american putnam goldman etc either. And.....it doesn't even go toward your Hurdle. And did you know your hurdle really isn't 10,000 it is a percentage of the total business mix you have that goes to the hurdle not just a flat 10,000 first. So reduce your small tickets to the lowest the order entry screen will go to. Save your client money that the firm just puts in their pocket. Roll 30 and 90 day CD's so they don't steal fees from the money market from your client[/quote] They thought of this. If you lower the commission, you get hit with a ticket charge.[quote=tdude]Wheatie…The pay cut AGE guys took is staggering.
4) managed accounts haircut-coming Jan 2010
12) Top down management-they think they know best..thats the hilarious part...they are under delusion because ofthe growth of the b/dealer...when all they did was hijack ceo's with golden parachutes who were willing to sell their companies for the mammom
Why are they still here...well the original 6900 AGE fa's is down under 4700 and I hear a half dozen plus branches are out the door Aug 15th or sooner. midlevel mgt bureacrats eating out our sustenance justifying there position.... [/quote] Fellas-- Can someone please explain to me, in detail or with an example, of how we are taking a cut on managed accts...? I keep hearing this, but it looks like the fees stay the same.. What exactly are you talking about? Is this on infomax somewhere? I cannot find anything that talks about reducing the payout on fee based business.. Not that I would be surprised, and I'm not even doubting it--I just dont understand what is going to happen. thanks
To Sam and all you other EX AGE FA’s. Do you really not remember that AGE was a PUBLIC company? In your la la land dream world, clients always come first. WRONG! Shareholders come first. That’s why AGE is gone…not because big bad Wachovia swooped in and stole the company. Not because AGE management took a golden parachute. At some point, when the price gets high enough, shareholders yell, SOLD!!! If it wasn’t Wachovia, it would have been UBS. Then all of your beloved home office people, who provided you with the best service on the planet would be working somewhere else, because the HQ would be in NY. Time to move on boys and girls.
Wow the obvious, holy smoke, you've just informed us of something we are keenly aware of on a daily basis. This post is just like blathering on a cell phone just because there are no fees for whatever reason. CRAP! I can't believe I took the time to answer it. Human nature is truly f-ed up.To Sam and all you other EX AGE FA’s. Do you really not remember that AGE was a PUBLIC company? In your la la land dream world, clients always come first. WRONG! Shareholders come first. That’s why AGE is gone…not because big bad Wachovia swooped in and stole the company. Not because AGE management took a golden parachute. At some point, when the price gets high enough, shareholders yell, SOLD!!! If it wasn’t Wachovia, it would have been UBS. Then all of your beloved home office people, who provided you with the best service on the planet would be working somewhere else, because the HQ would be in NY. Time to move on boys and girls.
[quote=stocksandblondes][quote=tdude]Wheatie…The pay cut AGE guys took is staggering.
4) managed accounts haircut-coming Jan 2010
12) Top down management-they think they know best..thats the hilarious part...they are under delusion because ofthe growth of the b/dealer...when all they did was hijack ceo's with golden parachutes who were willing to sell their companies for the mammom
Why are they still here...well the original 6900 AGE fa's is down under 4700 and I hear a half dozen plus branches are out the door Aug 15th or sooner. midlevel mgt bureacrats eating out our sustenance justifying there position.... [/quote] Fellas-- Can someone please explain to me, in detail or with an example, of how we are taking a cut on managed accts...? I keep hearing this, but it looks like the fees stay the same.. What exactly are you talking about? Is this on infomax somewhere? I cannot find anything that talks about reducing the payout on fee based business.. Not that I would be surprised, and I'm not even doubting it--I just dont understand what is going to happen. thanks[/quote] I think what he is talking about is the DSIP and old Mark Keller and Trust company business. In the past that was 100% to the grid not minus a .50 take for the money manager and Trust company business had a 20 % or 25 % payout to the broker.
The supposedly simple and transparent hurdle is just awful. When an employee has to try and figure out what they are getting paid or if they are getting paid correctly or worse has given up trying -- in addition to making less... its a recipe for poor morale and distrust. All gross should be tallied at the end of the month, and then the hurdle applied. Forget all the exceptions, categories, different payouts, and adjustments. Get the grand total of all business and then pay the folks... simple. Better yet -- dump the freakin' hurdle and stop nickle and diming the FA's and clients.Wheatie…The pay cut AGE guys took is staggering.
1) Sales bonus goooone
2) mgrs pay cut in half
3) 401k pop gooooone
4) managed accounts haircut-coming Jan 2010
5) pay on mony mkt trails-gooooone
6) support staff cuts
7) trips-goooone
8) payout —less
9) ticket charges mooooore
10)minimum tickets- hiiiiigher
11)loss of branch independence
12) Top down management-they think they know best…thats the hilarious part…they are under delusion because ofthe growth of the b/dealer…when all they did was hijack ceo’s with golden parachutes who were willing to sell their companies for the mammom
13) Age to Wachovia stock…kablooey…goooooone
and the list goes adnauseum
Why are they still here…well the original 6900 AGE fa’s is down under 4700 and I hear a half dozen plus branches are out the door Aug 15th or sooner. midlevel mgt bureacrats eating out our sustenance justifying there position…
It is called Stifel. It is not a straight number every month, but no haircuts for different types of business. First $8,000=25% Everything after that =50%. Everything counts…even the fifty cent trail from some fund, a client wanted to buy because they read about it in the paper.
What is a program fee???
The payout is really that simple, 25% on first 8k and 50% thereater, minimum ticket to get paid is $40.00. We also keep all trails no matter how small, and get paid on things like money markets etc. There is discount sharing on discounted stock trades, but it is so small it really does not make a difference. it is not a set amount like 10-15 at wachovia/wells. It also is nice to still get FULL payout on trades under 100 bucks too!Oh yeah and we get full comp on things like annuities and Life…wow that was eye opening to see what the commish actually is after working at Wachovia!!! Amazing the amount that firm kept before it hit the grid!
Can you give any examples of the Commission on different annuity products? I have heard that they pay more at SF than at WS, but haven’t seen it in writing.