Most of my clients have net worths in the millions.  Many of them are older than 60, but not retired.  They are small business and large business owners.  In my opinion, valid or not, including their $5k, 10k, or 15k retirement contributions really isn’t going to make a huge amount of difference in the “plan”.  I did not include that info for my larger accounts specifically because I felt it was not necessary.  As I was filling the Envisions out I was constantly thinking this is utter bullsht.  My data is accuratel.  Several brokers used theire assistants or temps to fill in the info.  I did it myself.  Keep in mind, I did not do full-fledged financial planning for the vast majority of these clients.  I don’t think Envision is an effective tool and I think the entire concoction to get us retention is a farce.  To think that we could do in depth financial planning for all of our key households with a second rate tool that drained Smartstation every time you used it, is  a joke.  I felt the entire thing was a sham when we were instructed early on that clients had to be within the target range.  WTF.  If I took over a clients assets in 2008 and used Envision, in 2009 I’d be off of the target range by an enormous amount.  If a client had $1,000,000 in 2008 and $650,000 in 2009 they will have to assume a more aggressive allocation if they want to be in the target range.  Most clients are not looking to get MORE aggressive, even if it is warranted.   I hope management reads this board, because they should be f**ing embarassed. 

you’re spot on.  unfortunately, MGMT only set aside about $200 million for the first snapshot.  They made level 1 fairly simple, in that, all you really had to do is make sure your clients results were in the target zone.  Now that the first snapshot is in the books (and the second one is two weeks off), they don’t know how they’re going to pay for it, since the first snapshot netted a payout to the FA’s of about $450 to $600 million.  So now that the first quarter of the game is over, they want to change the rules of how the game is being played.  I wish I could do that with my clients’ accounts

LISTEN UP FOLKS- the numbers



1) Here are the numbers…75%-80% of advisors have the forefront plans rejected and will not receive $ this period. 20% will



2)For those 75% nixed…the typical number of plans rejected range from 60-80%



3) Wells Fargo makes headline news on Yahoo tnite as exec in charge of R/E foreclosure dept moves into $12mm Wells foreclosed home in Malibu after previous owner went belly up with accts at Madoff



4) beware of the new sunset agreements—nonsolicit language all over



5) the credibility crisis continues



6) like him or not…BP was largely correct …it aint over yet

so does that mean that if you haven’t received an email with your loan docs, that you’re in the nixed category??

slick…that is correct…you need to contact your mgr to find out what accts have been flagged…those receiving

$ this qtr have already recd their loan docs%

This thread will match the retention thread in posts and then it will go away just like that one did, with not one thing being resolved…

Fritz…not true…Since Feb retention fiasco blew up over 1300 PCG advisors have booked to other firms…look for the numbers to continue…clearly some have resolved the problem…thats a big number for less than a yr

and Fritz…that was before Tad Edwards had set up shot…those branches are just getting started to jump…we live in interesting times

[quote=tdude]slick…that is correct…you need to contact your mgr to find out what accts have been flagged…those receiving

$ this qtr have already recd their loan docs%[/quote]

Sorry but I dont think this is accurate. Their are still more emails to be sent. There is another review process with Mgr under way where questions can be clarified. When that occurs those FAs should rec their docs. If that doesnt occur, I can see a mass exodus happening. I have been told that mine have been resubmitted and that I should be paid soon.

Just heard from friend that Wells backing out of Forefront by saying all envisions have to look custom or no payment. If you just through the numbers together they arent paying. I knew they would find a way to screw you. So glad I am gone.

show…if your name is not on the mgr/mkt mgr list u are probably ok…if u are on the list…dont count on $ this qtr. Vast majority will not receive $ this qtr…Wells is not happy at the $ this thing is costing

ab…heard the exact same deal tday…ur news is right on with one caveat…Wells still doesnt want to pay this money…expected 500 mill and this thing is headed to 2 bill in cost

tdude…what is the Mgr/Mkt Mgr list and how do you know if you are on it? I had to answer to my Mgr today regarding the flags and I am led to believe all will be fine. Wouldnt the Mgr know if you were not going to get paid this qrtr? 

I am glad I left.  Sounds like more BS from Wachovia/Wells.  Good luck to all of you there.  They don’t care about the clients or the FA’s.  It seems that the pecking order is Management, Shareholders, Clients, Wells Fargo Advisors Employees, then the FA’s.   SAD!!

show …you may be ok but the mgrs havent gotten the straight scoop either…I know …mrk mgrs are pushing back accts up the ladder …now reg pres also have to sign off on all plans…i dont see that happening and still getting pd this qtr…just too much mgt hurdles to clear…better chance of getting it cleared by next qtr if this thing hasnt completely blown…half dozen 1mm producers had lunch with ms and ubs today they are so cranked in my market.

.half dozen 1mm producers had lunch with ms and ubs today they are so cranked in my market.
*******************************************
I can easily see that and they are not alone. Lot of deals being lined up right now. This would be the final insult for many imo.

Showmethemoney is 100% correct. We had old friends over for dinner tonight and he is a regional manager with Wells. Branch managers had to sign off, now regionals have to sign off. They received the flagged list last Friday. If regionals sign off and submit back to envision department it would be final OK and you will receive your e-mail.

Before I forget, other things mentioned - 500 mill set aside for forefront not 200mill as someone posted. Lawers are NOT wanting to scrap forefront and recognition trips are being brought back in 2010. All info from regional manager tonight

I want to apologize for posting a response without all the info. After reading many of the messages on this thread it seems follow a common theme. How and when will the advisor be paid if they follow the rules of the payee? I just wonder how many of you would pass on this website to your clients since it’s all about the advisor being paid for some bogus plan? It’s unfortunate that the average wirehouse producer is more commited to their firm then their client.

Yea…I think that things are coming into line a bit in St. Louis…The 4-front program is the best thing going in the industry to build client loyalty to us and to compensate brokers during an incredibly difficult time.  For those advisors that think it makes clients more sticky to the firm it just isn’t true…I’ve done over 250 Envision plans (over 5 years) and the clients just become more loyal to the advisor cuz noone else understands them like us.  My plans are extreme in their detail…none were flagged…and i did receive my e-mail.