Forefront
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[quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
tdude is spot on. however, there's a possiblity people might not get paid AT ALL. See my previous post.[quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
[quote=skillopie] [quote=showmethemoney] [quote=AGEMAN]
I was reviewing an envision plan today for a client and noticed on the allocation pie chart that over 5% was in REITS and I said to myself wait a minute this client doesn't have REITS so upon further investigation I found that the plan was classifying MLP's as REITS. I called the Env. help desk and was told to turn in an asset reclassification form which I did and then I received an email which stated this was a known problem and probably wouldn't be corrected because they were actually looking at reducing the number of classifications rather than expanding them. This doesn't make sense!! I am not comfortable that tells my client as we discussed you need to realign your portfolio to this model and the chart isn't even accurate!!!! I pulled up the portfolio report in Smarstation and it had MLP's classified better. Why aren't these applications the same?? I give my clients both reports on the same portfolio and it seems they have different portfolios!! Are you kidding me??
By the way the MLP's have done great!![/quote]You can customize the allocations yourself. The cash component on many of the models are too low of a percentage for many a client to tolerate. I often increase this % to come in line with the clients comfort level.
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You can customize the allocations, but you can't change the portfolio assumptions, many of which are out of date or just wrong. Moderate Growth and Income having a potential downside of 8%? Clients love that, but not when they are down 30% a few months ago. Stess testing.....my ass! By using the 9 levels of risk tolerance that exactly line up with the Fundsource or DMA models, it's intention is to steer the FA in that direction. Envision is a crummy tool.
To base any kind of award program on Envision usage is stupid. It could only have been though of by people who don't sit in our chairs and have never engaged in a genuine consulting process.
[/quote] Clients would like us to have a plan. Assumptions are part of planning. If "Envision is a crummy tool" then what planning tool is better?
tdude is spot on. however, there's a possiblity people might not get paid AT ALL. See my previous post. [/quote] Why do you say tdude is spot on...it sounds like conjecture. What is his source...(you must know since you say he is "spot on")?[quote=Onward][quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
tdude is spot on. however, there's a possiblity people might not get paid AT ALL. See my previous post. [/quote] Are you doing these plans only so you'll get paid? Is the quality there?[quote=Onward][quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
tdude is spot on. however, there's a possiblity people might not get paid AT ALL. See my previous post. [/quote] Why do you say tdude is spot on...it sounds like conjecture. What is his source...(you must know since you say he is "spot on")? [/quote] Like I said, I went through the whole thing this morning & about 70 to 80% of the people that participated ARE NOT getting paid + they have redo the BLUE highlighted plans (which is pretty much all of them). See my post a page back or so.[quote=slick willy][quote=Onward][quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
Why do you say tdude is spot on…it sounds like conjecture. What is
his source…(you must know since you say he is “spot on”)?
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I have to agree. To say they are not paying 75% of FA’s who completed their plans this qrtr really needs to be backed up with proof. If this is fact then it is really an outrage. I do agree that its likely payments will be recd tomorrow. Its going on like day 8 since they promised those chosen few their money.
tdude is spot on. however, there's a possiblity people might not get paid AT ALL. See my previous post. [/quote] Are you doing these plans only so you'll get paid? Is the quality there?[/quote] All plans were done correctly and to gauge the client for goals and objectives. What do you NOT want to get paid?? I guess it wasn't enough to be told you were going to receive retention up until the final hour and now they come out with 4SKIN. If you read the "disclosures" on the last page of the presentation, it says in "black & white" that this is NOT a comprehensive financial plan but more geared towards goals & objectives. This is about communicating the process of something the firm came up with as a backwards way of paying retention. They haven't communicated effectively and they are now changing the rules in the 4th quarter of the game to benefit the firm. When have any firms actually cared about the client??? Oh yeah, AG did.[quote=slick willy][quote=Onward][quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
they have redo the BLUE highlighted plans (which is pretty much all of them). See my post a page back or so.
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I dont get this? I haven’t seen squat about my plans. I was twice asked to go over something via a relatively brief phone call. I resonded to inquiries and thats it. I haven’t been shown anything or asked to do any revisions. Is what your referring to what happens after the 2nd review process? I though they just got the so called “tool” last Friday to do this 2nd review? Anyone else had enough of this insanity yet?
If you got your loan docs that's one thing, but they've been stringing it along for the last two weeks and added another layer of WF screeners to review all the 4SKIN plans for accuracy. Like I said, I got a sheet of paper today basically saying that the plans were NOT VALID, and that they have to be edited/redone.Why do you say tdude is spot on…it sounds like conjecture. What is his source…(you must know since you say he is “spot on”)?
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I have to agree. To say they are not paying 75% of FA’s who completed their plans this qrtr really needs to be backed up with proof. If this is fact then it is really an outrage. I do agree that its likely payments will be recd tomorrow. Its going on like day 8 since they promised those chosen few their money.
they are now changing the rules in the 4th quarter of the game to
benefit the firm. When have any firms actually cared about the
client??? Oh yeah, AG did.
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Slick. the game ended on June 30th. We should have had docs in hand mid Aug and paid early Sept.
Insane, definitely. If these guys have a "tool", how come they can't provide it to the advisor so that they can see what needs to be corrected??? If you ask me, they are a bunch of TOOLS. Two weeks until the next snapshot - they've pushed it out this far, you think they're going to get you paid before that? The 1st review was done by the home office, the 2nd review was with your manager to sign off, the 3rd review was the additional layer that they added on because too many FA's qualified. It's that simple....no reason to rack your brain over it.they have redo the BLUE highlighted plans (which is pretty much all of them). See my post a page back or so.
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I dont get this? I haven’t seen squat about my plans. I was twice asked to go over something via a relatively brief phone call. I resonded to inquiries and thats it. I haven’t been shown anything or asked to do any revisions. Is what your referring to what happens after the 2nd review process? I though they just got the so called “tool” last Friday to do this 2nd review? Anyone else had enough of this insanity yet?
Last time I checked it's now Sept. 15th. It's not looking real good for the Sept. 1st payment (60 days from the snapshot) LOL SMTM - I think it's as simple as the firm not realizing how many FA's were going to qualify and now that they have they don't want pay the piper.they are now changing the rules in the 4th quarter of the game to benefit the firm. When have any firms actually cared about the client??? Oh yeah, AG did.
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Slick. the game ended on June 30th. We should have had docs in hand mid Aug and paid early Sept.
[quote=AGEMAN]I have checked into the competition and have received offers from MER and MSSB, but after doing due diligence realize that I may not be thrilled at WFA, but we are definitely better than the other big shops. I am considering going FiNet.[/quote]
You are exactly right. For anyone who thinks that jumping to MER or MSSB or other is going to change everything with regard to your business, you are either naive or dumb.
All the firms have similar products, all of them have strengths and horrible weaknesses with their back offices. You don’t solve the problem simply by moving from one frying pan to the other. The solution IMHO is going indy.
Some people need to be glued to the giant wirehouse teat and I get that. But rest assured, if you go to MER or equivalent, you are going to find out that you will be jerked around in different ways.
tdude is spot on. however, there's a possiblity people might not get paid AT ALL. See my previous post. [/quote] Are you doing these plans only so you'll get paid? Is the quality there?[/quote] All plans were done correctly and to gauge the client for goals and objectives. What do you NOT want to get paid?? I guess it wasn't enough to be told you were going to receive retention up until the final hour and now they come out with 4SKIN. If you read the "disclosures" on the last page of the presentation, it says in "black & white" that this is NOT a comprehensive financial plan but more geared towards goals & objectives. This is about communicating the process of something the firm came up with as a backwards way of paying retention. They haven't communicated effectively and they are now changing the rules in the 4th quarter of the game to benefit the firm. When have any firms actually cared about the client??? Oh yeah, AG did.[/quote] The firm hasn't paid you yet...I understand that. For the last 5 years I have done these plans and not directly been paid. I did it because it made sense and the clients benefited from it. I know (not think) that you and I will be paid for our efforts. Clients have shared info and I have provided advice...and we all have benefitted. Other (smaller 4-front compensation) has been promised. And it better come because it was promised. Right now it seems big to us because it is a September thing. I look forward to it and so do you. But bigger is the reward that clients give you as they entrust you with more assets. Keep planning for them,with the best planning tool you have to offer. Any "client service award" will look like peanuts.[quote=Onward][quote=slick willy][quote=Onward][quote=tdude]deposit $ for the 25% of FA’s that cleared will show up in accts starting tomorow. The remaining 75% of advisors will see accts rejected that need to be cleared or are clear but plans still havent
approved thru the heirarchy. Those folks wont get $ till next qtr. [/quote]I am curious…what is your source?
Amen.[quote=AGEMAN]I have checked into the competition and have received offers from MER and MSSB, but after doing due diligence realize that I may not be thrilled at WFA, but we are definitely better than the other big shops. I am considering going FiNet.[/quote]
You are exactly right. For anyone who thinks that jumping to MER or MSSB or other is going to change everything with regard to your business, you are either naive or dumb.
All the firms have similar products, all of them have strengths and horrible weaknesses with their back offices. You don’t solve the problem simply by moving from one frying pan to the other. The solution IMHO is going indy.
Some people need to be glued to the giant wirehouse teat and I get that. But rest assured, if you go to MER or equivalent, you are going to find out that you will be jerked around in different ways.
A friend of mine in another office received his okay and signed his documents on Friday the 4th. Today he told me that his manager informed him that he would not be receiving anything in this snapshot. Evidently, there was cause for a 3rd review!! I am not sure what, why etc, but his $400,000 he had been expecting is on hold until the next snapshot and reviews are concluded. My gut feeling is that his plans were more cookie cutter than not. I know he blew through his plans rather quickly. My point here is I was shocked that there was actually a third review. This soap opera is ridiculous. I cannot believe what has transpired.
I would hate to be a manager, market manager or regional president. I don't think any of them ever expected THIS!![quote=20yrVet]
Retention is retention. Can the program as means for retention!!! Given everything, I think it would be best if the firm waved the white flag and just canned the whole program as a means for retention. Traditional retention should be offered. There are too many of us disgusted with the firm and the lack of trust has never been higher. The public's perception of retention would be much more favorable today than had it been offered this past winter. The nightmare that could ensue for the firm if it procedes with the program and enormous potential liability undoubtedly dwarfs the unfavorable press that will occur if traditional retention is awarded. What's enormously contradictory to me is the fact that the firm is offering this alternative means for retention to avoid public outcry, which is implicitly dishonest. Retention is retention. Are they really surprised that 10 percent of the FA's did not ethically complete their Envisions? The public outcry over retention was because people did not think we should be rewarded for doing our jobs. Knowing our customers is our duty. We are getting paid to document how well we know our customers. Retention is retention!! [/quote]Agreed. All the wirehouse firms are the same. When you pretend to be different by creating 4front as an alternative to traditional retention you only end up muddying the waters further.
A bonus program which pays you basis points on assets with financial plans attached to them. More basis points for the more plans you do, but the plans have to fall within a certain category based on a monte carlo analysis, and don't forget that clients have to have savings included on a different part of Smartstation, and remember that bonus money is capped at $3Million in client assets for any one household, and there's a lending component too, but that's for a different level, and a client survey, but don't worry about that for level one. And we will pay you except when we wont, and deadlines are important for FA's but not for the firm.
I couldn't think of a clusterf*** that severe during my worst drinking binge.
Or.......how about traditional retention....just a thought.
Slick willy is wrong. Your regional manager just needs to review with you and sign off, then you will be paid on 1st snapshot per good friend who is a regional manager. Slick willy is gloom and doom, dont let him worry you.