Forefront
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Still waiting to see how the second snapshot goes. Hopefully, I’ll see my money by January.
This year has been a rough one to say the least. Wasn't forefront supposed to help ease the pain of 2009? Wasn't this a way for the firm to help us stay with the firm and ease any financial strains? I distinctly remember Danny L. stating that this program was a way for the firm to retain FA's and ease the pain of the last of the Great Recession. Instead, this program actually added considerably to my own financial strains because I was told that I was "definitely receiving" a huge chunk of money in early September. And to "stop worrying". Foolishly, I had made financial commitments for November and December based on receiving funds in September. Yes, I am an idiot, but I trusted my firm and the individuals that kept insisting not to worry... In the end, its my fault for making commitments before I had money in hand.[quote=20yrVet] Still waiting to see how the second snapshot goes. Hopefully, I’ll see my money by January.
This year has been a rough one to say the least. Wasn’t forefront supposed to help ease the pain of 2009? Wasn’t this a way for the firm to help us stay with the firm and ease any financial strains? I distinctly remember Danny L. stating that this program was a way for the firm to retain FA’s and ease the pain of the last of the Great Recession. Instead, this program actually added considerably to my own financial strains because I was told that I was “definitely receiving” a huge chunk of money in early September. And to “stop worrying”. Foolishly, I had made financial commitments for November and December based on receiving funds in September. Yes, I am an idiot, but I trusted my firm and the individuals that kept insisting not to worry…
In the end, its my fault for making commitments before I had money in hand. [/quote]
never trust the banks
[quote=20yrVet]Still waiting to see how the second snapshot goes. Hopefully, I’ll see my money by January.
This year has been a rough one to say the least. Wasn't forefront supposed to help ease the pain of 2009? Wasn't this a way for the firm to help us stay with the firm and ease any financial strains? I distinctly remember Danny L. stating that this program was a way for the firm to retain FA's and ease the pain of the last of the Great Recession. Instead, this program actually added considerably to my own financial strains because I was told that I was "definitely receiving" a huge chunk of money in early September. And to "stop worrying". Foolishly, I had made financial commitments for November and December based on receiving funds in September. Yes, I am an idiot, but I trusted my firm and the individuals that kept insisting not to worry... In the end, its my fault for making commitments before I had money in hand. [/quote] Not trying to be a smartas... But how could you believe anything after the retention lines from late 2008 to 09. "retention before thanksgiving" "few things we are still working on, retention before christmas" "first few days of January" Then silence for two months, then "retention is days not weeks away" "retention is coming in soon(march)" "No retention because it would not look good to the public" "Non conventional retention, we are building around client satisfaction program, Forefront" Call me a skeptic but it all sounds like a common theme.20 yr vet,
My situation was identical to yours. Luckily, I no longer need the firms help and Forefront is now just gravy. The damage is already done. The firm's credibility is now zero and FA moral is the lowest I've seen in years. Expect a large exodus of good FA's now that the market has recovered. It would serve them right.[quote=fritz][quote=20yrVet]Still waiting to see how the second snapshot goes. Hopefully, I’ll see my money by January.
This year has been a rough one to say the least. Wasn't forefront supposed to help ease the pain of 2009? Wasn't this a way for the firm to help us stay with the firm and ease any financial strains? I distinctly remember Danny L. stating that this program was a way for the firm to retain FA's and ease the pain of the last of the Great Recession. Instead, this program actually added considerably to my own financial strains because I was told that I was "definitely receiving" a huge chunk of money in early September. And to "stop worrying". Foolishly, I had made financial commitments for November and December based on receiving funds in September. Yes, I am an idiot, but I trusted my firm and the individuals that kept insisting not to worry... In the end, its my fault for making commitments before I had money in hand. [/quote] Not trying to be a smartas... But how could you believe anything after the retention lines from late 2008 to 09. "retention before thanksgiving" "few things we are still working on, retention before christmas" "first few days of January" Then silence for two months, then "retention is days not weeks away" "retention is coming in soon(march)" "No retention because it would not look good to the public" "Non conventional retention, we are building around client satisfaction program, Forefront" Call me a skeptic but it all sounds like a common theme.[/quote] Same theme. Feels like the same sentenceanother post about you losers waiting for Forefront money. when are you going to learn…The purpose for a bank being in business is to screw over both their employees and their customers. They only care about the top management making money. you guys are just the pawns in their chess game.
Thanks bubble. Your comments are very insightful in helping me understand the banking industry
It aint just forefront folks…u ar now bank clerks who will soon be on salary. Wake up.
March-no retention
April - haircust to AGE fa’s with managed accts in Caaps, Laffer, Gallatin etc.
July-forefront debacle
Aug - forefront debacle
Sept- pay converting to bi-weekly a/o Jan-its a bank folks
Oct-client call center-optional
Late Oct-client call center …everyone will participate to make it viable-you just havent seen the news yet
November-this week mandatory 25% fed tax withholding for all commision wfa advisors-if u are under 800k gross your net pay will be wacked 25%. U will have to waite to May of 2011 to get it back on your tax refund.
November 2010-to Nov 2011. bank owns customer relation, 20% grid or salary bi weekly for all advisors PCG loses more than half of remaining advisors to competition
If you cant see the slow methodical movement to convert u to bank owned lapdogs who have no advisor book left in a couple years then you are fast asleep (and probably an Obama voter too).
Regarding the new withholding: our manager mentioned it to us yesterday. His somewhat lame excuse had to do with the accounting software at the firm. And, he assured us, that this was for only one year. Then things would be back to normal. What is the rationale for the firm to do this…over withhold and have the use of the money? It is always something with WFA. Having worked for AGE for many years, and being treated fairly by them, my head is spinning. I don’t believe a word they say.
How can they withhold 25%? I did the math and if they would have withheld 25% this year I would be getting an 18,000 refund from the IRS. So my take home would have been less by 1,500 per month. Why dont they withhold 100% and we can all get our yearly check from the IRS. 1,500 less every month smarts a bit.
Everyone stay calm…it doesn’t matter if you clients lose all of their money, the mkt averages 10 % over the past 100 years.
An employer can not madatory withold anything other than perhaps on a bonus payment and/or your monthly draw…a lot of bs on this site
apparently WFAt - you're a "TRAINEE" and it's withhold not WITHOLD.
since you're a newbie, and you will have to start learning some things about life - these are Wells Fargo's rules, not Wachovia, and certainly not AG Edwards.
The IRS has some great info on this subject as my colleagues and I looked over it for awhile this afternoon. Most of it says you CANNOT force the 25% withholding, however it's extremely ambiguous - and as I say to my clients', "I'm not a CPA, so consult your own tax advisor".
hey slick.....as a CPA, you CANNOT force 25% withholding....perhaps you are a 3rd grade teacher since you are better at correcting spelling errors. calling me a trainee? really? get a life
as I said to the rookie (WFAt) it's not the CPA withholds money, it's the IRS - hence why people pay quarterly payments so they are not in violation. I went to the IRS website and consulted my own CPA and it's not illegal, but the IRS has certain cases from 2008 that discuss this very topic but it's very confusing. I wonder if FINET has the same problem?Where is it written that it is illegal? I would love to see that.
[quote=WFAt]
hey slick.....as a CPA, you CANNOT force 25% withholding....perhaps you are a 3rd grade teacher since you are better at correcting spelling errors. calling me a trainee? really? get a life
[/quote] I don't know if you're a CPA, but I certainly am not (and not a 3rd grade teacher - although you may need some English 101). All I can tell you is what I read from the IRS website on the subject. Needless to say, everything the IRS says or does is ambiguous, + the classification that we have as advisors isn't clear in the way it was used on their website. It sucks equally for every advisor concerned.