Piss-ant Regionals Big Winners?
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This obviously did not have production minimums tied to it. One of the guys (AGE) did about $300,000 last year.There was an ad in the paper today about four WS reps who made the list.
and if someone posted all the awards/accolades Jones gets would you agree with the press?
The only comment I will make about the wires is this....I have a lot of friends that work at both SB and Merrill. 99% of what they do is C share mutual funds, mutual fund advisory services, and annuities, with some indiv stocks, bonds, CD's, etc sprinkled in. None of them do one bit of structured products, or anything beyond what I can do at Jones. Now granted, they all produce between 500k-1.5mm, so they are not the billion dollar teams in Manhattan using hedge funds and structured products. But the point is, most average wirehouse producers are using the same products as everyone else. However, I do think it would be nice to have those options when/if necessary for a client.
And yes, if you read the fine print, wirehouses and advisors have to SUBMIT their OWN names for those awards. I mentioned this in a post a few months back.....the top producer in our state (he is a RayJay outfit) is not even on the list. He has like 800mm in AUM. Also keep in mind, the person who is ON the list as our state's top producer (also an indy) has a staff of 47 people, which includes 13 advisors. So the numbers are also relative to the size of the team. Not one of those top wirehouse producers does it by themself. Most of them in the hundreds of millions in AUM have teams of 10-15 people or more.
Take 10 advisors at a regional each doing 400K with 50mm AUM, and what do you have? A team with 500mm AUM and 4.0mm T12. That's what a lot of these wirehouse teams are doing, but have one guy taking all the credit as the "top dog" of the team. Now granted, you probably have that one guy responsible for half the assets and production of the team, but he could have never reached those numbers without a huge team.You regional (pissants-good word) are like little whinny yipping dogs.
Always trying to say you belong with the real big dogs-and you dont-period.
Go back doing your $300k thinking your the man.
Its like in sports…say the SEC…you have your REAL teams (bama, gators etc)and your pissants (miss, vandy etc). Perfect
yankees-wirehouse
brewers-pissants
steelers- wirehouse
cleveland-regional
tar heels-wirehouse
nc state-regioanls
irish-wirehouse
iowa-regionals
[quote=JayMc] You regional (pissants-good word) are like little whinny yipping dogs.
Always trying to say you belong with the real big dogs-and you dont-period.
Go back doing your $300k thinking your the man.
Its like in sports…say the SEC…you have your REAL teams (bama, gators etc)and your pissants (miss, vandy etc). Perfect
yankees-wirehouse
brewers-pissants
steelers- wirehouse
cleveland-regional
tar heels-wirehouse
nc state-regioanls
irish-wirehouse
iowa-regionals
[/quote]
Jmac
Maybe back in the day that was true but now, ALL wirehouses are a bank. The universal banking model at its best. I can guarantee you that many here that are regionals or thinking about going regional are bigger producers than you. Plus, the sh*t that we are in was created (CDO’s, Derivatives, etc.) by the Wirehouses. Now, thats something to hang your hat on. Don’t get me wrong, I don’t believe the problem started on Wall Street, actually Main Street, but its these big boys that you thump your chest on that created products that “couldn’t” fail. No wonder Regional stock prices have held up much better.
surely you jest? Looks like uncle same is going to put some more cash into one of the "real big dogs". Ave production at wirehouses is higher because they are quicker to pull the trigger on the low producers and up stream accounts, not because the quality of the broker is any better. Will be interesting to see how many major sporting events the "big dogs" are sponsering this year.You regional (pissants-good word) are like little whinny yipping dogs.
Always trying to say you belong with the real big dogs-and you dont-period.
Go back doing your $300k thinking your the man.
Its like in sports…say the SEC…you have your REAL teams (bama, gators etc)and your pissants (miss, vandy etc). Perfect
yankees-wirehouse
brewers-pissants
steelers- wirehouse
cleveland-regional
tar heels-wirehouse
nc state-regioanls
irish-wirehouse
iowa-regionals
[quote=JayMc]You regional (pissants-good word) are like little whinny yipping dogs.
Always trying to say you belong with the real big dogs-and you dont-period.
Go back doing your $300k thinking your the man.
Its like in sports…say the SEC…you have your REAL teams (bama, gators etc)and your pissants (miss, vandy etc). Perfect
yankees-wirehouse
brewers-pissants
steelers- wirehouse
cleveland-regional
tar heels-wirehouse
nc state-regioanls
irish-wirehouse
iowa-regionals
[/quote]
Wow…typical wirehouse arrogance.
I’m going to have to go back and check the sports pages for the last few weeks. I dont’ recall reading anything about the steelers or the yankees requiring a government bailout…
[quote=CDO Squared] Looks like the little piss-ant regional wanna-be firms that were mostly wanna-be FA’s…(only objective tough love here).
have become the BIG BIG winners in the MF free world melt down of 2009.
WFC (JS)
BAC (ken lewis)
Central government leader B. Obama and the Obama socialist nation all want FA pay cut say…in half.
The piss ants (no banks, no cdo’s.no cmo’s, no witch doctor, no witch hazel etc).
just good old school brokers trying to make some people some moolay…look like they might become much more relevant[/quote]
Suppose you’re right.
Doesn’t that put you on the wrong side of the river?
[quote=Philo Kvetch] [quote=CDO Squared] Looks like the little piss-ant regional wanna-be firms that were mostly wanna-be FA’s…(only objective tough love here).
have become the BIG BIG winners in the MF free world melt down of 2009.
WFC (JS)
BAC (ken lewis)
Central government leader B. Obama and the Obama socialist nation all want FA pay cut say…in half.
The piss ants (no banks, no cdo’s.no cmo’s, no witch doctor, no witch hazel etc).
just good old school brokers trying to make some people some moolay…look like they might become much more relevant[/quote]
Suppose you’re right.
Doesn’t that put you on the wrong side of the river?[/quote]
Hi Philo - long time no see! Hope you are faring well…
Mmmm that Kool Aid is delicous isn't it! What Flavor is your Wirwhouse serving this week!You regional (pissants-good word) are like little whinny yipping dogs.
Always trying to say you belong with the real big dogs-and you dont-period.
Go back doing your $300k thinking your the man.
Its like in sports…say the SEC…you have your REAL teams (bama, gators etc)and your pissants (miss, vandy etc). Perfect
yankees-wirehouse
brewers-pissants
steelers- wirehouse
cleveland-regional
tar heels-wirehouse
nc state-regioanls
irish-wirehouse
iowa-regionals
This is a funny thread!
I moved to a boutique regional about five years ago and couldn't be happier. With experience at two wires my current firm is a step up in all aspects. We offer a full menu of products and services offered on the same platforms as the wires. There is no competitive disadvantage. Believing that there is a disadvantage is a common misconception perpetuated by wirehouse mgnt. As is the notion that regional brokers produce less. The big difference is instead of having 100 product people per department force feeding you BS and leeching off the revenue stream we have far fewer. We have the amount that the wires should have. Not having as many mouths to feed leaves us with a bigger piece of the pie. However, the biggest difference is the fixed income trading desks. At the wires these desks have become less important over the past decade as the fee movement has gathered steam. Most wirehouse guys are so wired into fee business that they can't spell bond let alone know how to buy one. This has allowed the FI desks at the wires to rape their clients, as these clients, who are the advisors, don't know any better. Wires FI desks are profit centers. They revel in taking the wealth mgnt dept profits and converting it to their own. Imagine being screwed on every trade, that's the life of an average wirehouse broker trying to execute fixed income. Of course some of the older guys know better and won't put up with that BS. But the average fee guy is a lamb going to slaughter. The way I see it the wire question is self solving. Last Thursday I tranferred a $400k from a wire. Today i will close on a new account with $991k from a wire. And so it will go week after week. People are fed up with all the crap and fees this group has foisted upon them. The wirehouse guys are dinosaurs and don't know it.I came from AGE about 7 years ago to a smaller regiional firm on the indy side and the culture reminds me a lot of the AGE culture but on a smaller scale. The service is great and they treat brokers very well.
All this talk about the regionals…
Edward Jones is a regional, but I have a feeling they aren't one of the firms you guys are referring to. Since that's probably the case, what other types of regionals are there? Are they technically independent or truly regionals like EDJ?[quote=Borker Boy]All this talk about the regionals…
Edward Jones is a regional, but I have a feeling they aren't one of the firms you guys are referring to. Since that's probably the case, what other types of regionals are there? Are they technically independent or truly regionals like EDJ?[/quote] What does it take to make the move from regional to wirehouse? Number of advisors? Total AUM? Number of IPOs handled? Or are these terms wirehouse and regional now obsolete?irish=wirehouse. lol. 10 year old thinking would lead one to believe wirehouses have a big advantage over regionals. thanks for the laugh, i needed 1 today.