Retention....please do not hijack
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[quote=skbroker]buki
obvious you are not age legacy and looking in from the outside. My advice is to let the guys vent a little without being criticized espcially in this environment. [/quote]That is VERY obvious...but I guess you cant blame a WS lifer for loving the Bank...they don't have any idea what it was like to work for a firm liek AGE was....I wish everyone had that opportunity and am glad I did for as long as I was.
Nestegg,
Are we going to hear Danny "UM" it up or will he deliver some good news with clarity??What I don’t get is why you AGE guys aren’t rioting for another retention bonus like we are at WS/PCG. Is it because you are under contract? I am not which is why I will leave. This thread is about retention or lack thereof, right?
I absolutely agree Sam Houston. We never had to apologize or make excuses to clients at AGE. One clarification, futures accounts were not held at Wachovia but with Pru instead. Even then, the funds are segregated and held at the exchange for the sole benefit of the client. Futures guys don’t trust the banks or the government.
Danny,
I want retention as much as you, they HAVE to play ball on this one..if it is end game with WFC then they pay up to see it through.[quote=Tincup]Nestegg,
Are we going to hear Danny "UM" it up or will he deliver some good news with clarity??[/quote]ummmm ummmm ummmmm I dont know lol
i’m pretty sure, all my retention bonuses (sorry, just had to ) arrived as an e-mail from our RM, or it was the ‘headline’ on infomax. either way, i’m pretty sure we’re not gonna hear it in the key of ‘ummmmm’.
lastly, i'll weigh in on this just for fun.......EVERYONE will receive something in the form of retention[quote=YHWY] Just our of curiosity, what, if any, effect would the sale of WB to WFC have on the AGE/WB retention package? Can the firm being sold create any opportunity for those “loans” to be forgiven at a more rapid rate, or even immediately?
[/quote]
Because they paid next to nothing for the bank, have massive tax credits they cant really use the excuse they cant afford to pay retention because they over reached on the purchase of the bank. IE they have the money. If they dont pay it wont be because they dont have the capital. They were forced to take Tarp money they didn’t really want. Big difference between saying you can’t pay as a risk measure and saying you wont pay because you’re predisposed against paying retention. I do not want to work with a owning entity that thinks that way.
[quote=nestegg]
[quote=skbroker]buki
obvious you are not age legacy and looking in from the outside. My advice is to let the guys vent a little without being criticized espcially in this environment. [/quote]That is VERY obvious…but I guess you cant blame a WS lifer for loving the Bank…they don’t have any idea what it was like to work for a firm liek AGE was…I wish everyone had that opportunity and am glad I did for as long as I was.[/quote]
Im was with Pru. But thanks for making the mindless assumption
how you can you criticize legacy fa’s if have never worked for AGE. someone has been drinking the koolaid too long.
Tuesday night. No word on any call that I have heard of. Complete silence. The bigshots are in St. Louis and arrived yesterday. The real question is…is WFC that stupid. If we were not getting a standard deal, what would the delay be? I imagine that the deal is done and the powers that be are putting the final touches on the retention. The company is quite complex. The merger with AGE and retention, the smaller retention to legacy PCG and the ISG channel and all the new recruits that have hired in the past year or so from other major firms wondering why they came here. The plan has to satisfy a ton of people. The EFL’s are all over the place and I suppose they are trying to see how to compensate brokers in spite of the handcuffs that are in place. The AGE deal was far reaching all the way down to smaller producers. The MER/BAC deal was considered too top heavy. I know brokers there who produce between 500-750 and 25% in cash and 25% in a growth award(because that is so easy in this market) is not the kind of retention that will prevent middle of the pack brokers to leave.
I think that the top end is where is should be. 100pct. From there down, some where that will pay and retain the bread and butter 500k broker. For those between 350-500, a smaller deal, based on where this business has gone. Danny has an obligation to all of us to bring closure to this fiasco. JPM did. Even BAC did it already. 11 weeks later, the silence has brought brokers to ponder whether we are relevant. Danny has always said that the broker comes first and we are his clients. I would never have been able to get to where I am now if I treated my clients the way we are being treated. GET IT DONE so we can all make good decisions and prepare for the challenges and opportunities that come in 2009.[quote=timetogo]Tuesday night. No word on any call that I have heard of. Complete silence. The bigshots are in St. Louis and arrived yesterday. The real question is…is WFC that stupid. If we were not getting a standard deal, what would the delay be? I imagine that the deal is done and the powers that be are putting the final touches on the retention. The company is quite complex. The merger with AGE and retention, the smaller retention to legacy PCG and the ISG channel and all the new recruits that have hired in the past year or so from other major firms wondering why they came here. The plan has to satisfy a ton of people. The EFL’s are all over the place and I suppose they are trying to see how to compensate brokers in spite of the handcuffs that are in place. The AGE deal was far reaching all the way down to smaller producers. The MER/BAC deal was considered too top heavy. I know brokers there who produce between 500-750 and 25% in cash and 25% in a growth award(because that is so easy in this market) is not the kind of retention that will prevent middle of the pack brokers to leave.
I think that the top end is where is should be. 100pct. From there down, some where that will pay and retain the bread and butter 500k broker. For those between 350-500, a smaller deal, based on where this business has gone. Danny has an obligation to all of us to bring closure to this fiasco. JPM did. Even BAC did it already. 11 weeks later, the silence has brought brokers to ponder whether we are relevant. Danny has always said that the broker comes first and we are his clients. I would never have been able to get to where I am now if I treated my clients the way we are being treated. GET IT DONE so we can all make good decisions and prepare for the challenges and opportunities that come in 2009.[/quote] Think you're missing something. JPM bought Bear (brokerage firm), BAC bought Merrill (brokerage firm)..WFC bought Wachovia Bank (Bank) (the brokerage just came with it)..Stumpf has said he NEVER had any intention in the past to buy a brokerage firm. Pretty simple and straighforward in my eyes, not a word has come out, brokers have already left in droves, if you wanted to stop the exodus you would at least say something the effect "that retention package is coming shortly." Whole thing is crystal clear to me, wonder what others are seeing.What would the best case scenario be in this situation that would make staying put a slam-dunk? I seriously would like to hear some scenarios that would make this just hunky-dory for AGE/WB folks.
What would it take to make it slam dunk to stay?? Let me take a shot at answering what is obviousally an antagonistic question. I would think about 40% in some type of upfront deal. My rational is based on the fact that A) the market is down, therefore my prodution will most likely not be duplicated next year B) that is roughly 40% of what I would get in a cash upfront deal (maybe a little less than that, but close) C) I have actually enjoyed my time at WS up until the last few months, and at the end of the day, nobody likes change.
That’s a great answer, duster, and probably very realistic. No antagonism intended.
If they would 100% vest the deferred comp portion of the original deal and 30%-50% in some upfront I would be pleased.
I think you are on the something. Vest the backend, and pay the same upfront % retention you got last time based on current T12 minus the amount rec'd last time. If you got a retention with backend, you get something. If you have increased your business, you get more retention. Of course this only really works for AGE. Any thoughts?If they would 100% vest the deferred comp portion of the original deal and 30%-50% in some upfront I would be pleased.
In our region we were told that. Couple of weeks ago Danny told stated to a group of brokers that he could not imagine xmas coming w/o announcement. he finally got the job friday. that leaves this week and maybe next.
wfc was never interested before, but now has the 2nd largest firm in the usa. he likes money and WS as a combined unit is a money tree. they will pay.