Retention....please do not hijack
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at the broker meetings in stl yesterday Danny said dont expect anything until after the 1st of the year - they are still working on the retention. This comes directly from someone that was in the meeting.
Also rumors are that a few of the largest producers in the firm have left......have not gotten confirmation thought. UBS and Morgan Stanley still paying the most at 2.5+ for the larger producers.at the broker meetings in stl yesterday Danny said dont expect anything until after the 1st of the year…
Think if they wait until Mid year 2009 they wont have pay nearly as much in retention, looks like someone at the top is using his head to save a few schillings.on a scale of 1 to 10, how reliable is your source in the STL meetings?
did your source give any other details?heard some reliable chatter today from bom…
"wachovia fa's should expect a more generous package than the age guys, simply due to how recent the age fa's were 'retained'.i am absolutely blown away by the lack of communication. whether isg, pcg, age, finet…this is poor mgmt in a crisis.
My business is still holding up in this market, so I'm not going to move because of retention, or lack thereof. But if large numbers of quality brokers bail from all divisions, the already poor back office support may even get worse as the firm won't have the $$$ to improve it. I may have to leave as the firm becomes a shell of it's current shell.This is getting really old. I’ve been told by about 3 different layers of management that we’d hear something before Christmas. Now soemone’s saying first of the year. Most of the FA’s I’ve talked to would prefer to stay put but the longer we wait, the longer it looks like its not going to be that good. Our manager keeps telling us its coming , that it won’t be 100%- even for larger producers, and that ISG will be the largest package . Danny has made the comment a few times that ISG will be impacted the most and that they are trying to figure out how to deal with paying teams. People keeping saying that the sticking point is the PR around writing a big check in this environment but ML didn’t seem to get too much bad press for their deal.
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?[/quote][quote=Tincup]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 it's funny how you guys keep using the word 'backend'. Is there any 'reacharound' in the 'package'?
[quote=timetogo]on a scale of 1 to 10, how reliable is your source in the STL meetings?
did your source give any other details?[/quote] 20[quote=kowachovia][quote=timetogo]on a scale of 1 to 10, how reliable is your source in the STL meetings?
did your source give any other details?[/quote] 20[/quote] many other details but nothing of significance. I believe that Danny should come out and explain what the hold up is, what the structure might look like broadly, and what the likely time frame is. This is the only firm I have worked for - that may change based on what happens in the next few months. Id prefer to stay, but cant ignore the upfront $. Never before have I had to defend where I worked to my clients. Granted its an industry wide issue, but its still an issue. Independence is an option, but am concerned that the Independents lack deep pockets if the crap hits the fan.I honestly and sincerely apologize, but I can’t resist this anymore:
Have any of you ever heard the story of the “Broker(Boy) Who Cried
WachFargo(Wolf)?” It’s about a person who, over and over makes false
warnings (in one case, about impending danger, in the other, about
impending departure). After many repetitions of this, no one took the
Broker(Boy) seriously anymore when REAL trouble became apparent.
whether we like it or not Wells is driving the ship at this point and calling the shots. I believe that Danny has our best interests at heart, but he may be a little league player completely outmatched in the world series.
I believe that Danny is the one crying wolf and that if there isnt "regretted attrition" Carroll and Wells wont take Danny seriously.... you've got the right story just the wrong people in the leading roles.I honestly and sincerely apologize, but I can’t resist this anymore: Have any of you ever heard the story of the “Broker(Boy) Who Cried WachFargo(Wolf)?” It’s about a person who, over and over makes false warnings (in one case, about impending danger, in the other, about impending departure). After many repetitions of this, no one took the Broker(Boy) seriously anymore when REAL trouble became apparent.
all my isg and pcg friends doing between 600-1mm are sitting on offers to move, but are waiting to hear what the deal is from wells. if no deal announced by the new year, at least half are gone like the wind. those deals at 200% won’t just sit around indefinitely.
i'm absolutely perplexed by the lack of communication.[quote=YHWY] I honestly and sincerely apologize, but I can’t resist this anymore:
Have any of you ever heard the story of the “Broker(Boy) Who Cried
WachFargo(Wolf)?” It’s about a person who, over and over makes false
warnings (in one case, about impending danger, in the other, about
impending departure). After many repetitions of this, no one took the
Broker(Boy) seriously anymore when REAL trouble became apparent.
[/quote]
Really Rob, what does it take for you to mind your own fucking business? You don’t work for Wachovia. Move along.
Danny needs to say something - it may not be what we want to hear, but he has to ummmm, ummmmm address ummmm the troops.
[quote=fritz] at the broker meetings in stl yesterday Danny said dont expect anything until after the 1st of the year…
Think if they wait until Mid year 2009 they wont have pay nearly as much in retention, looks like someone at the top is using his head to save a few schillings.[/quote]
I dont buy it. I was told today by the market manager in our sales meeting that the announcement is going to be made BEFORE christmas
[quote=BukiRob2] [quote=fritz] at the broker meetings in stl yesterday Danny said dont expect anything until after the 1st of the year…
Think if they wait until Mid year 2009 they wont have pay nearly as much in retention, looks like someone at the top is using his head to save a few schillings.[/quote]
I dont buy it. I was told today by the market manager in our sales meeting that the announcement is going to be made BEFORE christmas[/quote] I hope you're right, and my source is wrong...I have to imagine they are working on getting this done, and communicating to Wells the importance of acting sooner rather than later.
All this wild ass speculation reminds me of the threads when we were waiting for the AGE retention package a year ago. Turns out that no one had inside info and many of the contributors to the threads were trolls and people trying to shit disturb. Seriously, we will know when we know.