Wachovia layoffs
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Guess the question is will the position will still be commission or a salary. Guess a straight salary would be very easy to pay out twice a monthAnyone see the email where WFC is changing pay to twice monthly starting Jan 2010?
[quote=3rd ID]Anyone see the email where WFC is changing pay to twice monthly starting Jan 2010?
[/quote]
Did you read the whole email? 100% commissioned will be determined at a later time. My guess it stays the same. Commissions mid month and that small thing at the end.
I believe the email said it would be for all WFC employees. I dont get your point about it staying the same? Wach has been once monthly pay since Ive been there.
Forefront snapshot in 11 days. Everyone get their Envisions done? Mkt has got to hang on till then…please.
0/my book. Willing to come with me if I shoud ever make a change (ha ha), every client I have spoken too with plenty of encouragement.Forefront snapshot in 11 days. Everyone get their Envisions done? Mkt has got to hang on till then…please.
Hey Guys…
Can anyone tell me where I can find the quote from liar Ludeman about his philosphy that the clients belong to the broker?
Thanks…I think that I will need it when they go after my clients when I leave soon.
Thanks
Mike
I recently was at WFA and left to start my own RIA. I still have some good friends back at WFA some of who are still in the Associate Financial Consultant position. They have recently received an overview of minimum production standards that everyone will be subject to. They consulted with the RSM to figure out if they were in jeopardy of losing their position; needless to say the RMS only said "they don't need to worry about it". I don't necessarily agree with that as a couple of them are under 150K in T-12. What are your thoughts or suggestions regading this? Should they be looking for option B?
Thanks,Just curious when the cuts are coming for the "close to the 350K" level??. We just hired our third (in two months) 250K t-12 guy this afternoon.Wells Fargo Advisors is now focusing on recruiting 400k+. They hope to replace any loss revenue from the upcoming layoffs by recruiting higher producers. The layoffs will fast and closer to the 350k than many expect. I hope you have a plan B
Just curious when the cuts are coming for the "close to the 350K" level??. [/quote] When the firm decides they want to cut probably more than half the workforce. In anotherwords I wouldn worry about it if you are doing anywhere near 350K. Less than 150K and you need to pick up your game imho.[quote=alphapack]Wells Fargo Advisors is now focusing on recruiting 400k+. They hope to replace any loss revenue from the upcoming layoffs by recruiting higher producers. The layoffs will fast and closer to the 350k than many expect. I hope you have a plan B
Talked to some people in the mid west today. They were asked by their Regional to cut back to 1 staff person per 1 million in gross. Not just assistants , total staff vs production.
That's counting Reception ops etc...[quote=Redpen]Talked to some people in the mid west today. They were asked by their Regional to cut back to 1 staff person per 1 million in gross. Not just assistants , total staff vs production.
That's counting Reception ops etc...[/quote]This has already happened in some areas, my old AGE office fired 3 staff members last month...market down, wells is cheap and brokers are leaving and they haven't brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
I had heard that Wells Was going to eliminate their trainees; do you have any confirmation of this?
This is coming, was told today on cc that the number is much lower than what was already stated on this board. RP said anyone under $100,000 is gone.
EO
They laid off three support staff in my office and are centralizing functions into one “complex”. The only support staff left are those covered by the “1 support staff per $1million revenue” rule. Those staff are now expected to support the FAs as well as answering the phones and greeting people at the front door.
Grasshopper…what region are you in, how large is your branch? Are you legacy WB or AGE?
This has already happened in some areas, my old AGE office fired 3 staff members last month...market down, wells is cheap and brokers are leaving and they haven't brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
[/quote] Nestegg, So how many support people has SF assigned to you to handle your book?
No kidding huh Ferris. just stack them outside, put some kindling round their ankles and light them up. get some real enjoyment out of it.
[quote=maddog]
[/quote]This has already happened in some areas, my old AGE office fired 3 staff members last month…market down, wells is cheap and brokers are leaving and they haven’t brought in a single broker to replace those that left. Sad for the staff, but I guess its the nature of the beast when a company is struggling like WellsOvia
[/quote] Nestegg, So how many support people has SF assigned to you to handle your book? [/quote]
We are actually overstaffed. When I transitioned all acct paperwork was mailed and handled by a team in the home office. I have my own asst like I did at AGE, we have a receptionist/cashier, Ops MGR, and several assistants in the office.