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What will Wells Fargo pay to keep brokers?

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Nov 18, 2008 8:19 pm

[quote=B24] This is no joke - he gave his resignation on the Friday before the Monday that ML announced the sale to BAC.  Needless to say, he sh1t himself.  [/quote]
If it wasn’t for bad luck, he’d have no luck at all.   

I know a guy who was hit by lightning while golfing, and fortunately survived, but now refuses to set foot on a golf course.   People need to be aware of the risk of very rare outcomes, because they happen.  But if they base their plan on avoiding these rare outcomes, they’ll never take the risks necessary to most worthwhile outcomes.

A ship in port is safe, but that’s not what ships are built for.

Nov 18, 2008 9:31 pm

[quote=duster10]Yes, EDNET is a WS term, although it is changing and going away as of the end of this month.  As a “Legacy” WS employee, we have never paid for licenses, mailng, remote access, pencils, paperclips, although they have gotten rather strict on sticky notes.[/quote]

They let me order the real small ones, but i do use a lot of them

Nov 18, 2008 9:35 pm

[quote=Go_Long]Still no retention announcement.  The silence is deafening.[/quote]

I told you a couple of weeks ago you won’t hear anything until some time between Thanksgiving and Christmas.
Maybe Danny will have a nice Christmas presant for you or maybe a lump of coal

Nov 19, 2008 1:11 am

They already know what it is … now they are just trying to figure out the best way time and place to spin it to the brokers.

Nov 19, 2008 2:03 am
Gaddock:

They already know what it is … now they are just trying to figure out the best way time and place to spin it to the brokers.

Along those same lines....I heard that several large $1MM+ producers were in HQ this week.  Maybe they DO know what the deal is and are just getting "their story straight."...i.e. how they spin this. Either way, I can't imagine it's positive...my .02
Nov 19, 2008 8:02 pm

Maybe Wells is waiting to see if they can survive 

Can you imagine going from AGE to WS to Wells and then to someone else!   Your clients might  love you, but they would have to find you first!
Nov 19, 2008 9:03 pm

yawn,yawn,yawn

Nov 19, 2008 9:21 pm

If Wells had anything motivating and positive to put out there and encourage the ranks it would be out right now.  Advisors are defensive, standing up for the firm, putting clients first  and its not recognized at all at the senior level.  The ultimate ‘deal’ is not going to be positive and not going to be encouraging or rewarding for FAs at any level.  Come back here WEEKS from now when management finally gets around to telling the troops how screwed they are and tell me I got it right or tell me why I’m off base here if you disagree. If you have facts otherwise, share them.

Nov 21, 2008 1:12 am

My manager spoke to our regional today who said we should know our retention packages on the Monday after Thanksgiving.   

Nov 21, 2008 1:53 am

hmm.  from the conference call today they were pretty quite about the retention.

Nov 21, 2008 12:42 pm

yawn, yawn, yawn

Nov 22, 2008 5:11 am

Wow…Danny really shed some light on retention in his call today.  If you blinked, you missed his entire micro sentence about a retention package.  35-40 minute call for a micro-sentence…  “we will know something within the next SEVERAL WEEKS??”  Way to keep the advisors pumping it out Danny!  Doesn’t sound like Monday after Thanksgiving. Sounds more like December 2012.

What is going on??? !!!
Nov 22, 2008 5:21 am

[quote=Vet20]Wow…Danny really shed some light on retention in his call today.  If you blinked, you missed his entire micro sentence about a retention package.  35-40 minute call for a micro-sentence…  “we will know something within the next SEVERAL WEEKS??”  Way to keep the advisors pumping it out Danny!  Doesn’t sound like Monday after Thanksgiving. Sounds more like December 2012.

What is going on??? !!! [/quote]

Yeah, and he kept stating the important thing is there will be very FEW changes...he stated that before and after the one liner about retention....basically dont expect anything because nothing will change..or that is what we want you to believe so you are not mad there is no retention
Nov 22, 2008 2:04 pm

I can’t imagine the logic of no retention.  I lost an opportunity from a doctor with a $1 million portfolio (who was a referral from another doctor) because he was not going to move his accounts to Wachovia.  That’s a lot of revenue lost.  FA’s will not take it much longer and someone needs to communicate that to our newly found West Coast friends.

Nov 22, 2008 2:33 pm

you’ll stay. you have no other choice. you’re too chicken to go indy.

Nov 22, 2008 2:42 pm

I’m already “indy” with FINET. That’s the catch 22.

Nov 22, 2008 2:52 pm

bad choice. i had tickets in hand for a due dilligence meeting with Finet 11/2  ago. Cancelled the last minute when I realized what I was doing. Feel for you.

Nov 22, 2008 7:34 pm

[quote=Ferris Bueller] So once again: INDY=SMART, WIREHOUSE=DUMB, LAZY, and AFRAID[/quote]
Do you have a Cliff Notes version?  Not sure if I have the time to read through all of that.  

Nov 22, 2008 7:47 pm

Ferris, I’m not following.  Can you be more clear?

Jan 28, 2009 12:25 am

Could this be the page that Danny is hiding in??? Oh Danny boy!!! Come out, Come out wherever you are!!!