What will a WFC/WB retention package look like?
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New name for brokerage should be announced by Thanksgiving.
Retention between Thanksgiving and Christmas, Merger has only been out there 3 weeks or so.
Wells generally leaves stuff under local control. They own 80 something companies and generally let them run there business.
WacSec FA’s happy with new comp plan and fee reductions. Several joked “what is the catch”.
[quote=Hydeho] New name for brokerage should be announced by Thanksgiving.Retention between Thanksgiving and Christmas, Merger has only been out there 3 weeks or so.Wells generally leaves stuff under local control. They own 80 something companies and generally let them run there business.WacSec FA’s happy with new comp plan and fee reductions. Several joked “what is the catch”.
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My personal opinion is that the retention package is likely to be similar to what they offered AGE brokers… may be slightly less but it would be very difficult to sell how WS paid AGE brokers doing less per fa more…
Unfortuantely for Danny, fortunately for us, they (Sr. Mgt) were the ones that mentioned it BEFORE the WFC merger…as a result, Danny’s reduced credibility is on the line. I heard it was “weeks away”… I think something around Thanskgiving or right after. Danny is apparently, or was, in SF so will have to see what ‘marching orders’ he was given. I am sure he will not be dictating terms.
FA’s will NOT be content until Christmas, but lets be honest, if you are considering the option of leaving, you have already spoken with other firms. Here is a question, assuming they give us the parameters of a deal by Thanksgiving, and there is cash upfront, when do you think they will pay it??
If you speak with and AGE rep you may understand the challenges/changes.
WS not the problem and if you think otherwise then frankly you have zero clue. The BANK caused the problems the firm has NOT the brokerage. Move if you want but stop bull shyating yourself
“meanwhile, I stay on hold with HR b/c I know my call is important”. Then when someone FIANLLY gets to you, the are: 1. Ignorant 2. Unsympathic 3. Arrogant 4. just plain old unpleasant 5. Totally unhelpful…Welcome to the Bank! Oh wait, I forgot to mention that after 20 mins on hold I got my, “answer”…when I called back to confirm b/c something just didn’t seem right, I got, SURPRISE, a different answer…when transfered to a “supervisor” (with serious attitude) I was told a 3rd answer…wow, what great service.
Again, do a little search on this forum or talk to a few AGE reps and you can find plenty of examples of how things were worse after the merger than before. Legit issues that effect your business and clients. You say Wachovia Bank others may say Wachovia Securities... some same whats the difference?[quote=BukiRob2]
WS not the problem and if you think otherwise then frankly you have zero clue. The BANK caused the problems the firm has NOT the brokerage. Move if you want but stop bull shyating yourself
Get the facts before you speak of what you don't know. And as I said previously, I believe that many of the legit issues and concerns that advisors have can be corrected, but to say there aren't issues is just putting your ignorance on display for all to see.[/quote] If you live in an area where WB is not a known name, all clients hear is that the new name on their statement is in trouble. It did not matter to them that the bank was the issue. They never heard AGE in the news in a negative way.
[quote=shredder]Unfortuantely for Danny, fortunately for us, they (Sr. Mgt) were the ones that mentioned it BEFORE the WFC merger…as a result, Danny’s reduced credibility is on the line. I heard it was “weeks away”… I think something around Thanskgiving or right after. Danny is apparently, or was, in SF so will have to see what ‘marching orders’ he was given. I am sure he will not be dictating terms.[/quote]
Danny has had one meeting with Stumph(sp). He is in SF now meeting with them.
He has always tried to keep the bank at arms length. It looks like, due to the way they cede local control, that he might be able to keep Wells at double arms length.
He was asked by a manager why Wells was not at Branch Manager meeting. Answer “I didn’t invite them” “Never invited WB to a manager meeting”
“and the payout is right up there, probably the best on the street. If it is not enough for you, you can go Finet - you can go Profit Formula - whatever you want. No pressure! What other major firm even comes close to offering that”
I think the answer to that is Raymond James. They weren't on the ropes with a slient bank run, at the epicenter of the subprime fiasco, etc.Alas … sigh … so true. Nothing against the WB folks but the support from legacy age VS legacy WS is HUGE HUGE HUGE. Now our research, syndicate, trust company and options strateg dept. have been gutted. What the F were they thinking.
Gaddock what's the deal offering facts and examples... you must be one of the low producing age bums..Alas … sigh … so true. Nothing against the WB folks but the support from legacy age VS legacy WS is HUGE HUGE HUGE. Now our research, syndicate, trust company and options strateg dept. have been gutted. What the F were they thinking.
Did anyone catch the full page ad on the last page of USA Today? It was a Ws ad but had the AGE logo as well and mentioned AGE in the ad. Seemed sort of odd, like they were bringing it back from the dead for stability purposes. Two out of three (AGE and WFC) aint bad, right?
Gordon:
Did you notice when the WS/ Cit/WFC merger was in the news taht the AGE name kept being mentioned over and over. Some might say I am giving mgt too much credit but I believe its being done so by design. The wachovia name is mud. They are putting the AGE name out there because it is respected, and possibly being considered for the brokerage under WFC.Regarding the differences between AGE and WS, try getting a call returned or talking to anyone who is from WS. At least when we were with AGE, the folks in St. Louis knew who paid their salary and were more than willing to talk with us. It didn’t matter if it was someone in HR, Thayer, Goldman, O’Grady or anyone else. We were always able to talk with who we needed to. I sent an e-mail to the head of the Investment Strategy Committee three weeks ago and never got as much as an acknowledgement. Thank god I was able to get an answer elsewhere. Let’s not even mention the differences between Infomax and AGE Net. I know that there will eventually be some good things but I’m tired of waiting until February to find out. All I’ve seen so far is a bunch of negatives and very few positives, just a lot of promises and an endless stream of “it’s coming and its going to be great” (aka bullsh*t).
[quote=BukiRob2] [quote=Go_Long] BukiRob2:
With all due respect (uh oh look out). If you don’t know what has been wrong since AGE/WS merged you either are not a legacy AGE advisor, do not work at the firm, or do and live in a cave. Read the forums a bit and you can find plenty of specific, legit, examples of the issues. Issues that effected your business AND clients.
That said I don’t believe many of those issue can’t be corrected but to deny there haven’t been problems just isn’t reality.
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Since I am a legacy Prudential Employee I DO know what I am talking about. Frankly, the MAJORITY of AGE brokers are low end producers who have very few options. Wachovia at the lower end of production is the highest paying major firm and its not even close.
WS not the problem and if you think otherwise then frankly you have zero clue. The BANK caused the problems the firm has NOT the brokerage. Move if you want but stop bull shyating yourself[/quote]
Hmmm…not really…Ray Jay, Stifel, Oppenehimer, Janney the old AGE all had better payout plans, heck even some wires have equal or beter when you count the 0 payouts and ticket charges. The new WS is not bad, but the 95.00 minium ticket and ticket charges are redicuous…even Merrill’s are not that high…that is where they get you…I have thousands in production every month that will equate to a zero payout in teh new scheme…in teh old scheme I was gettign 28-40% on those same trades…sorry but the 50% over 10k doesnt make up for the 0% on those trades. I averages 37-40% monthly on the AGE system, no way I will in teh new system, and that is with 40%+ in Mutual fund biz! Guys that do more stock trading will get hit even more…as an old PRU guy I don’t expect you to understand what it is like to work for a firm that cared about doing right for the broker and the client, both of whom WS does not seem to care for.
[quote=Gordon Gekko]Did anyone catch the full page ad on the last page of USA Today? It was a Ws ad but had the AGE logo as well and mentioned AGE in the ad. Seemed sort of odd, like they were bringing it back from the dead for stability purposes. Two out of three (AGE and WFC) aint bad, right?[/quote]
I was thinking the same thing, if only they had kept it to begin with…that would have helped during this fiasco a little bit…
[quote=nestegg] [quote=BukiRob2] [quote=Go_Long] BukiRob2:
With all due respect (uh oh look out). If you don't know what has been wrong since AGE/WS merged you either are not a legacy AGE advisor, do not work at the firm, or do and live in a cave. Read the forums a bit and you can find plenty of specific, legit, examples of the issues. Issues that effected your business AND clients.
That said I don't believe many of those issue can't be corrected but to deny there haven't been problems just isn't reality.
[/quote]
Since I am a legacy Prudential Employee I DO know what I am talking about. Frankly, the MAJORITY of AGE brokers are low end producers who have very few options. Wachovia at the lower end of production is the highest paying major firm and its not even close.
WS not the problem and if you think otherwise then frankly you have zero clue. The BANK caused the problems the firm has NOT the brokerage. Move if you want but stop bull shyating yourself[/quote]
Hmmm...not really...Ray Jay, Stifel, Oppenehimer, Janney the old AGE all had better payout plans, heck even some wires have equal or beter when you count the 0 payouts and ticket charges. The new WS is not bad, but the 95.00 minium ticket and ticket charges are redicuous...even Merrill's are not that high....that is where they get you...I have thousands in production every month that will equate to a zero payout in teh new scheme....in teh old scheme I was gettign 28-40% on those same trades...sorry but the 50% over 10k doesnt make up for the 0% on those trades. I averages 37-40% monthly on the AGE system, no way I will in teh new system, and that is with 40%+ in Mutual fund biz! Guys that do more stock trading will get hit even more...as an old PRU guy I don't expect you to understand what it is like to work for a firm that cared about doing right for the broker and the client, both of whom WS does not seem to care for.
[/quote] It is a very obnoxious grid..Ticket charge is laughable, and to take it out of brokers small slice is like a kick in the teeth. Even had the ticket charge on CEF's, pure profit for them and still took it out. I am shocked it is still in place.
Oh yeah and now they are dinging clients 5.00 on miutual fund buys…
Sure Mr. And Mrs. Smith…you just paid a 5% load for your A share…but we are also charging you a 5.00 service fee since the 1000 bucks we just made off you isnt enough!
Scale and scope!
Nope, I was already in talks with your finet group prior to the merger. once the merger was announced, deal was frozen. Was leaning LPL anyway so didn't matter, but pressed it with my manager to make a point. Stuck around for 4 months, looked into thru official channels. No dice. Funny thing the 800k advisor was a WS rep, not an AGE guy.[quote=GoingIndy???] Sell High, you may be right on a few things, but one point you should reconsider is the openess to move to finet. They paid for a brokerage unit and I know guys between 800-1.3Mill in production that were told no. I was low level presidents and also told no. These are the facts of the case and they are undisputed. [/quote]
I think you must be talking about Profit Formula. I personally know of at least 4 brokers in my city that have gone to Finet and not one of them was doing more than 600K