What will a WFC/WB retention package look like?
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Ray Jay, Stifel, Oppenehimer, Janney the old AGE all had better payout plans -
Let me offer a quick reality check.... Exactly my point - they have to have bigger payouts becaue those places are small and have little or no advertising. They offer, in my opinion, absoultely nothing for the 1/2 you pay them. SO, what are you paying for? Here's a link to Ray Jay's payout http://www.raymondjames.com/advisorchoice/rja/payout_comp.asp It looks like 47% for managed stuff and 35%, 37%, or 39% for everything else. What was the last Ray Jay ad you remember seeing during the Superbowl? How about any Ray Jay ad? Or Oppenheimer, or Janney or AG Edwards ad for that matter? Apparently with the new payout plan (from my calculations) at $40,000 on the month you are at 43.75%, add to that a 6% match on your 401K and you are at just under 50%. And don't forget the 1%, 2%, or 3% here and there for bonuses. And don't forget retention when it comes. And don't forget the last retention. And don't forget the retention before that. What do you chronic complainers really want anyway. BOO HOO - human resources didn't answer the phone in a prompt fashion. Get real. If these complainers had a 120% commision payout they'd probably moan about all the taxes they had to pay. I really think the head hunters must post on this forum just to shake people loose because no producing broker with a calculator should be complaining. Especially if they have ever seriously looked at the alternatives, the other firms size, payout, brand, financial stability, freedom from pressure, and amount of advertising. And if A G Edwards was the end all, why was the average production so low and, to be candid, why did they sell out? Finally, it looks to me like we are done with Wells Fargo. No more stress. Why not jump to some no name for a smaller payout and then see what surprise awaits you there should they miss a quarter, collapse, and get taken over by someone like ETrade! The way I think about is that you are in business. Would you rather represent yourself as from one of the biggest firms on Wall Street (and now with probably the highest payout available), from one of the biggest banks in the country, and have a ton of advertising to back your business. Or would some of the terminal complainers here rather try to sell themselves as from a marginal broker that only a few have heard of? I come up against small firm brokers and I say, "well he seems nice but I can't understand why he's not from a real firm." And, whether you want to admit or not, that's a very convincing argument. I can tell you from long experience, big names seem to make a big difference. In these uncertain times its been my experience that big money will invariably choose to go with big companies for good reason. Finally, I heard that sometime before Thanksgiving they'll announce retention. To sum up besides the miserable market which no one can help, I really have trouble understanding what some of the people on this forum are complaining about.Sell High,
Your math is wrong on the 401k match. You're saying 43% plus 6% match. The 6% is of your gross wages, which is after the 40% of production. So it's more like a 2.4% match. Keep it easy: 250k gross x .40= $100k compensation. 100k x 6% = 6k. 6k/250gross = 2.4% of production. Big whoop. Not that I really care anymore, but thought I would point that out.[quote=Sell High]Let me offer a quick reality check… [/quote]
OK.
[quote=Sell High]… it looks to me like we are done with Wells Fargo. No more stress. [/quote]
Who needs a reality check? Done?! No more stress?! What cave have you been living in?
Apparently your reality check hasn’t checked out the reality the many independent options that readily offer payouts of roughly twice your current payout. And many of us own our firms, so we don’t worry about ‘missing a quarter’ and we decide whether, and for what specific compensation, we would agree to be ‘taken over.’
[quote=Sell High] I can tell you from long experience, big names seem to make a big difference. In these uncertain times its been my experience that big money will invariably choose to go with big companies for good reason. [/quote]
Your experience is obviously entirely limited to only big firms. For your experience argument to be meaningful you would have had to had some experience somewhere other than a ‘big name’ firm.
Those of us who have actually experienced both - as well as anyone who is honestly paying attention - know that your argument that ‘big money will invariably choose to go with big companies’ is wishful thinking that has no basis in reality. It is nothing more than the tired and familiar echoing of the misinformation that your ‘big name’ firm feeds you and wants you to believe.
I don’t care much if you don’t want to ever leave the pseudo-comfort of working at a big name firm, no matter what big name that firm goes by this week that you are convinced your clients care so much about. Frankly, you sound like someone who should stay at a name firm, since you seem to believe that clients choose your firm - which is it again? - rather than you. Perhaps in your case that is true. It certainly is not the norm in the industry.
But spare us the nonsense about ‘reality’ and ‘experience’ that is neither realistic nor based on any real experience relevant to the issues being discussed.
[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
Ah… but the bank came along with the brokerage didn’t it. And there are issues directly related to WS. Since you clearly haven’t taken the time look on this forum let me help you out…
AGE had a bank deposit program. 10 different banks, very competitive yeild perhaps the best yeild on the street, and 1 MILLION in FDIC coverage. Clients were forced into the WS bank deposit program at much lower rates. And instead of 10 different banks they were moved into just 3 WACHOVIA banks, the first 100K going to the Wachovai Mortgage bank. Talk about two dirty words Wachovia and Mortage. What a brain fart that was.
To throw salt in the wound they also dumped the money market and forced again forced clients into the WS bank deposit program. You going to blame the bank for that? It was WS bank deposit program!
You tell the clients how that was better for them. How did that put the client first?! They aren’t stupid. They received lower rates (so wachovia could make more money) and less coverage (so wachovia could prop up their bank balance sheets). And they were forced out of the automaic money market sweep option as well. That means if they wanted money market the advisor had to do manual buys and sells so that wasn’t realistic.
Ask an AGE person how he feels about calling HR ? You used to be able to call “stacy” who you may have know for years directly with a question. You now get to push buttons, and get bounced around by people who don’t have a clue and and hope you get to the right dept and correct answers. That’s not the bank that is WS. Is that what is meant by “best practices”?
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 unrelated to broker payout and benefits. You say Wachovia Bank others may say Wachovia Securities… some same whats the difference? Clients ask what’s the difference?
Get the facts before you speak of what you don’t know. As you said you are legacy Pru not legacy AGE.
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 putting your ignorance on display for all to see. [/quote]
The fact that you blame Wachovia securities for what the bank did tells me all I need to know about your lack of understanding of the issue. Anyone pissing and moaning about bank sweep isn’t an FA worth worrying about. You are an advisor not a banker, apparently you cant make that distinction
[quote=BukiRob2] [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
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]
I call bull shit. As I said I am am WS broker and I personally know 4 guys who have made the move not one of them was doing more than 600 there are other issues at play you are not talking about
Being affiliated with the bank did have an effect.
The fact that you blame Wachovia securities for what the bank did tells me all I need to know about your lack of understanding of the issue. Anyone pissing and moaning about bank sweep isn’t an FA worth worrying about.
Re: What was the last Ray Jay ad you remember seeing during the Superbowl? How about any Ray Jay ad?
You do know where the 2009 Super Bowl is being played, right? Uh, that would be in Tampa Bay, in the staduim that bears Raymond James name. Also - just so you know, there is this wonderful new invention called "cable" TV. It has an amazing number of channels. Some are dedicated to 24 hour news and even a 24 hour business news network. Raymond James discovered this new innovation and runs ads regularly on it in addition to some little watched program on NBC sunday morning called MEET THE PRESS! Having been an AGE FC for 20 years - the first 16 of those we did NO national advertising, but those were the good old days when the company was run by people of integrity, like Ben Edwards who practiced what he preached - Treat the client well, treat the brokers well, and the rest will take care of itself. So, as far as a reality check - perhaps you should put down the Kool Aid and join the rest of us in the 21st century.I live in New York and can’t remember the last time I saw an ad for Raymond James…
Okay - so I guess the subtle approach doesn’t work here. When was the last time national advertising brought a client to your doorstep. Its all about the relationships. When I was at AGE I was much happier receiving those $$ in my 401(k) rather than sending them to some ad agency so we could feel good about ourselves.
[quote=BukiRob2] [quote=GoingIndy???] [quote=BukiRob2] [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[/quote]
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]
I call bull shit. As I said I am am WS broker and I personally know 4 guys who have made the move not one of them was doing more than 600 there are other issues at play you are not talking about[/quote] You call bullshit. Well without giving exact names, you can probably look them up and if are in the know should know these. I spoke with S.N. and J.W with Finet. Give them a call if you want. Maybe they made a branch by branch decision. In a larger branch they may not care, in a 10-20 man office, it could make a difference. Doesn't really matter to me, but not Bull.
Agreed & besides when AGE did start advertising...those damn ad's were so bad with that corny "EGG" & bad music that I wished that we had never started national advertising in the first place. All those ad dollars spent in the last 2 yrs of AGE existence & I didn't realize not $1 more in commission dollars because of it all & I seriously doubt anybody saw any substantial difference in new business because of tv or print ad's.Okay - so I guess the subtle approach doesn’t work here. When was the last time national advertising brought a client to your doorstep. Its all about the relationships. When I was at AGE I was much happier receiving those $$ in my 401(k) rather than sending them to some ad agency so we could feel good about ourselves.
Yeah the egg thing did suck bad. I think the entire thing was smoke from Bagby while he was looking for a buyer and golden parachute.
I’ll never forget the letter he send dispelling any rumors of a buyout … not on my watch said Bob.
He was holding his hands over his eyes when he said that and he was crossing his fingers. The nest egg logo is better than Wachovia’s - the hindenburg!
I am a legacy AGE and I must say that I take great pride in this. I will never forget the day our great leader Mr. B. did away with the so called “poison pill” not to mention converting to BETA to become standardized with the other firms… The writing was so clearly written on the wall. How many more attempts will we have to “explain” to our clients why we are now taken over by another. Change is difficult enough for clients much less to deal with all this during a market disaster. I have about had enough…