What will a WFC/WB retention package look like?
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I think you receive a 4% deferred comp bonus if 70% of your gross comes from recurring revenue (fee based plus trails). Not sure if there are additional managed money incentives.What are the managed money incentives? I don’t do any and don’t plan on changing to fit into Ws’s model but I am curious. I know I can look this up at the office tomorrow but hook a brother up!
Thanks. For me, it’s not enough to change how I do things. For guys that were already managed money disciples, it’s gravy.
[quote=nestegg]
[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]
Oh please… No major firm has a pay plan as good for lower end producers (under 750K) than WS.
[quote=WSxAG] 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. [/quote]
Anyone pissing and moaning over the bank sweep mmkt rate has his/her perspective completely out of whack.
Finet is still under Wb’s umbrella, regardless of what the kool-aid drinkers say.
That is false. Finet is part of Wachovia Securities. The ONLY brokerage that is part of the "bank" is ISG. This is the third time you have said something that is patently false
[quote=Jeroxide] I work in a large Wachovia office and there has been considerable talk over a proposed retention package in regards to the Wells Fargo acquisition. One interesting point to keep in mind is that the Legacy AGE employees received a decent upfront (50% of trailing 12 for $500k level) whereas the Wachovia Securities brokers did receive a check to stay in their seats, but at a smaller amount.
So how do you handle individuals who received two different sized checks a year ago?
Although I don’t have any insight into what could transpire over a retention package, I can say that there has not been a time in my career that so many of my co-workers are actively pursuing deals with other firms (myself included). Can anyone give me a sense of what the big players are paying upfront (cash) to move?
One note isthat the WFC retention package will have to be swift and meaningful. If not, the WS brokerage will probably be cut in half.[/quote]
If you look at the pay plan as a cue, they increased the pay out and reduced the ticket charge (for legacy WS)
IMO this is fairly simple. Are deals to move bigger or smaller today than they were when the AGE deal was announced? (they are bigger) How important does WFC mgt view WS as a part of the entire deal?
WS accounts for over 30% of the banks earnings. WFC management has said that they are very excited about having a national scale brokerage firm. Assuming that is true, then, it is reasonable to believe that WFC will make a serious retention offer to keep brokers at Wells.
IMO Danny is one of the very best CEO’s of a brokerage firm and I truly believe he will not sell FA’s down river. I believe he is committed to doing what is best for brokers and will represent their interests fairly.
Legacy AGE got 50% for brokers doing over 400 (not the 500k that was posted http://registeredrep.com/advisorland/Wachovia_AGEdwards_Retention_Package/)
It would seem to be an impossible sale to tell FA’s doing MUCH more in production per FA that they will be paid less… I personally think the retention will look very similar to what AGE brokers got. Anything substantially less has brokers leaving in droves… what isn’t getting talked about as the fact that legacy AGE will come onto SmartStaion in February and that will effectively double the system load. When Legacy Prudential went onto the system is was an absolute nightmare…
If the deal isn’t strong people will walk. They arent going through that mess again and not get paid
Hello, Newbie.
Please enlighten on my other falsehoods. Make sure you read all 300+ posts I have as I would hate to think there was misinformation on a chat board. God forbid! By the way, you don't get credit for the billion dollar ML team that ended up being a $500 million dollar team as I corrected myself.[quote=BukiRob2] [quote=WSxAG] 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. [/quote]
Anyone pissing and moaning over the bank sweep mmkt rate has his/her perspective completely out of whack.[/quote] My clients pissed and moaned, that is where my perspective is focused.
what if you don’t want to put all your clients in fee-based? It works for many, maybe even most, but not all.
What if they just want to pay when they do a trade? What if they want to add 70 shares of MCD to the 130 they have. We should either not discount them or not get paid for a trade that size?I hope to be low-end like you someday.WOW…I produce 750 and never considered myself low end… Thanks
If anyone considers Ludeman a good CEO, they must be adding some serious drugs to that cool aid. The guy has no credibility and for good reason, he is an idiot.
I don’t think he is an idiot, he just believes in a business model that is different from the AGE model.
that model didn't appeal to a lot of us, which is why we were at AGE.I appreciate this as one must know this is the worst market to be transactional.
Legacy AGE, remember those days when management said if we were ever to be taken over we would walk across the street and resume business as Albert G. would have expected? RE really cheap now…
NCGNTO, I think 3/4 of Legacy AGE guys would love to be a low end producer like you. How do you make ends meet on $300k+ a year?
The fact that true blue (BukiRob2) would regurgitate that stat is laughable. He obviously is a WS guy, much different than a Legacy AGE guy. Did you know that LPL claims they can be profitable on an FC doing as little as 75k TT? If you did that at WS I think you would have to pay them. Busting on WS is getting a little old, kind of like the Presidential debates. After a while, everything is out there. WS/WFC needs to step up soon and let us know how interested they are in keeping this firm as a going entity.[quote=NCGNTO]Legacy AGE, remember those days when management said if we were ever to be taken over we would walk across the street and resume business as Albert G. would have expected? RE really cheap now… [/quote]
Lots of us have long since done that.
What are you waiting for?
I don’t believe the Stiefl is any answer or resolution or comparison to AGE if this is what you might be leading to…