What will a WFC/WB retention package look like?
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That makes two of us!
{Enter} I want to at least say that I had all the facts before I made a decision. Does that sound politically correct?[quote=Gordon Gekko] “Oh, we have an AG Edwards at the local strip mall. I met the young man walking door-to-door in our neighborhood”.
It wasn’t perfect being AG Edwards now that you mention it.[/quote]
Gekko…was this in Alaska???
[quote=Gordon Gekko] “Oh, we have an AG Edwards at the local strip mall. I met the young man walking door-to-door in our neighborhood”.
It wasn’t perfect being AG Edwards now that you mention it.[/quote]
I don’t believe compliance would let this fly…
I was joking that we would often get confused with Edward D. Jones.
I thought so. Luv my Ed Jones folks but AGE in a strip mall????? Now that is very funny...
When do we think we will have any communication with WFC… A conference call perhaps to welcome us with open arms??
That’s right. In the field, (outside of St. Louis) we have not heard anything from our new WFC owners.
No emails, no communication - sounds like my first marriage.[quote=Vet20] That’s right. In the field, (outside of St. Louis) we have not heard anything from our new WFC owners.
…Sounds like my second marriage… referring to WB.
[quote=Vet20]That’s right. In the field, (outside of St. Louis) we have not heard anything from our new WFC owners.
No emails, no communication - sounds like my first marriage. [/quote] At this pt the less we hear the better....I just am putting my head down and working, besides, we have no control over this whole process....I know, I know, that doesn't make sense right? The way I look at it, it means that mgmt is still trying to figure things out. I would rather have silence then constant e-mails or conf calls where everything changes day to day. I am sure that WFC has a plan and maybe that plan doesn't match Danny's. Maybe it does. We'll know soon enuf...meanwhile back at the ranch, I am waiting for the first batch of "OMG, I just opened/got my Oct. statement, and I knew you said it would be difficult but this is ___________ (fill in the blank)."[quote=shredder] [quote=Vet20]That’s right. In the field, (outside of St. Louis) we have not heard anything from our new WFC owners.
At this pt the less we hear the better…I just am putting my head down and working, besides, we have no control over this whole process…I know, I know, that doesn’t make sense right? The way I look at it, it means that mgmt is still trying to figure things out. I would rather have silence then constant e-mails or conf calls where everything changes day to day. I am sure that WFC has a plan and maybe that plan doesn’t match Danny’s. Maybe it does. We’ll know soon enuf…meanwhile back at the ranch, I am waiting for the first batch of “OMG, I just opened/got my Oct. statement, and I knew you said it would be difficult but this is ___________ (fill in the blank).” [/quote]
I know my friend…another month of explaining the market and further pressures. This has been a very good learning experience for me. I wish that we all could just get back on track and do what we do best. Service our clients!
Great point NCGNTO.
There are plenty of other things to focus on. It feels like our lives have been like a daytime TV show though: We all started out YOUNG & RESTLESS, SEARCHING FOR TOMMOROW, & living on the EDGE OF NIGHT. We got sick wit these mergers and wound up in GENERAL HOSPITAL and the doctor told us that if we didn't follow the GUIDING LIGHT (WFC), we'd be in ANOTHER WORLD with ALL OUR CHILDREN.Our team spent some time looking at the new compensation package this morning. We have been discussing the Profit Formula option pretty heavily. The details of the new pay package push us even further in that direction. Did anyone happen to notice that the minimum ticket to get paid is now $95 for equity and $55 for options? We are looking into what impact this will have on us, but it is not an exciting prospect. Our team is made of a large advisor and two of us mid level guys. He will see a small pay increase (but not much when you factor in the lost production bonus) and the other Crest Clubber and I will see a cut factoring the bonus. If we go PF, we all get a nice raise.
Anyone have experience with PF? What questions do I need to ask? What am I missing? Are they still going to keep it after WFC rules the roost?
[quote=Vet20]Great point NCGNTO.
There are plenty of other things to focus on. It feels like our lives have been like a daytime TV show though: We all started out YOUNG & RESTLESS, SEARCHING FOR TOMMOROW, & living on the EDGE OF NIGHT. We got sick wit these mergers and wound up in GENERAL HOSPITAL and the doctor told us that if we didn't follow the GUIDING LIGHT (WFC), we'd be in ANOTHER WORLD with ALL OUR CHILDREN.[/quote]Please tell me you were drinking when you came up with this soap opera thing.
anyword on retention package out there? we lost 6 brokers in 3 month an seeing empty offices everywhere.
We keep hearing about all the new FC’s the firm is hiring. Any idea what WS is paying to attract these people?
[quote=skbroker]
anyword on retention package out there? we lost 6 brokers in 3 month an seeing empty offices everywhere.
[/quote] Just learned that something will be announced by this Thanksgiving... I wonder if it will be based on AGE's fiscal year or rolling 12? And if rolling 12, what month? Any idea what BAC/MER did?IMO its pretty simple. If WFC wants to retain the majority of producers the package will be fairly similar to what AGE was offered when WS aquired them. If WFC isnt as concerned about attrition the package will not be that progressive.
If you take the new comp plan as a cue, Id guess that the package is likely to look more like what AGE brokers were offered than not.[quote=Mucker][quote=skbroker]
anyword on retention package out there? we lost 6 brokers in 3 month an seeing empty offices everywhere.
[/quote] Any idea what BAC/MER did? [/quote] Yeah, they royally screwed brokers. They did an annualized off the 9 months from Jan of 08 to Sept of 08. Its a dreadfully weak offer. You'd have to really be a MER kool-aide drinker to think it was a " good deal" Well, it is a good deal for BAC but a crapola deal for the FAALOT! Depending on your T12 it can be north of 160%We keep hearing about all the new FC’s the firm is hiring. Any idea what WS is paying to attract these people?