What will a WFC/WB retention package look like?
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[quote=Morphius] [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. [/quote] Well…these are the “Days of our Lives”…let’s not forget…probably vodka and not kool-aide![quote=CommonSense] 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] Don’t quote me here but my understanding with PF is that at least one of the team members needs to gross 1 to 1.5 mil at least and this number may be greater after the forced marriage. No one team member producing over a specific gross may reduce their gross to bump another team member to clear the ceiling. They have us by the ******'s. - so to speak. You find out otherwise plz advise… We may look really good as bank tellers or door greeters …
I was going to start a whole new thread for this but here is the question:
"How do AGE reps get screwed under the new and improved DannyPlan?" Under $95 stock trades - I get it, don't discount, be a whore a stick your client Mutual Fund purchases under a certain amount - ? Anything I missed that I'll figure out when I get my March 2009 paycheck -?[quote=Gordon Gekko]I was going to start a whole new thread for this but here is the question:
"How do AGE reps get screwed under the new and improved DannyPlan?" Under $95 stock trades - I get it, don't discount, be a whore a stick your client Mutual Fund purchases under a certain amount - ? Anything I missed that I'll figure out when I get my March 2009 paycheck -?[/quote]Under 95.00=0 payout
No Money Fund Fees
Ticket Charges
No Pay on Options or Bonds under 55
So basically no 100 or 200 share stock trades anymore if you want a payout even without a discount in many cases.
I see they kept the AGE commission rates which are lower but adoptd the minimum payout from WS...thus making it harder to hit the 95 rate. Go through a month and you will be shocked at how many trades result in zero payouts in teh new plan...that shrinks your avg payout ALOT
[quote=Gordon Gekko]I was going to start a whole new thread for this but here is the question:
"How do AGE reps get screwed under the new and improved DannyPlan?" Under $95 stock trades - I get it, don't discount, be a whore a stick your client Mutual Fund purchases under a certain amount - ? Anything I missed that I'll figure out when I get my March 2009 paycheck -?[/quote]The way I understand the $95 minimum, discounting doesn't factor in. If it is less than $95, no pay. Just like now, we don't get paid under $55 regardless of the situation. I believe that this only applies to equity trades. Currently, we get paid on mutual funds trades if they are under $55, but at reduced rate. I would assume that we would continue to get paid on them, but maybe that is naive. There was a conference call today but I had to miss it (darn clients get in the way sometimes).
I ran a spreadsheet last night comparing the old plan to the new one across different production levels. I included the old cash bonus and def comp. amounts. Assuming the existing payout nets around 38% (that has been my average), it appears that there will be a small increase for anyone above $300K (1-2% points). It is just now slanted towards cash comp instead of bonus comp. I'm not a Kool-Aid drinker, but aside from losing comp on $55 to $95 tickets, it isn't that bad.
[quote=NCGNTO] [quote=CommonSense] 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] Don’t quote me here but my understanding with PF is that at least one of the team members needs to gross 1 to 1.5 mil at least and this number may be greater after the forced marriage. No one team member producing over a specific gross may reduce their gross to bump another team member to clear the ceiling. They have us by the ******'s. - so to speak. You find out otherwise plz advise… We may look really good as bank tellers or door greeters … [/quote]
Thanks for the info. My senior partner will qualify, so that won’t be a problem. We are going to have the numbers ran by the PF team, so I will have more details when we get that info back. I was just trying to get some insight into what to look for and what questions to ask. Positive or negative experiences??? Any thoughts out there???
I guess I need to look at every transaction for the next few months and see where I'd stand. If you don't discount stock trades, it's real easy to get it over $95 as the standard rate is absurd in most cases.
Dumb question- how do we look at our commission run (what got what %) for the month? We used to have it handed out every month. I've been dca'ing into C share mutual funds and if I am getting screwed by the man for only buying 5k at a time I want to know it.[quote=CommonSense]
[quote=Gordon Gekko]I was going to start a whole new thread for this but here is the question:
"How do AGE reps get screwed under the new and improved DannyPlan?" Under $95 stock trades - I get it, don't discount, be a whore a stick your client Mutual Fund purchases under a certain amount - ? Anything I missed that I'll figure out when I get my March 2009 paycheck -?[/quote]The way I understand the $95 minimum, discounting doesn't factor in. If it is less than $95, no pay. Just like now, we don't get paid under $55 regardless of the situation. I believe that this only applies to equity trades. Currently, we get paid on mutual funds trades if they are under $55, but at reduced rate. I would assume that we would continue to get paid on them, but maybe that is naive. There was a conference call today but I had to miss it (darn clients get in the way sometimes).
I ran a spreadsheet last night comparing the old plan to the new one across different production levels. I included the old cash bonus and def comp. amounts. Assuming the existing payout nets around 38% (that has been my average), it appears that there will be a small increase for anyone above $300K (1-2% points). It is just now slanted towards cash comp instead of bonus comp. I'm not a Kool-Aid drinker, but aside from losing comp on $55 to $95 tickets, it isn't that bad.
[/quote]
The over 300k pay raise depends on what type of biz you do...I am mostly Mutual Funds, only 20% stocks or so, and I will have a paycut of at least 5% in the new system. I am over 300k, several other guys in my branch have also done "the math" and no one I have seen will be getting a payout increase, all are Crest or above.
Is there a way to see your monthly run as it stands now? I know production profiles breaks it down by category but doesn’t show each transaction and the corresponding commission.
[quote=Gordon Gekko]Is there a way to see your monthly run as it stands now? I know production profiles breaks it down by category but doesn’t show each transaction and the corresponding commission.[/quote]
Go in FC Inquiry and there is a commission reports tab and you can pull up every trade for each month…it will list gross and net for each trade as well as totals. Easiest way is just to look at your gross and net for the month, do the math and that is your payout. However the reports come in handy when looking back to see how many ticket charges or zero payout trades you would have done under the new system
Thanks for the info. My senior partner will qualify, so that won’t be a problem. We are going to have the numbers ran by the PF team, so I will have more details when we get that info back. I was just trying to get some insight into what to look for and what questions to ask. Positive or negative experiences??? Any thoughts out there???
[/quote]
Is there a way to see your monthly run as it stands now? I know production profiles breaks it down by category but doesn’t show each transaction and the corresponding commission.
Yes Gordon, you will need to run your monthy detail charge report under fc inquiry......this will give the breakdown on each trade and the % of payout......
Well, ignorance is bliss!
I ran that report today, only to find out I am already getting jipped on small trades. So, I can look at it one of two ways. I can keep getting jipped under the new plan in March and I won't notice much of a difference OR I can be proactive and move. I am burned out listening to various firms and I am sitting tight for the time being. How's that for avoidance behavior?[quote=Gordon Gekko]I am burned out listening to various firms and I am sitting tight for the time being. How’s that for avoidance behavior?[/quote]
Ribbet ribbet!! Ribbet ribbet!!
Morphius, I am like the dude from “The Matrix” who sees how the world really is but decides he wants to go back to fantasyland.
[quote=Morphius]
[quote=Gordon Gekko]I am burned out listening to various firms and I am sitting tight for the time being. How’s that for avoidance behavior?[/quote]Ribbet ribbet!! Ribbet ribbet!![/quote]
I think most of us are in a state of “what the heck!” But good news is that there is medication for avoidance behavior!!! We should take advantage of the “mental health” program at WB I’m sure it is very popular…This is exactly why our windows at our branches do not open!
From what I am hearing dont spend too much time doing the calculations as WFC will have a simpler leaner formula next year. The bright side is it is very easy to understand, the negative is it has two payout %'s…Lw and Lwer.
VA’s, trails on fund, new fund purchases, managed futures trails -currently 40% or higher
All those 100 shares of GE, 20k of a CD, little nickle and dime stuff that I thought counted - not so fast my friend!