What will a WFC/WB retention package look like?
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Then expect to see people leave in droves. I keep saying this and no one seems to even acknowledge the fact that the system load will DOUBLE in February. That is when AGE brokers come on the system. The options available right now are at or near all time high pay outs and if WFC wants to stiff brokers merely because they think they shouldn’t be paid then they have no right to scratch their heads when the head count gets cut in half.
I will not go through that mess again and not get compensated for it. I would prefer it to be at WFC but if they want to play the cheap card, Im gone.
If there’s one thing I took away from my time at WB is this. The pain and misery advisors will put up with is incredible. To this day, I continue to talk to my friends at the firm who go on and on about systems, support, etc, all of this BEFORE WFC closes the deal and starts to tweak it.
It took my some time but I could not bear it further. I don’t get the long suffering “I want to wait and see what happens” boloney so many seem to be stuck too!
Everyone’s grass has crap on it right now - that’s true, but to sit there, accept it and not get paid for it? That’s a whole different thing.
Why would anyone sit around and worry about an additional 10 - 40% retention package when other firms are offering 100%+ Upfront with backend bonuses based on amount of assets transferring over, etc.?
In addition, you should really consider what your comp will be next year when WFC starts raiding us with ticket charges ($10 for any discounted trade) and not paying you for any trades under $95.00. I don't know about you, but if I have a client buy five, 100 share lots of a stock, I want my run to show $400.00, not $0.00. Last but not least, WFC will be a very weak bank as time passes based on the MASSIVE amount of pick a pay mortgages on their balance sheet from the WB acquisition. So long to the AAA rating. All I know is that I've waited long enough, have heard nothing and am out the door in the next 45 days - this coming from a guy who had planned on spending his whole career @ AGE.We had the infrastructure to handle 20,000 brokers. That is why they moved to ST. Louis from Richmond. What do you think is the problem with the system? I am not liking some of the areas of transition but did not expect to worry about things keeping up.
That's a scary thought, the AGE workstations havent worked well since the merger. Also I heard there are some duplicate account #'s so account numbers will have to be changed for some clients when WFC/WB merges. The WFC and AGE merger isn't even complete and its difficult. Now with another merger how can you not expect more pain for clients and the FA's. Offers are coming in, it's time to take a good look at all the alternatives. Frankly I think its a great time to move, the market is bad the merger hasn't gone well, and people would probably welcome a change.[/quote][quote=BukiRob2]
Then expect to see people leave in droves. I keep saying this and no one seems to even acknowledge the fact that the system load will DOUBLE in February. That is when AGE brokers come on the system. The options available right now are at or near all time high pay outs and if WFC wants to stiff brokers merely because they think they shouldn’t be paid then they have no right to scratch their heads when the head count gets cut in half.
I will not go through that mess again and not get compensated for it. I would prefer it to be at WFC but if they want to play the cheap card, Im gone.
I was being sarcastic. I would call Danny. He should know. but less than merrill FA’s
[quote=BlackKnight]Why would anyone sit around and worry about an additional 10 - 40% retention package when other firms are offering 100%+ Upfront with backend bonuses based on amount of assets transferring over, etc.?
In addition, you should really consider what your comp will be next year when WFC starts raiding us with ticket charges ($10 for any discounted trade) and not paying you for any trades under $95.00.[/quote]
Why would anyone sit around and consider a 100% upfront in exchange for 5-9 more years of indentured servitude, and extra taxes on top of it when the loan forgiveness hits every year?
[quote=HymanRoth]
Why would anyone sit around and consider a 100% upfront in exchange for 5-9 more years of indentured servitude, and extra taxes on top of it when the loan forgiveness hits every year?
[/quote]While I am no fan of WS, what specific “extra taxes” are you talking about?
We had the infrastructure to handle 20,000 brokers. That is why they moved to ST. Louis from Richmond. What do you think is the problem with the system? I am not liking some of the areas of transition but did not expect to worry about things keeping up.
LMAO..... we had the infrastructure to handle the addition of Pru brokers when Pru merged with WS.... it was a train wreck.
[quote=fritz][quote=Go_Long]Its looking more and more like WFC getting the WB securities is going to happen one way or another, either by taking all of WB or by giving some of the bank branches to C to get them to go away.
IMO advisors should expect some kind of rentention package to be offered. I wonder if they would consider offering a choice of cash, stock, or both.[/quote] CASH Are you kidding?[/quote] .. this was the original thread, the Whalehunter started long after this. This thead probably good for nostalgia.mid OctoberIn my opinion, you guys at Wach/AG are floating on pipe dreams. There will be no retention package. Seriously. They just doled one out a year ago. Plus, can you imagine the PR nightmare that ANOTHER retention package will cause?
[quote=Gordon Gekko]I would not want to be the one devising a retention plan for a bunch as diverse as the current WS. However, I am thinking something less that what they paid us AGE fc’s last year. It would have to be, right? However, when you add the last package plus this package, we might be getting paid well to sit tight.
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