What will a WFC/WB retention package look like?
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FYI - Danny and his merry gang were the ones that brought up the whole retention thing, not us! The bottom line is that EVERYONE that I know at AGE is shopping. If you are not, your naive. If they greet us with the "you're lucky to have ajob attitude", watch what happens. We have numerous offers available. 1/3 of the sales force will walk and that includes WS guys/gals. I'll get more than enuf to pay back these a**holes and then some. I don't think they understand that while our clients have been beaten up lately, most will gladly go to anywhere but WS. We have clients asking us when/if we are leaving and will we call them from our new home.In 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?
Shredder, you are correct, and if they do not come thru with SOMETHING, I wonder how that is going to go over with the masses?? I would rather that nobody had ever mentioned anything at this point, and I could go back to work. After hearing what it seems everybody else is getting, I now feel as if I am being cheated. I know, my focus should be on my clients, but it does creap into my thoughts sometimes.
But WS isn’t interested in the broker dealer division. Just as they aren’t interested in the investment banking division. As far as they are concerned, 50% of the FA’s can leave and it’s no sweat off their back. As for the other 50% who don’t get out? Say hello to being a bank employer and getting a payout of about 20%
[quote=duster10] I think I will go with the “ignorance is bliss” approach.[/quote]
hey… it works for the Merrill guys.
[quote=SuperRecruiter]But WS isn’t interested in the broker dealer division. Just as they aren’t interested in the investment banking division. As far as they are concerned, 50% of the FA’s can leave and it’s no sweat off their back. As for the other 50% who don’t get out? Say hello to being a bank employer and getting a payout of about 20%
[/quote]
I call BULLSHIT! I would guess you don’t have an agenda do you?
I call double bullsh*t. You know even less than we do and even less than Danny! Just b/c they are a bank doesn't mean that they are total idiots. If there plan is to let us die on the vine, they'd be better off just selling us or spinning WS off. I'd say the same about BAC/MER. They have no idea how to run a B/D and would be setter served to leave it alone for now. Having said that, there long term plan may very well be to "level the playing field" but I won't be around for that.But WS isn’t interested in the broker dealer division. Just as they aren’t interested in the investment banking division. As far as they are concerned, 50% of the FA’s can leave and it’s no sweat off their back. As for the other 50% who don’t get out? Say hello to being a bank employer and getting a payout of about 20%
[quote=shredder]
I call double bullsh*t. You know even less than we do and even less than Danny! Just b/c they are a bank doesn't mean that they are total idiots. If there plan is to let us die on the vine, they'd be better off just selling us or spinning WS off. I'd say the same about BAC/MER. They have no idea how to run a B/D and would be setter served to leave it alone for now. Having said that, there long term plan may very well be to "level the playing field" but I won't be around for that.[/quote]I hope, for the sake of all the Wachovia FA's... that you are right.
That being said, I do have a unique perspective on the entire deal and I would wager to say that the people who know very little about the deal are in fact the Wachovia/AGE FA's.
This is the same kind of speculation that happened when Bob sold AGE to WB. Recruiters were calling saying what a terrible retention package we were going to get. They don’t get paid unless they get people to move. Check out what other offers you can get, see what WFC offers and make a decision from there.
[quote=Hydeho]
I call BULLSHIT! I would guess you don’t have an agenda do you?
[/quote]
Ofcourse I have an agenda, look at my screen name. I hope to hell everything plays out fine for Wachovia/AGE but if you look at BAC’s agenda and history you will see that they are NOT friendly to B/D’s.
No matter what happens, I will always have a pipeline of FA’s who are interested in shopping around.
[quote=SuperRecruiter] [quote=shredder]
I call double bullsh*t. You know even less than we do and even less than Danny! Just b/c they are a bank doesn't mean that they are total idiots. If there plan is to let us die on the vine, they'd be better off just selling us or spinning WS off. I'd say the same about BAC/MER. They have no idea how to run a B/D and would be setter served to leave it alone for now. Having said that, there long term plan may very well be to "level the playing field" but I won't be around for that.[/quote]I hope, for the sake of all the Wachovia FA's... that you are right.
That being said, I do have a unique perspective on the entire deal and I would wager to say that the people who know very little about the deal are in fact the Wachovia/AGE FA's.
[/quote] Look Snapperhead, I admit we no nothing! Just b/c you are a recruiter doesn't mean jack. I heard the same speculation 18 mo's ago. They (recruiters) didn't know then, you don't know now. There is no easy solution to this entire mess. There is no panacea either. INFORMED and EDUCATED decisions will be made when info is provided. As I said before, any FA needs to be doing his/her due diligence that's all.
Joined today and time to post 21 times? I am sure business is good for and your "pipeline’ is full. The way you present yourself, you’d think you would be busy talking to MS, UBS, and big producers all day.
Change your screen name to Snapperhead, that one suits you better.
[quote=SuperRecruiter]
[quote=shredder]
I call double bullsh*t. You know even less than we do and even less than Danny! Just b/c they are a bank doesn't mean that they are total idiots. If there plan is to let us die on the vine, they'd be better off just selling us or spinning WS off. I'd say the same about BAC/MER. They have no idea how to run a B/D and would be setter served to leave it alone for now. Having said that, there long term plan may very well be to "level the playing field" but I won't be around for that.[/quote]I hope, for the sake of all the Wachovia FA's... that you are right.
That being said, I do have a unique perspective on the entire deal and I would wager to say that the people who know very little about the deal are in fact the Wachovia/AGE FA's.
[/quote]
[quote=SuperRecruiter]I have plenty of subordinates that dial phones all day. That ain’t me.
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Snapperhead- How many placements have you made since this all went down? Inquiring minds would like to know.
I call double bullsh*t. You know even less than we do and even less than Danny! Just b/c they are a bank doesn't mean that they are total idiots. If there plan is to let us die on the vine, they'd be better off just selling us or spinning WS off. I'd say the same about BAC/MER. They have no idea how to run a B/D and would be setter served to leave it alone for now. Having said that, there long term plan may very well be to "level the playing field" but I won't be around for that.[/quote] I call tripple bullsh*t.[quote=SuperRecruiter]But WS isn’t interested in the broker dealer division. Just as they aren’t interested in the investment banking division. As far as they are concerned, 50% of the FA’s can leave and it’s no sweat off their back. As for the other 50% who don’t get out? Say hello to being a bank employer and getting a payout of about 20%
What’s funny about all these posts (mine included) is that you can look back a year and see that most people talk out of their butts. Nobody has a clue but it sure is fun to pontficate!
Speaking of history, and “if those who do not learn from history are doomed to repeat it,” what warning signs have we all learned to watch for as “tells” that our employer is planning on putting itself into play? I remember Rapmaster Bobby B. balling up his sweaty, little fist at the super regional in St. L. in fall '06 and declaring from his pudgy little lips that “we are committed to remaining independent, blah, blah.” If I remember correctly, that was shortly after they totally reworked our company stock purchase plan and shipped us all off to Computershare. In the future, if RJ starts doing anything to discourage/weaken/distract us from the company stock purchase plan, my radar’s lighting up. Any other insight?
Let’s see here:
-Bob let the poison pill expire. -Bob put us on Beta - used by many companies, making it easier to merge. -Bob gave up on getting employees to own stock...hence the Computershare deal. -Bob started talking about needing "scale." -Bob's lips were moving.