Wells Fargo Advisors
Will it be better than Wachovia Securities?
The name will be.
My question is, now that Wells Fargo has credited the Wachovia “merger” with a substantial part of their recent quarterly earnings upside shocker, does everyone now agree that Wachovia Securities has always been a wholly owned subsidiary of WB, or do some still cling to the “Wachovia Securities, LLC is/was an island unto itself.” line?
[quote=YHWY]
My question is, now that Wells Fargo has credited the Wachovia “merger” with a substantial part of their recent quarterly earnings upside shocker, does everyone now agree that Wachovia Securities has always been a wholly owned subsidiary of WB, or do some still cling to the “Wachovia Securities, LLC is/was an island unto itself.” line?
[/quote]
It wasn’t so much an “island unto itself”, more like a peninsula ROFLMAO!!! I would guess that 1st Qt profits from brokerage are not outstanding.
[quote=Hydeho]
I would guess that 1st Qt profits from brokerage are not outstanding.
[/quote]
Due to the cancer that was AGE, no doubt…ROFLMFAOPM.
DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
What do you mean by PF?
PF = Profit Formula. It’s the channel that is independent “like”. Higher payout, you cover mamy expenses, you work at a WS branch.
[quote=YHWY]
[quote=Hydeho]
I would guess that 1st Qt profits from brokerage are not outstanding.
[/quote]
Due to the cancer that was AGE, no doubt…ROFLMFAOPM.
[/quote]
Actually no, wouldn’t blame AGE. Not with so many leaving-thats a godsend. ROFLMAO!! Blame the market that sucked , with our branches revenue down 26% or so. Some have done better some worse
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers.DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically, then to build one through nonstop mergers. [/quote] Well said.[quote=S&P low 666]DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
Mbondguy…great post.
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote][quote=S&P low 666]DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
I think you are on to something....UBS and WS have always been bottom of the barrel in every broker satisfaction survey and they paid the biggest upfront checks...coincidence...I think not...as you move up the list the checks go down...interesting how that works huh!
Nobody has responded to this one. It reminds me of the old Southern question and answer someone would ask when you heard a story that a buddy of yours shouted down or stood up to a bully. They would respond to your story asking " he said that !?" Then what did he ( the bully ) say ?" The reponse from the story teller was" he(the bully) didn’t say nothin, he just walked away."
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote][quote=mnbondguy][quote=S&P low 666]DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
I think you are on to something....UBS and WS have always been bottom of the barrel in every broker satisfaction survey and they paid the biggest upfront checks...coincidence...I think not...as you move up the list the checks go down...interesting how that works huh!
[/quote] The more I read it the more I like it
DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
Gotta love any post that includes a ST:TNG reference.
mnbndguy-
This is the best post I have read on these boards. You are dead right. All very unfortunate for those DL left in his wake. It amazing that he has no sense or awareness of what he has done. He is has always surrounded himself with "yes men" that have never told him the truth.I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.I agree…mnbondguy is right on. He, DL is terrible. He has ruined many lives.
[quote=Gaddock]I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[/quote]Doubled huh...not sure how that is possible...
[quote=Gaddock]I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[/quote] Man , you just pushed on a bruise. Doubled ??? Bull hockey and you know it . Ticket charges , Compensatable gross, no payout on money funds and you doubled your payout ? These guys put the high payout clean stuff in the first 10m and the dirty stuf in the next and you doubled your payout ? Are you the same guy in high school that said mine is 6 inches folded in half.[quote=Redpen][quote=Gaddock]I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[/quote] Man , you just pushed on a bruise. Doubled ??? Bull hockey and you know it . Ticket charges , Compensatable gross, no payout on money funds and you doubled your payout ? These guys put the high payout clean stuff in the first 10m and the dirty stuf in the next and you doubled your payout ? Are you the same guy in high school that said mine is 6 inches folded in half. [/quote] Sorry you can't get your head around it but here's the deal. Before I got a 30% payout at best as I employ an options strategy. Now I get 25% for the first 6k and then 50% for everything there after. You don't pay ticket charges in wrap or on trades that are not discounted. I did about $23k in production last month that also kicked in some other bonus points. Not to mention the pittance of the salary that's paid on top of commissions not instead of. YES DOUBLED MY TAKE HOME PAYCHECK even after paying over 800 in ticket charges. "Bull Hockey" you say? if you're calling me a liar you can go f*** yourself. But to be 100% accurate it was $128 less than doubled.[quote=Gaddock][quote=Redpen][quote=Gaddock]I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[/quote] Man , you just pushed on a bruise. Doubled ??? Bull hockey and you know it . Ticket charges , Compensatable gross, no payout on money funds and you doubled your payout ? These guys put the high payout clean stuff in the first 10m and the dirty stuf in the next and you doubled your payout ? Are you the same guy in high school that said mine is 6 inches folded in half. [/quote] Sorry you can't get your head around it but here's the deal. Before I got a 30% payout at best as I employ an options strategy. Now I get 25% for the first 6k and then 50% for everything there after. You don't pay ticket charges in wrap or on trades that are not discounted. I did about $23k in production last month that also kicked in some other bonus points. Not to mention the pittance of the salary that's paid on top of commissions not instead of. YES DOUBLED MY TAKE HOME PAYCHECK even after paying over 800 in ticket charges. "Bull Hockey" you say? if you're calling me a liar you can go f*** yourself. [/quote] Ummm Salary...there is no "salary"... If you were in Wrap accounts before you would have gotten 40-44% payout so there is no raise under the new system.[quote=iceco1d]Duh! Gaddock tripled his production over the same time period!
BTW - Happy birthday Gaddock..[/quote] I WISH !!!!! LOL Thanks for the H B-day.[quote=nestegg][quote=Gaddock][quote=Redpen][quote=Gaddock]I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[/quote] Man , you just pushed on a bruise. Doubled ??? Bull hockey and you know it . Ticket charges , Compensatable gross, no payout on money funds and you doubled your payout ? These guys put the high payout clean stuff in the first 10m and the dirty stuf in the next and you doubled your payout ? Are you the same guy in high school that said mine is 6 inches folded in half. [/quote] Sorry you can't get your head around it but here's the deal. Before I got a 30% payout at best as I employ an options strategy. Now I get 25% for the first 6k and then 50% for everything there after. You don't pay ticket charges in wrap or on trades that are not discounted. I did about $23k in production last month that also kicked in some other bonus points. Not to mention the pittance of the salary that's paid on top of commissions not instead of. YES DOUBLED MY TAKE HOME PAYCHECK even after paying over 800 in ticket charges. "Bull Hockey" you say? if you're calling me a liar you can go f*** yourself. [/quote] Ummm Salary...there is no "salary"... If you were in Wrap accounts before you would have gotten 40-44% payout so there is no raise under the new system.[/quote] I'm in month 20 of 24. My contract pays a salary for 24 months. Before it was either or whatever was greater. Now it's comish plus salary. I dont give a rat's ass if you believe it or not.Ah didn’t realize you were a rookie…my bad!
No sweat, I’m getting the 50% after 6k instead of 10K as well. Next year I’ll have to hit 7k then 50% so on and so forth.
So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
And on top of that
I'll do probably around $220k in year two. I'll get a 25% bonus on gross, well over $50,000 and the other $12,500, the remaining half of the $25,00 for doing over $60k in year one, for expenses on August 1st. I'll take it.Yes very diff. I had a choice between this (what I just described) or a flat 48% on all production until my first 5 years are up and then the regular deal. But the 48% gig had no bonuses or expenses.So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
Yes very diff. I had a choice between this (what I just described) or a flat 48% on all production until my first 5 years are up and then the regular deal. But the 48% gig had no bonuses or expenses.[/quote][quote=nestegg]So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
That is good for you...only bad part is when you go to the new grid your payout will REALLy suck in comparison!
Well that will be in 3 1/2 years. A lot will happen between then and now. I hope to have over 20 million wrapped by the end of year two. The ball will be in my court.
[quote=nestegg]
Gaddock:Yes very diff. I had a choice between this (what I just described) or a flat 48% on all production until my first 5 years are up and then the regular deal. But the 48% gig had no bonuses or expenses.[/quote][quote=nestegg]So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
That is good for you...only bad part is when you go to the new grid your payout will REALLy suck in comparison!
[/quote]
As i understand you never were on the WS grid. So of course your speaking out your ASS again
All you frogs should check the latest water temperature, it’s not a hottub, it’s a kettle.
Gaddock, I would have responded sooner but I was busy f**king myself. You leaving out that you are on a different payout is material. Sounds like from your numbers that you so proudly hail , that you might make it. You are coming in to the business at great time. Learn all you can and don’t be so sure that you know so much.
Yes very diff. I had a choice between this (what I just described) or a flat 48% on all production until my first 5 years are up and then the regular deal. But the 48% gig had no bonuses or expenses.[/quote][quote=nestegg] [quote=Gaddock][quote=nestegg]So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
That is good for you...only bad part is when you go to the new grid your payout will REALLy suck in comparison!
[/quote]
As i understand you never were on the WS grid. So of course your speaking out your ASS again
[/quote] I now understand you were not on an AGE contract. This is my last response to a moron.
I made one simple accurate statement. The fact that it seems to stimulate you in some sort of negative way is your issue not mine. Yes I am proud of the success I've had from starting out with nothing but 25000+ cold calls. Sour Grapes??????????Gaddock, I would have responded sooner but I was busy f**king myself. You leaving out that you are on a different payout is material. Sounds like from your numbers that you so proudly hail , that you might make it. You are coming in to the business at great time. Learn all you can and don’t be so sure that you know so much.
Yes very diff. I had a choice between this (what I just described) or a flat 48% on all production until my first 5 years are up and then the regular deal. But the 48% gig had no bonuses or expenses.[/quote][quote=Hydeho] [quote=nestegg] [quote=Gaddock][quote=nestegg]So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
That is good for you...only bad part is when you go to the new grid your payout will REALLy suck in comparison!
[/quote]
As i understand you never were on the WS grid. So of course your speaking out your ASS again
[/quote] I now understand you were not on an AGE contract. This is my last response to a moron.
Graddock
Please try to follow along
I was answering Nestegg not you.
OK then I stand corrected with an apology.
[quote=Hydeho]
Gaddock:Yes very diff. I had a choice between this (what I just described) or a flat 48% on all production until my first 5 years are up and then the regular deal. But the 48% gig had no bonuses or expenses.[/quote][quote=Hydeho] [quote=nestegg] [quote=Gaddock][quote=nestegg]So I guess they have a whole different comm structure for rookies…that is why everyone is confused…the rest of them don’t get anything close to what you are getting
That is good for you...only bad part is when you go to the new grid your payout will REALLy suck in comparison!
[/quote]
As i understand you never were on the WS grid. So of course your speaking out your ASS again
[/quote] I now understand you were not on an AGE contract. This is my last response to a moron.
Graddock
Please try to follow along
I was answering Nestegg not you.
[/quote]
YEah I was not on an AGE contract...I went through training MANY moons ago! Am I the only oen confused...why were you responding to me?
I made one simple accurate statement. The fact that it seems to stimulate you in some sort of negative way is your issue not mine. Yes I am proud of the success I've had from starting out with nothing but 25000+ cold calls. Sour Grapes?????????? [/quote] Wow, I had no idea. I apologize. I admire what you have done.[quote=Redpen]Gaddock, I would have responded sooner but I was busy f**king myself. You leaving out that you are on a different payout is material. Sounds like from your numbers that you so proudly hail , that you might make it. You are coming in to the business at great time. Learn all you can and don’t be so sure that you know so much.
I just want Gaddock to know how much I admire him. All of you Managers out there… Hire this guy. He has made between 300 and 500 cold calls per day since he started in the business. This guy is the new Cold Call Cowboy. No days off no vacation just old school work ethic. Never heard or anything like it. As a matter of fact, with the new regulations and griffon (spelling ) he may be super human. Hire this superstar or at least interview him for a possible position in your firm. Gaddock you are very special.
WFC bought WB at a fire sale. WFC got WB’s share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don’t know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10’S OF BILLIONS. WS offers nothing to it’s customer or employees that you can’t get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn’t work.
Dl didn’t build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote]
You AGE guys are such a bunch of whinning pussies. OK, you got a terrible deal by getting bought out by WS-no doubt. These are some CRAP times. But guess what, you have options to change this… Why dont you grab some balls and LEAVE instead of posting on here over and over how much you hate it and how screwed you got?
If you dont have the book or the nads to bolt then just STFU. Thats YOUR fault, not DL or WS. You guys go on and on like a bunch of GD women. DL did this, WS did this, AGE was so great.
MAN UP or go back in your hole and take your medicine.
[quote=S&P low 666]
WFC bought WB at a fire sale. WFC got WB’s share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don’t know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10’S OF BILLIONS. WS offers nothing to it’s customer or employees that you can’t get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn’t work.
Dl didn’t build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote]
You AGE guys are such a bunch of whinning pussies. OK, you got a terrible deal by getting bought out by WS-no doubt. These are some CRAP times. But guess what, you have options to change this… Why dont you grab some balls and LEAVE instead of posting on here over and over how much you hate it and how screwed you got?
If you dont have the book or the nads to bolt then just STFU. Thats YOUR fault, not DL or WS. You guys go on and on like a bunch of GD women. DL did this, WS did this, AGE was so great.
MAN UP or go back in your hole and take your medicine. [/quote]
[quote=S&P low 666]
WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work.
Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote]
You AGE guys are such a bunch of whinning pussies. OK, you got a terrible deal by getting bought out by WS-no doubt. These are some CRAP times. But guess what, you have options to change this........ Why dont you grab some balls and LEAVE instead of posting on here over and over how much you hate it and how screwed you got?
If you dont have the book or the nads to bolt then just STFU. Thats YOUR fault, not DL or WS. You guys go on and on like a bunch of GD women. DL did this, WS did this, AGE was so great.
MAN UP or go back in your hole and take your medicine. [/quote] This issue has nothing to do with me personally, I have not been at AGE in years. It is a critic of DL's univeral bank model. I find it interesting that you guys result to personal attacks but don't seem anxious to debate the facts. Do you want to have a debate of the facts? Let's start with WB's stock price.
[quote=S&P low 666]
WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work.
Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote]
You AGE guys are such a bunch of whinning pussies. OK, you got a terrible deal by getting bought out by WS-no doubt. These are some CRAP times. But guess what, you have options to change this........ Why dont you grab some balls and LEAVE instead of posting on here over and over how much you hate it and how screwed you got?
If you dont have the book or the nads to bolt then just STFU. Thats YOUR fault, not DL or WS. You guys go on and on like a bunch of GD women. DL did this, WS did this, AGE was so great.
MAN UP or go back in your hole and take your medicine. [/quote] I liked this speech better when you gave it as CDO2. Didn't you make yourself a whore for the check at UBS cause you were scared?
[quote=mnbondguy][quote=S&P low 666]
WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work.
Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote]
You AGE guys are such a bunch of whinning pussies. OK, you got a terrible deal by getting bought out by WS-no doubt. These are some CRAP times. But guess what, you have options to change this........ Why dont you grab some balls and LEAVE instead of posting on here over and over how much you hate it and how screwed you got?
If you dont have the book or the nads to bolt then just STFU. Thats YOUR fault, not DL or WS. You guys go on and on like a bunch of GD women. DL did this, WS did this, AGE was so great.
MAN UP or go back in your hole and take your medicine. [/quote] This issue has nothing to do with me personally, I have not been at AGE in years. It is a critic of DL's univeral bank model. I find it interesting that you guys result to personal attacks but don't seem anxious to debate the facts. Do you want to have a debate of the facts? Let's start with WB's stock price. [/quote] Don't bother asking to debate the facts with this idiot. He is the one who thinks DL is the greatest friend of the broker, but he left for UBS for the check because he was scared. If I felt the management at my firm was the best available, I would not leave for a nine year handcuff. The biggest issue AGE guys have with WS is that we were lied to. Similar cultures. The cultures could not be more different. Transparent pay structure. No one in our office got the full payout last month, good luck trying to figure out where you got the haircut and the home office can't answer that question either. Software makes it easier to do business. The burden of administrative work has been shifted from the home office to the branch support and broker, lots of busy work. Retention. I don't think I need to say more. Best practices. There were many things at AGE that were better (Brokervision anyone) and none of them were kept.
[quote=Sam Houston] [quote=mnbondguy][quote=S&P low 666]
Don’t bother asking to debate the facts with this idiot. He is the one who thinks DL is the greatest friend of the broker, but he left for UBS for the check because he was scared. If I felt the management at my firm was the best available, I would not leave for a nine year handcuff. The biggest issue AGE guys have with WS is that we were lied to. Similar cultures. The cultures could not be more different. Transparent pay structure. No one in our office got the full payout last month, good luck trying to figure out where you got the haircut and the home office can’t answer that question either. Software makes it easier to do business. The burden of administrative work has been shifted from the home office to the branch support and broker, lots of busy work. Retention. I don’t think I need to say more. Best practices. There were many things at AGE that were better (Brokervision anyone) and none of them were kept.[/quote]
Im a bit confused but I guess your dissing me. Your calling me scared? I left ubs last year-not a scared pussy like you. I didnt like the place so instead of whinning I took action. Looks like I hit a nerve with you? Why dont you just admit you dont have the stones to move and save the tap dance?
[quote=S&P low 666] [quote=Sam Houston] [quote=mnbondguy][quote=S&P low 666]
Don't bother asking to debate the facts with this idiot. He is the one who thinks DL is the greatest friend of the broker, but he left for UBS for the check because he was scared. If I felt the management at my firm was the best available, I would not leave for a nine year handcuff. The biggest issue AGE guys have with WS is that we were lied to. Similar cultures. The cultures could not be more different. Transparent pay structure. No one in our office got the full payout last month, good luck trying to figure out where you got the haircut and the home office can't answer that question either. Software makes it easier to do business. The burden of administrative work has been shifted from the home office to the branch support and broker, lots of busy work. Retention. I don't think I need to say more. Best practices. There were many things at AGE that were better (Brokervision anyone) and none of them were kept. [/quote]
Im a bit confused but I guess your dissing me. Your calling me scared? I left ubs last year-not a scared pussy like you. I didnt like the place so instead of whinning I took action. Looks like I hit a nerve with you? Why dont you just admit you dont have the stones to move and save the tap dance?
[/quote] DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA's still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see S&P low 666 Your fighting a losing battle. DL et al are THE finest people I have EVER met in this business (26 years).
I will always love and respect them.
WFC doesnt want non bank FA's
WFC thinks brokers are way over paid
WFC thinks you cross-sell THE BANKS clients via the branch (read their bs).
DL is a pawn now.
sad but the reality of this nasty, sad recession/meltdown
Im VERY surprised that DL and his loyal group didnt resign.
WFC plays with real bullets. CDO Squared
Leave Wachovia Securties or STFU
Im so sick of your whining
Pussies. JayMc
WS was the best firm I ever worked for. Danny L and his team is the best management team I ever worked for. Its sad to me that Danny is now being looked at as a goat instead of a hero. His goal was (and is) to create a FA focused firm.
I left in nov. I didnt want to leave but I did because it was teh logical thing to do for myself and my family. There is and was just too much uncertainity in the economy and in our business.
I was paid 265% of 2008 t12. I think the firms are insane to pay this kind of money in this market. NO ONE can tell you what any firm will look like or what our business will look like down the road. NO ONE.
I moved to a firm that I believed at the time was much worse then WS purely with the idea to "cash in" while i still could. Maybe I am wrong, I HOPE that I am wrong. If this market is a V bottom and WS becomes the bets firm on the street and things are back to normal I will NEVER regret the move that I made. It would have been MUCH easier to stay.
The things that are now going on with WFC/WS is exactly the reason that I left-uncertanity.
Dont get me wrong, I am rooting for all of us to come out on top but I just think things are happening around us that have never happened before and if you dont think that the door could slam shut very quickly on these types of insane bonuses i think you are wrong. Bottom line, I think logically you must take these checks asap unless you are totally set financially and dont need the money.
NO ONE knows what any firm will look like down the road.
Did I sell out? yep Was I a whore for the money and security- yep would I have EVER guessed in a million years that I would end up doing something like this? nope. selling out or running is NOT my nature. I think these times throw all of that stuff off the table.
I put $2.1mm in the bank and we have made both back end bogies already (a boat load of UBS stock)
I did beyond my expectations in terms of getting people to come (basically pretty insecure). I think the bear market in some sense made it EASIER to get people to come. I dont think they have the other places to turn like in normal times.
Thats my thoughts on all of this.
Moving was terrible. It is the hardest thing in the world to do. I think you have to do it for your families.
You have to cash in to protect your elf form the CHANCE that this become a s and p 600 Japan 10 plus year protracted downtrend. Then throw on top of that a president that has flamed the class warfares fires to levels I would have never believed possible. They are CAPPING ceo pay for Gods sake. If this is not enough of a warning sign for FA's I don't know what else could be.
I hope I am wrong. I pray I am wrong.
But I know i put myself in a position that I WONT be saying "Why didnt I move when I had the chance"
UBS is a joke. Its no where near the firm WS was or is.
I have been with crap firms before and teh firm or the manager has never REALLY done anything for me. Anything you get in this business you get for YOURSELF. So i just accept these Swiss pussies and their wanna-be organization and deal with it. I run my business and these are our clients-period. JayMc
Here are some quotes from each of your aliases. So now your saying you didn't go to UBS? It must be tough to keep track of the lies.
JayMC aren’t you the manager of UBS in Troy Michigan?
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