WFA compensation changes?
I have heard that WFA is going to be making some changes like, doing away $5 ticket charge on mutual funds, and the $95.00 minimum trade? I was told because of so many complaints about them. Anyone know If this is true?
That would be awesome but somehow I just can’t see it.
the $95 minimum trade is a-ok with me, but $5 ticket charge is a f***in joke and it REALLY pisses off clients
I haven’t ran into to much rejection about the ticket charge, I get more complaints about the increased commission charges for trades and account fees. Makes me miss AGE a little more.
I would highly doubt it…if anything they would raise the min comm…
How can you raise it? Its obnoxious as it is. My guess is not a lot of changes coming, but thinking due to legal events the ticket charge could be removed, which would be long overdue. Think the good times coming to an end for the market, so any add ons are going to be coming at a bad time IMO.
No major changes. I have also heard they will be lowering the min commission for equity trades. My guess is they will start to tweak the 24/50 grid . Gradually move from 50…49…48 until your making 27-32% like the legacy wells fargo investment brokers/hub.
where did you hear wfi’s grid is 27-32%?
i've discussed this with wfi brokers and the grid is similar to most firms. 35% base at 350m, and grid creeps every 75-150m.huskies. Thats assuming all the gross is the brokers. Any referral from business bankers, trust dept. etc is split. b/c at wells EVERYONE has a series 7 license and can receive comp from referrals. So 35% gross on a 5000 ticket is really 35% gross on a 2500 ticket. what does that work out to be.....17.5%
that’s patently false, but i believe you posted on another board that you’re leaving.
if making up stuff makes you feel better about your decision, do what you gotta do. hope your going indy as there's no other wirehouse that doesn't have issues.Who's "Wells Fargo Investors"? Isn't it "Wells Fargo Advisors"? Is that the bank channel? If not, who's getting the bank referrals you mention in the other post?No major changes. I have also heard they will be lowering the min commission for equity trades. My guess is they will start to tweak the 24/50 grid . Gradually move from 50…49…48 until your making 27-32% like the legacy wells fargo investment brokers/hub.
When are they going to change the name again(and the commercials)
wells fargo investments is the wells fargo bank brokerage. wells fargo advisors are the wachovia/age brokers. the wfi grid is really low for under 300k producers but whos isnt these days. you dont hit 36% until you are above 500k. grid maxes out i think at 39% for 1mill+. you only have to split when the referral source is 7 licensed. if they arent licensed you get 100%. as of 2010 though from what i hear everyone goes to series 6 license so there will be a differnet split on the bank brokerage side.
AGE PCG bank ISG TAD yada yada yada 35 45 percent payout Finet whatever. Merry Christmas!
All i can speak of is from experience. Where im at, the wells fargo has probably 20 brokers…all the trust dept has 7’s, including everyone in the bank private client services…also the small business bankers and business bankers have 7’s, so unless you want referrals from the tellers…who would you not have to split with??? The biggest accounts coming from the trust dept are always going to split. Also, lets say you want to leave wells at some point and the client has a relationship with both you and the trust officer that referred you…makes it a lot harder to move the account
biz bankers with series 7 is a reach at best.
we only give credit for referrals. it ain't cheap as the 10% of the gross that you share comes out of your net. so if you're at the 37% grid, you only net 27%, but THAT BIZ IS JUST HANDED TO YOU. the good news is you don't share in fees/trails after the initial billing. come month 13, those trails are 100% for the fa. also, even though it's shared, the rev still hits your grid in full so you get deferred comp and grid creep credit. i guess if you rely on others for you biz, it's not a great deal. if, however the referrals are gravy, it's a pretty sweet situation. we still get paid full grid for self generated biz. think about it, if someone would give you 100m in fee based rev, but you'd have to take a haircut on the 1st year, would you take it?...Wells Investment brokers are far from wirehouse brokers. Also, they have a non solicit on bank accounts. So yes i guess if being handed accounts suits you well…just remeber they own you. and yes im leaving to another wire as i do not feel WFA is still a wire…do you honestly think that wfa will not lower grids etc.?
Just so you can stop discrediting my posts…here is a cut and paste from a job opening for a wells fargo PERSONAL BANKER…far less than any biz banker…
Preferred Skills Bi-lingual in Spanish/EnglishPrevious experience in retail sales or the financial industry
Previous experience meeting customer satisfaction goals
Ability to work a flexible schedule that includes working weekends and some holidays
Multilingual speakers are encouraged to apply
Series 7 and Series 66 Licenses
True. And here is another.
Preferred Skills Bi-lingual in Spanish/EnglishPassionate about lending
Ability to think Envision is a good tool Passionate about lending
Multilingual speakers are encouraged to apply for a credit card Must be able to work in a lobby
Series 7, Series 66, and Class C driver's licenses required
Wells just posted on Infomax that Envision money based on the September snapshop will now probably not be paid until January. They claim this is an improvement over the current system. While this change may be better for FA’s that are just now qualifying for their Envision award for those of us still waiting for our June check its another demoralizing delay. I’m still waiting for some change Wells makes that benefits the FA or is better than the competition.
Danny boy, I love you!
Danny doesn’t call the shots…Stumpf does. And don’t you guys forget it. You work for a bank now and they don’t want to pay FAs who they think are already overpaid any more than you are already getting! You are now giving up approximately 70% of your gross (don’t believe me? pull up your snapshot report) to work for the all-powerful universal bank model. Ticket charges and minimum commissions are taking money right out of your pockets and WFC thinks you are lucky to work for them because they are a financial powerhouse. woohoo. Now you hang on the hopes of a paltry payout of funds that basically tie you and your clients to the firm for 10 years so they are free to do whatever they want to you and you’ll like it? Stumpf is determined to show you what the real world is all about and he is only getting started. Ludeman only hopes Stumpf’s arm doesn’t go too far up his ass when they are performing their act. He’s put in a job application with Jeff Dunham as he seems much more gentle with his puppets.
I know for a fact that WFC thinks none of us has the guts to leave and they hold all the cards. In their opinion we’re lucky they “saved us” in the first place.
Well…I’m off to a much better place and I wish my bretheren who still buy in to that load of BS about creating the greatest firm to ever exist the best of luck.
Sounds like a lower payout on the first amount gross up to $10k is on the way... !?!!
Ok it sucks, that’s a given repeated again and again.
But, beyond going indy, where is it better? Seems to me it sucks everywhere. It's just a degree of suck.[quote=Gaddock]Ok it sucks, that’s a given repeated again and again.
But, beyond going indy, where is it better? Seems to me it sucks everywhere. It's just a degree of suck.[/quote Doesn't the comp plan usually come out earlier than this? Along with the 25% tax which in our branch has never been discussed, it just seems like things are awfully quiet.if there were to be comp changes, they would have announced them by now. It’s just rumor mill working overtime.
I think the 25% w/holding is a bigger issue![quote=shredder]if there were to be comp changes, they would have announced them by now. It’s just rumor mill working overtime.
I think the 25% w/holding is a bigger issue![/quote] Brought up the 25% to a few guys and none even new about it, actually did not believe it until we searched the system to find the old two line notice somewhere. Think they are just leaving it for everyone to notice it on their own once the checks start coming in next year. Whole thing is a joke.[quote=Gaddock]Ok it sucks, that’s a given repeated again and again.
But, beyond going indy, where is it better? Seems to me it sucks everywhere. It's just a degree of suck.[/quote] Stifel and RayJay seem like much better options. Each has thier drawbacks, but at least it doesn't seem like you have to worry about having a company actively work against your success.[quote=shredder]if there were to be comp changes, they would have announced them by now. It’s just rumor mill working overtime.
I think the 25% w/holding is a bigger issue![/quote] 25% witholding, and a lower payout -- a nice kick in the chestnuts, Merry Christmas.... At least the forefront issue seems to be behind you.no lower payout, except the haircut on CAAP
I heard some scuttlebutt from a person I know and trust.
The managers are anticipating that net will be 22.5% down from 25% on the first $10k each month. Word is it will be announced in the AM tomorrow.Our complex MGR said he had the word that the payout was getting cut on the first 10k hurdle. Done deal. What cuts might be next? They won't be happy till we make the same as the 35k bank tellers. Well, we do have advisors already in that realm in our office and they need a little push out the door. Over 20 advisors in my office and the top 5 carry the whole office.
Asked our BM today point blank about comp and he said there would be no change. Would find it laughable they announce a cut the next day.
I find it hard to believe that they would change the comp this late in the year. After reading the Reg Rep ratings I can’t think that they would really be that stupid. BOM was locked behind close doors this afternoon, don’t know whether it was one of his 9000 conf calls, he was just in a sh*tty mood (more than ususl) or something more dark but, I’ll ask. Gotta think it is just rumor. Plan B is locked and loaded, just it case.
[quote=Gaddock]I heard some scuttlebutt from a person I know and trust.
The managers are anticipating that net will be 22.5% down from 25% on the first $10k each month. Word is it will be announced in the AM tomorrow.[/quote] it's 24% on the first $10kHere is your answer…22% on 1st 10k. Fundsource may get a 10 bp haircut later in 2010. this will be out b4 friday is over.
tdude - you are wrong about fundsource
bp…note the word “may” get a haircut.
Agree with FB. Also you are a Loser, you are either a liar or the biggest idiot on the board, probably both.[quote=BE PATIENT] tdude - you are wrong about fundsource[/quote]
Hey welcome back sodomite.
Did your BOM 'announce ' the comp plan?Here is your answer…22% on 1st 10k. Fundsource may get a 10 bp haircut later in 2010. this will be out b4 friday is over.
Careful who you listen to. Did I really know anything about retention? Did I really move to Morgan Stanley. Maybe I am still totally happy at WFA and just thought I would stir the pot, the pot being a bunch of people trying to decide their and their families future on a chat room.
Careful who you listen to. Did I really know anything about retention? Did I really move to Morgan Stanley. Maybe I am still totally happy at WFA and just thought I would stir the pot, the pot being a bunch of people trying to decide their and their families future on a chat room.
or maybe you are gay.
Or maybe you are an idiot.
Or maybe you are meletio at the library.
Or maybe I work in the legal department and are wondering why you continue to post on this forum even though you signed something saying you promise not to take part in any online forums
[quote=BE PATIENT]Or maybe I work in the legal department and are wondering why you continue to post on this forum even though you signed something saying you promise not to take part in any online forums[/quote]
Or maybe I’m independent and don’t really have to worry about what you do in legal with your gay boyfriend.
Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won’t be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it’s no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn’t get paid for. But, hey, no big deal! I’m a short timer with this outfit. So short that I don’t have time for a long conversation! But, hey, it’s no big deal!
Why did you not get paid on the liquidation? If it was done in your number, you should have been paid.Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won’t be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it’s no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn’t get paid for. But, hey, no big deal! I’m a short timer with this outfit. So short that I don’t have time for a long conversation! But, hey, it’s no big deal!
Or maybe Big Pu$$Y is so regretful that he switched firms that he has come back with his tail between his legs and won’t admit his stupid mistake of putting on such tight handcuffs. In all seriousness, I am sure he is doing just fine with his 1mm in t12 production and his 99.9% retention of his 1000’s of clients. not. or can he just not log into his Mel account?
Why did you not get paid on the liquidation? If it was done in your number, you should have been paid. [/quote] We don't get paid on any equity trade less than $95. This year, our team has gotten 0% payout on almost $30,000 of gross. Add that to the haircut we just took with the .25% reduction in CAAP payout and the 1% haircut that the firm is keeping from our annuity payout, we didn't get paid on a little over $100,000 gross. That's ok. We would just have to pay more taxes... It's not big deal.[quote=Tropic Lightning69]Today our BOM told us that WFA compensation package for 2010 will be available next week. And, he said there won’t be any real changes, except that Wfa will probably reduce the payout under the 10000 bogie from 24% down to maybe 22%. But, hey, Wachovia originally was going to pay 20%. So, it’s no big deal. They did that as a sop to Edwards brokers. On Friday last, I had a legal transfer that asked that I liquidate the portfolio. There were trades with commissions equaling more that $800 that I didn’t get paid for. But, hey, no big deal! I’m a short timer with this outfit. So short that I don’t have time for a long conversation! But, hey, it’s no big deal!
Bud, funny thing is I still work for Wells. Pretty fun messin with you guys though.
So it should be Big Poser then? I hope you got your Foreskin $$$… You can give this firm the next ten years of your life while they continually cut your pay and take things away from you.
All of those trades were under $95. The trades in many instances were in the area of $68 or $73 and so on. A branch manager of another office told me that the regional manager told him that the firm made $26 million over the last year on trades under $95. Then the cheap bastards charge accounts under 250m a $60 per year fee. In my case those fees amounted to over $60,000. Seeing that the accounts were mine before Wachovia bought Edwards, I think that if they are going to do that then they can share some of that with me. Instead, they find ways not to pay us. The retention bonus that the Edwards guys got in 2007 was a curse. They mean to get that money back by squeezing the brokers. That is why the envision award is a crock. Envision is a tracking tool, not the second coming! Like I said earlier though, it doesn’t matter because I am on my way out. I am going elsewhere, and I should be there next month.
Good Luck to you Tropic. Good thing you did not get blinded by the FORESKIN $$$ as many pups here did. This place is becoming an insult to work for with all of the DOWNTICKS they are pushing on us…
Tuesday at 1:00pm est. Be there. Everone will hear how much more the brokers lose at WFA. Some managers already know but have not spilled the beans. If the cat was out of the bag it would have been posted and has not been as of yet. There will be many of you guys in between a rock and a hard place because your pay is dropping and you don’t have the money to pay back the first retention if you leave and no firm will pay you much up front because of your low t-12. Many wannabe advisors will be looking for a new career…
Its already been posted on here and it is accurate, not any real drama..minor drop on the first 10K, rest is the same.Tuesday at 1:00pm est. Be there. Everone will hear how much more the brokers lose at WFA. Some managers already know but have not spilled the beans. If the cat was out of the bag it would have been posted and has not been as of yet. There will be many of you guys in between a rock and a hard place because your pay is dropping and you don’t have the money to pay back the first retention if you leave and no firm will pay you much up front because of your low t-12. Many wannabe advisors will be looking for a new career…
Bud, funny thing is I still work for Wells. Pretty fun messin with you guys though.
I do not think he left WS.
He story did not make sense at the time. Talking about waiting for retention
then boom, Im at MS. 2 mm in hand team rockin
knew too much about wfa later on
kind of stupid, really. u got issues tool
If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".[/quote][quote=WFAt]If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
Why didn't you use your FA discretion pot to cover the fees? Could have looked like a hero!
Oh thts right would rather bitch and moan!!
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".[/quote][quote=fritz][quote=WFAt]If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
Why didn't you use your FA discretion pot to cover the fees? Could have looked like a hero!
Oh thts right would rather bitch and moan!!
[/quote] You mean the pot that let us cover 10% of the fees?
It definitely adds up to serious money..I can already hear it, "only 2%"...blah blah, thats 2400 per year, which is a lot no matter how you slice it per year. Then if anything at the other end its even more. This business is a joke, once in awhile I forget it, but then reminders pop up all the time. "Tweaking grids" for what real reason, these firms have made it more difficult for brokers to prosper, not help. I had more people than even pissed off over the annual fee this year, think 8-9 transferred out, for me only one did any business that really mattered, but still had about 2 million in assets go out, all I could say was "I dont blame you.".[/quote][quote=fritz][quote=WFAt]If WFA was trying to screw brokers they would and most likely will be tweaking over the hurdle. Lets think about it. a 2% haircut from 24 to 22 gets them and extra 200 per broker…wow! or if they tweak 50 to 48 it is major. guy doing 40 gross a month on 24/50 makes 17,400 on 22/50 he makes 17,200…on 24/48 he makes 16,800…and WFA makes even more the more the production, bank mentality or as they call them “stores”
Why didn't you use your FA discretion pot to cover the fees? Could have looked like a hero!
Oh thts right would rather bitch and moan!!
[/quote] Are you talking about the 647.00? That went real far, covered a few at 125.00, and some 60's I think? Thanks for the tip though, I thought of that already.
Wow … NO I repeat NO pay cut this year. Not only that I got over $10k in bonus, 3% of gross, money due to growing my business more than 15% for the year. So few brokers did nobody talked about it.
Yep it sucks but it sucks less than like firms. On top of the regular payout I've gotten well over $80,000 in bonuses this year. If I can get to $450k gross in 2010 I'll get it again.Correct - no change.
How is the bonus paid?
Deferred Comp. if you're talking about 15% growth bonus that is.
When did you learn of it?
Today.
Nice. Thanks for the info.
[quote=AGEMAN][quote=Gaddock]
Today.
[/quote] Was something on Infomax? Wondering where you got the info since the call is tomorrow??[/quote] A little birdy told me.All in All it looks like a pretty fair deal to me now that it’s out in writting.
[quote=Ferris Bueller] [quote=AGEMAN] [quote=Gaddock]
Today.
[/quote]Was something on Infomax? Wondering where you got the info since the call is tomorrow??[/quote]
Managers had it yesterday. As usual, the people here were misinformed. [/quote] We're pretty well known here for temper tantrums based on inaccurate information and illogical speculation.
you sorry ponds.
factor in the 6% match on 401k and its the best comp plan on the street. also, when you consider all your options, finet, profit formula isg etc. not a bad place to be as of now…we will see where it goes from here
I am very happy with the plan, I agree best on the street
Shut your ignorant mouth. I don't think anyone can stand your opinions.I am very happy with the plan, I agree best on the street
What is the new plan and changes if any?
No changes. 24% first 10k then 50% anything above. Everyone here should be happy with this grid. Also, they avtually paid forefront!!! That is truly UNBELIEVABLE!!!
Or they can join Stifel Nicolaus and get 25% on the first $8000 and 50% on anything above that. Oh and no 25 basis point haircut on fee based. Oh and no splitting sales credit with the bond desk. How about no ticket charges. I’m sure I’m getting annoying now, so I’ll stop.
Yep, only one office in my state, seven hours away and it’s staffed by three goofy looking dudes.
Give them a call. Rumor is that many more brand new branches are in the process of being built right now. With the UBS acquisition, one may be close to you. Or better yet, gather a few million in production w/ you and some buddies and open your own.
Stifel has said they are not opening new branches for awhile while digesting the UBS offices.[/quote] With all due respect, my little birdy says differently. UBS is mostly digested. They are ready to open more up now.[quote=CommonSense]Give them a call. Rumor is that many more brand new branches are in the process of being built right now. With the UBS acquisition, one may be close to you. Or better yet, gather a few million in production w/ you and some buddies and open your own.
[quote=Gaddock]Wow … NO I repeat NO pay cut this year. Not only that I got over $10k in bonus, 3% of gross, money due to growing my business more than 15% for the year. So few brokers did nobody talked about it.
Yep it sucks but it sucks less than like firms. On top of the regular payout I've gotten well over $80,000 in bonuses this year. If I can get to $450k gross in 2010 I'll get it again.[/quote] Wow. A year 3 trainee with 340 t12 equating to about 140k gross pay with another 80k in bonuses........You are the Messiah!!!! BTW, what planet are you currently on?[quote=Stifel Nation] Or they can join Stifel Nicolaus and get 25% on the first $8000 and 50% on anything above that. Oh and no 25 basis point haircut on fee based. Oh and no splitting sales credit with the bond desk. How about no ticket charges. I’m sure I’m getting annoying now, so I’ll stop.
[/quote]
UBS nothing to firm on PMP (PIM,GPM,PSPM etc FA managed)
AND team gross COMBINED on grid.
[quote=Bud Fox][quote=Gaddock]Wow … NO I repeat NO pay cut this year. Not only that I got over $10k in bonus, 3% of gross, money due to growing my business more than 15% for the year. So few brokers did nobody talked about it.
Yep it sucks but it sucks less than like firms. On top of the regular payout I've gotten well over $80,000 in bonuses this year. If I can get to $450k gross in 2010 I'll get it again.[/quote] Wow. A year 3 trainee with 340 t12 equating to about 140k gross pay with another 80k in bonuses........You are the Messiah!!!! BTW, what planet are you currently on?[/quote] You know Bud, I just don't get why you can't accept that some have success. If you find this hard to accept wait until next year. If you really want to know the recipe I'll send you some of the trade lists my software creates. Maybe that will make you a believer One never knows.I guess you missed my point. But yeah, you have my number. I just can’t seem to post any real production like yourself and I would give my left nut to have software like yours to generate trade lists so that I could be a rainmaker like you.
If you want a few lists to look at I'll be happy to send them to you. I've posted in great detail the rules I use for each trade and how to calculate the probabilities.
Besides that, I'm not going to engage in caustic posts anymore. A new year thing.Did anyone else notice what a kick in the pants the 25% withholding was? I haven’t heard any discussion yet about the pay change. My check was about $800 less than it would have been at Wachovia. –
The couple who noticed in our place were pissed. Think 90% dont know what has happened yet. From talking to the WFC bank brokerage side this is not an issue for them. So WF Advisors welcome to your new life.Did anyone else notice what a kick in the pants the 25% withholding was? I haven’t heard any discussion yet about the pay change. My check was about $800 less than it would have been at Wachovia. –
beyond rediculous.....300M+ employees and you cant figure out how commission works....WFA must have take a lot of crap over only giving 100M to Haiti...i see they upped it today to 350M, a little short of Jeffries 7.5MM
One word answer to the 25% withholding: FiNet.
I just checked my paycheck for this friday and WTF! I am missing $1,200 bucks and thats after I raised my deductions to ten. All I can say is this is fu$%ing G@y…
Any other way around this guys? Will this last forever or end after the merger? I didn’t pay much attention to it until it hit my f***$ing pocket…
You can up your deductions on the draw, but the 25% w/h on your commission is firm and you can't change it. This will only be a minor inconvenience until 2011. I'm sure that you understand. One of the largest banks in the world just gets a little confused doing all of that math....or could they be trying to force out the lower producers...naw, that would be mean. Here's another way around it. Hit the door. Preferrably, go w/ some large producers in your branch and make them feel it. Vote with your feet.I just checked my paycheck for this friday and WTF! I am missing $1,200 bucks and thats after I raised my deductions to ten. All I can say is this is fu$%ing G@y…
Any other way around this guys? Will this last forever or end after the merger? I didn’t pay much attention to it until it hit my f***$ing pocket…
Forefront mess, bi weekly pay, 25 percent witholding. What a croc of sh*t of a company
I already called and complained about the 25% thing. I have 8 exemptions and I always receive a federal refund as it is now they are taking 1800 more per pay out for federal. I was told by someone in payroll that this will be changed. They have received thousands of phone calls on this matter. My advice to you is call payroll and complain. Submit a complaint on excellance first. They have to change this. The only people the doesn’t effect is somone making 60,000 a month. I only make 30,000 a month and it is killing my net pay. That 1800 pays my house and my car.
I agree. I think that is what they want. The Finet arm is more profitable to the firm.
I am awaiting my Forefront check and then I am on my way to Finet. You have to earn it and take it under the same channel.
I know. I pay about 10 peoples salaries. I don’t even know what they do.
Can you take the forefront and leave to finet? I am assuming it’s still a 9 year handcuff.
Yes you can go to Finet after you receive the check. In fact you can qualify for forefront at Finet. I plan to use the 50K they are paying me to pay my office expense the first year at Finet.
Have you already requested the transition? Can you tell me the process? Is there any information in infomax on finet?
I have not officially requested the transition. I didn't want to delay the Forefront pay any longer.
Thanks ageman. Are you finet? I heard it’s about 6 month processing time
So you started the process and then stopped? What did your manager think about you looking into Finet? They lose your production so I don’t assume he was very happy with you?
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