Congratulations Wachovia!

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Jun 29, 2009 4:14 pm
Good Job!
Jun 29, 2009 4:21 pm

OUCH!!

Jun 29, 2009 4:33 pm

That sucks man. Doesn't matter what team you play for, it's never cool to see another broker who has worked hard to gain those assets not get paid for it. Sorry to hear about it.

Jun 29, 2009 4:55 pm

Jones is hiring.  We pay 12b-1 fees on funds held in MMKT funds if they are held at the fund company.  Our kool-aid tastes different than the stuff Wachovia is trying to get you to swallow. 

Jun 29, 2009 5:20 pm

Sorry, should have put this -

Jun 29, 2009 5:40 pm
Spaceman Spiff:

Jones is hiring. We pay 12b-1 fees on funds held in MMKT funds if they are held at the fund company. Our kool-aid tastes different than the stuff Wachovia is trying to get you to swallow.





Yeah but you can only use 6 fund families and it's debatable if any of them could create a portfolio together.. Kool-aid may taste different but it's still kool-aid..

Jun 29, 2009 9:27 pm

Here, here!!!!  It is absolutely unconscionable what is going, a complete bastardization of AGE.

Jun 29, 2009 9:28 pm
Jun 30, 2009 12:53 am
Sam Houston:

I just wanted to say congratulations to Wachovia for the 70+% raise they have given themselves by not paying it's brokers the 12-b-1 fees from money market mutual funds. Thank you for putting the client first and not forcing the brokers to choose between their own income and doing what is right for the client. I have many clients who went into cash in varying degrees that are far better off today than they otherwise would have been. Wachovia has continued to collect 12-b-1 fees on A share and C share money funds. Only me, the broker has been hurt.



My only question is: why does a brokerage firm care which fund the 12-b-1 fee is from? Is the 25bps trail spent differently if it comes from the Cash Management fund than the 12-b-1 fee from Cap World G&I? I see from the monster list of accounts being hit with account fees that you are not applying my 40+% from those 12-b-1 fees for the benefit on MY clients, instead you are using them to boost your bottom line. Thank you for forcing me to choose between my family and my clients when I help my clients make investment decisions. Guess I will have to get a copy of "If you missed the 10 best days" and start showing that to clients. The firm obviously feels that clients must be fully invested at all tiimes and forms it's policies accordingly. Of course, I doubt that Wachovia sends these 12-b-1 fees back, they just withhold my share from me.



I still remember Danny talking about how complicated the AGE compensation package was and how much more transparent the Wachovia package is. What he forgot to mention is that the AGE comp plan was reasonably fair, whereas the Wach plan is a money grab from brokers. Guess the thousands upon thousands of new account fees wasn't enough to pay for the 11 layers of managment between me and Danny.





American Funds (to your example) has suspended teh 12b1 on its money market....this is not a WFA tactic.

Jun 30, 2009 10:30 am

Wheat-ie

 
do you work for Danny?
Jun 30, 2009 10:36 am

Lots of firms do that. 

Jun 30, 2009 11:10 am
chief123:
Spaceman Spiff:

Jones is hiring.  We pay 12b-1 fees on funds held in MMKT funds if they are held at the fund company.  Our kool-aid tastes different than the stuff Wachovia is trying to get you to swallow. 



Yeah but you can only use 6 fund families and it's debatable if any of them could create a portfolio together.. Kool-aid may taste different but it's still kool-aid..

 
Not to get picky with you, but there are actually over 75 buy eligible fund families that I can use.  Throw in Advisory Solutions and that number climbs even higher. 
 
There are 7 preferred fund families, FYI. 
 
Jones is still hiring.
Jun 30, 2009 11:23 am
A b:

Wheat-ie

 
do you work for Danny?
yeah
Jun 30, 2009 11:55 am
chief123:
Spaceman Spiff:

Jones is hiring.  We pay 12b-1 fees on funds held in MMKT funds if they are held at the fund company.  Our kool-aid tastes different than the stuff Wachovia is trying to get you to swallow. 



Yeah but you can only use 6 fund families and it's debatable if any of them could create a portfolio together.. Kool-aid may taste different but it's still kool-aid..

 
I use about 8 (probably 5 on a regular basis), and most of those are not preferred fund families.  I only use two of the preferred fund families....ever.  And our advisory accounts utilize about 35 fund families.  You need to get your facts straight. 
Jun 30, 2009 12:22 pm

WAIT!?!?  I can sell more than just American funds?

Jun 30, 2009 12:40 pm
voltmoie:

WAIT!?!?  I can sell more than just American funds?

 
Jun 30, 2009 1:21 pm

What is the yield on that MM paying a .25bps trail?  0.12%?

Jun 30, 2009 4:28 pm

I agree.

Jun 30, 2009 7:56 pm

Sam, don't forget that one of your available choices is to leave WB/WFA.  In some cases, the grass really is greener.

Jun 30, 2009 8:12 pm
eggward:

Sam, don't forget that one of your available choices is to leave WB/WFA.  In some cases, the grass really is greener.



Hell yeah it is forest green!