Danny does it again..... WFA PCG 2012 pay grid

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Dec 15, 2011 4:52 pm

Seems to me that every year these companies come out and figure out how to cut comissions to their financial advisors. You go into a store the prices are higher, you go the electric company/ utilities prices are higher. We are one of the few industries that now have it where we have to charge less year in and year out. Its ridiculous. Don't get me wrong I'm a believer in the market setting the rate but haircuting everyone by raising the hurdle is just out of line. Then to say we're putting more into deferred comp.... just another way to say FU hope you leave so we don't have to pay you....They say our cash pay grid is very competitve... . I would like to know what other places are averaging

Little bit of a rant! Sorry about that.

P.S. - Do you think Danny, Jim and everyone else in upper management is taking less this year?????            Doubt it!

Dec 16, 2011 6:40 am

Do you think there is a day coming soon, that a large number of + $750K producers will leave?  Like 20% of them?I witnessed that at UBS and once it starts it's quick.

Dec 16, 2011 1:18 pm

In my mind there is no doubt that eventually that will happen. If you calculate it out. Every FA is taking a $3400 hit to their income. Last year it was $2800 ding. That's $6000 less per year in two years for doing the same thing. No rewards except "Deferred comp"!

I don't know about you.... but give us a good cash payout program and reward us with 401k contributions! This nickel and dime antics is getting old!!!!!!!

Thats how get grow base of FAs. You would be able to recruit better then any Broker/Dealer out there!!!!

Dec 16, 2011 5:32 pm

I have an idea:  Pay us 25% of the first 10K then 50% of each dollar up to $1.2M.  At 1.2M you have a dedicated CA.  For each dollar above 1.2M you get 65% payout.  If you choose you can use some/all the incremental p/out to hire additional CA.

Sounds like an Excellence First!  Let's all submit it Monday!

Dec 17, 2011 11:42 am

I left there two years ago, and am I glad that I did. Unlike Edwards, the senior management was at best vague, and at worst they just outright lied. You can't treat your clients the way they treat their brokers.

Mar 19, 2012 3:27 pm

[quote=cmein1999]

I don't know about you.... but give us a good cash payout program and reward us with 401k contributions! This nickel and dime antics is getting old!!!!!!!

Thats how get grow base of FAs. You would be able to recruit better then any Broker/Dealer out there!!!!

[/quote]

You just described AG Edwards!  :(

Mar 19, 2012 5:20 pm

I was looking at Investmentnews "comings and goings" over the past year.  Only 40% of the departing brokers left for another wirehouse - the others went to regionals, RayJay, independents, etc.  these were predominantly 100M AUM folks too.  My sense is that "WachSec" has grown over the years by recruiting non-ML types and folks who are most like likely to jump to a regional or indy.  WFA is creeping into centralized control mode and the retention deals start expiring in a year.  WTF are they thinking?  I really think the bank is saying "levelize these guys with the bank".  They'll do it until the attrition numbers start to hit in a year.