Got an interesting call this evening from an old college buddy who is now top management at WFC. What he told me makes sense......there will be a retention package for PCG brokers, however it will be in line with MER. The main delays as he says is that WS is a unique beast. ISG, PCG, FiNet...in addition on the PCG side they cant come up with a way to decipher the FA/FC teams.
That makes a lot of sense with the channels involved–not an excuse, but make sense. MER and BSC were very straightforward propositions compared to WS.
I do around 1.4mm and I’m not sure where he got it, but my manager told me to expect 65% and another 25% in 2-3 with 15% range business growth. I asked him if just a guess and he told me from a good source.
Is your production 1.4mm individually or part of an FA/FC team. Do you think they will continue to allow that arrangement (FA/FC) or will they try and stick it to us more by splitting both of the production so it hits the new grid?
Don’t lump me in there, Ferris, I hope you guys get a generous retention offer. As I’ve said again and again, I have lots of friends at WS, I want them to prosper.
i do 1.25 and i have an fc doing .15…i pay all his cost so any benefits of his production come to me.
i’m profit formula so i have no grid…75% flat before expenses
It will be interesting to see how they handle Finet. Although we are independent, we have had to deal with all the recent transitions also. Peluso has specifically stated on several occassions that we should expect a “financial response”.