[quote=fritz]

Brokers under 300K trailing 12 soon to be blocked from doing syndicate business.  Also to correct and earlier post where I said "brokers under 350-375K to be cut," new number being seriously discussed is 300K.  300K either going to be getting 20% payout or told to hit the bricks in November.  Butler may dispute this, but the syndicate blocking is a way for guys in the high 200's to drop off in production and get a nudge out the door.

[/quote]

So the new date is November? What happened to August? 

I do not know what does into their decisions.  I could have never imagined the Syndicate issue would come up.  Do you think cutting off access to syndicate for guys doing 275K is a good sign for their job future with MS?

Cant wait for the next cuts to go down... I have about 60 MS prospects in a separate folder in my Outlook.... Ready to go.... Come on Gorman, make a move big guy....

Mikey B- I am just doing a public service to make sure the clients are being cared for....

[quote=fritz]

I do not know what does into their decisions.  I could have never imagined the Syndicate issue would come up.  Do you think cutting off access to syndicate for guys doing 275K is a good sign for their job future with MS?

[/quote]

I don't think it's true, fritz. There is a points system of some sort for equities, has been for a while. I have to admit I'm not familiar with it, but I doubt they'd incorporate production. The current "penalty box" limit is pretty low, under 250k, I think. So I wouldn't be shocked if it were to increase, but that's another issue.

The problem (being serious with you for a second, not yanking your chain) with these theories is 1) they sound like the typical rumor-mongering that's a part of every firm 2) they don't make much financial sense given production averages in the business 3) we've heard these over and over again and Gorman has explicitly denied them.

On #2, we've talked about it before, but if you dropped everyone below $300k over, say LOS 5 (I think I'm getting your earlier numbers right, if not feel free to correct me) even with a production average of $570k for the firm, you'd be cutting a massive number of brokers. You have to look not just at average production, but how that average is distributed.

BTW, fritz, seriously, who’s including you in high level talks? 

 I know the MS office in our town is down to a three person team. I have never seen there office with out a rookie or two onboard to bring in new business for the team.  &n bsp;    

  They are in a very high rent location in town I cannot see them making a profit from that location much longer. There clients are so easy to bring over all you have to do is talk to them.

Happy to be INDY!

[quote=Greenbacks]

 I know the MS office in our town is down to a three person team. I have never seen there office with out a rookie or two onboard to bring in new business for the team.  &a mp;n bsp;    

  They are in a very high rent location in town I cannot see them making a profit from that location much longer. There clients are so easy to bring over all you have to do is talk to them.

Happy to be INDY!

[/quote]

I'd stick to talking to them if I were you. You sure wouldn't want to send them anything in a written form. 

Good luck to you.

The syndicate is change is set(as of Dec production)…There was a conferance call the other day. Mike B you could have listened to the call, no secrets. Brokers under 300K have no access to IPO’s or secondaries going forward.  If you think that is a good sign for guys doing under 300K, that is up to you. 

Let's keep kicking our brokers like dirt, that'll improve retention.

Quite frankly, I'm pretty sick of syndicate.  I fight with my BM all the time because my team isn't pushing the deal of the month.  He posts the list of brokers and how much business they are doing.  He pushes for 100% participation and puts out emails when some one "takes the lead."

[quote=fritz]

300K either going to be getting 20% payout or told to hit the bricks in November. 

[/quote]

I could see them raising the penalty box from 200k up to 250 or 300 this november, since that is when all the compensation changes are usually announced.  This won't be a mass firing, it will just be a way of pushing more brokers away.

[quote=fritz]The syndicate is change is set(as of Dec production)..There was a conferance call the other day. Mike B you could have listened to the call, no secrets. Brokers under 300K have no access to IPO's or secondaries going forward.  If you think that is a good sign for guys doing under 300K, that is up to you.  [/quote]

No access to secondaries? No way. I'd have to hear this one for myself.

[quote=iconsult100][quote=fritz]

300K either going to be getting 20% payout or told to hit the bricks in November. 

[/quote]

I could see them raising the penalty box from 200k up to 250 or 300 this november, since that is when all the compensation changes are usually announced.  This won't be a mass firing, it will just be a way of pushing more brokers away.

[/quote]

I think the penalty box will be raised, in fact, I'd bet on it. However, the math just doesn't hold up for all the threats to 300k producers. That would just affect too many.

Mike the no access to deals has been announced,  IPO's AND secondaries...Very easy for you to confirm, the announcement was cut and dry.  Next thing no preferred's (just kidding on that, all you can shovel there).

Call syndicate they will confirm it for you...Brokers under 300K as of Dec production. 

My bet is for 300K and penalty box for 8+ 20% payout. 

[quote=fritz]

Mike the no access to deals has been announced,  IPO's AND secondaries...Very easy for you to confirm, the announcement was cut and dry.  Next thing no preferred's (just kidding on that, all you can shovel there).

Call syndicate they will confirm it for you...Brokers under 300K as of Dec production. 

My bet is for 300K and penalty box for 8+ 20% payout. 

[/quote]

Were you on the call? Have you seen this memo? I have to tell you, that's a major change, I was with district management just today and there wasn't a mention of it.

You also seem to not understand how large a number brokers under 300K over eight is. The cut of 1,000 was a much lower bar of 225k over 8. I can see the box being raised, the rest I don't buy.

[quote=iconsult100][quote=fritz]

300K either going to be getting 20% payout or told to hit the bricks in November. 

[/quote]

I could see them raising the penalty box from 200k up to 250 or 300 this november, since that is when all the compensation changes are usually announced.  This won't be a mass firing, it will just be a way of pushing more brokers away.

[/quote]

iconsult, have you heard any of this syndicate stuff fritz is talking about? The "hit the bricks" stuff is just an update of the Feb, mar, apr may, jun and july deadline stuff we've been hearing since last year, imho.

[quote=mikebutler222]iconsult, have you heard any of this syndicate stuff fritz is talking about? The "hit the bricks" stuff is just an update of the Feb, mar, apr may, jun and july deadline stuff we've been hearing since last year, imho.[/quote]

I havent' heard of that, I'm going to have to hear it for myself.  I never even heard about this conference call.

Again, I think it's probable that the penalty box goes up, but I think any other firings will be 225k producers, or people in offices that are being closed, or support staff.  Nothing big enough to warrant media attention.

One other "at risk" group might be smaller brokers who do not get the growth bonus.

The deal is that if T12 is below 300k then your syndicate index drops to zero. So it is true that you could be shut out of all IPOs and secondaries. Pretty bad deal, considering it takes some time and effort to build up a decent index number.

I can also understand the penalty box being raised. But for advisors working on ramping up production over 300k why take away business.

What’s next, no computer unless 300k.

I don’t think Gorman will make cuts because he doesn’t want to rock the boat since he has stated many times he wasn’t going to cut. Notice how when most of the trainees were let go, it was okay because they weren’t actually FAs.

[quote=Lewis]The deal is that if T12 is below 300k then your syndicate index drops to zero. So it is true that you could be shut out of all IPOs and secondaries. .[/quote]

That makes a little more sense. When was the last time you saw something on the equity syndicate calendar that people couldn't get access to due to a low index, that is something over-subcribed. That wouldn't have affected, say, BWC or HCF, the sort of thing most people are doing.

I think, 1) penalty box (recruits excluded) will raise to 300, for los 8+, 2) the tier 1 and tier 2 will merge into one grid, 3) they will allign team gross to reflect aggregate gross so if 3 guys that each do 250 get together, they do 750 and are entitled to the benefits of a 750 producer (this is a maybe).

I don't know why people are do upset...realistically, if you are doing this job over 8 years and deal with everything we deal with and are not making AT LEAST 100k annually, you should see a psych! Who could live in America in a HH making under 100k and still live comfortably and save for retirement and college for kids.