Paying Back WS Retention

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Dec 4, 2008 11:53 pm
 
Looking for a little assistance from any Legacy AGE brokers whom have left and if so, have you paid back the retention bonus.  Reason I ask is we are getting ready to move and have heard different rumors regarding the bonus.  We know of one broker who left a few months ago and still has not been harassed to pay it back.  Curious to know if and when we would have to pay, does the branch manager have any influence?  Not a big deal if we have to pay it back but of course, we would like to keep as much as we can!
Dec 5, 2008 12:09 am
Dec 7, 2008 8:06 pm

Does anyone know if we leave WS and get out of the business all together will WS really come after us for the $? WB has caused my business to tank! During the Citi, WB, WF mess I lost 20% of my clients and now I get the new payout and the company wants to charge $60 for a single account. I just don't see why they would come after us for the money considering the amount of money the management lost last quarter. It is a shame that AGE employees and our clients have to be involved in this mess with such a poor company.

Please advice with your thoughts!
Thanks,
AGE Employee wish I wasnt a WB Employee
Dec 7, 2008 9:00 pm

I think they will want the money. You may be able to negotiate a lower amount to pay back. I have heard of this happening at other firms. Dont know anyone in Wachovia that has been through this .....yet. As to acct fees. The AGE guys seem to be really caught up with this. I know it can be a pain in the A@@, but I have yet to work for a firm that didnt charge an annual acct fee of some kind for smaller households. For households at Wach 250k and up, no acct fees. From a business point of view, they spend a lot of money on postage (too much crap goes out, but unfortunately is req by regulators) Then you have tax reporting etc. Cost the firms money to do this and they are trying to recoup some of the expenses. I guess one could argue this should be part of the costs clients pay in commissions, but the smaller households generally dont generate enough to rate. You could have a smaller acct, say 50k in an etf or mf wrap acct and it wont be charged an annual acct maint fee. I hate re-explaining away the fees to clients but if they will close an acct because of the $60 fee, then odds are they were D or C client at best. Hope I dont sound cold, but its just business. 

Dec 7, 2008 10:56 pm
broker08:

Does anyone know if we leave WS and get out of the business all together will WS really come after us for the $? WB has caused my business to tank! During the Citi, WB, WF mess I lost 20% of my clients and now I get the new payout and the company wants to charge $60 for a single account. I just don't see why they would come after us for the money considering the amount of money the management lost last quarter. It is a shame that AGE employees and our clients have to be involved in this mess with such a poor company.

Please advice with your thoughts!
Thanks,
AGE Employee wish I wasnt a WB Employee
 
They'll definitely come after you for the money.  BTW, how did Wachovia cause your business to tank?  I'm not defending Wachovia, they all suck as far as I'm concerned, but c'mon, we all know that strong client relationships will withstand all types of environments.  From the sound of your post, the 20% you lost, must've been your top 20% b/c your apparently busted.  get on the phones and take care of your book!!!!!  quit whining.  Nobody owes you jack shit.