Retention....please do not hijack

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Nov 26, 2008 10:00 am

So as far as we (WS) know, Danny and David are taking their retention proposal to WFC this monday, Dec 1st.  WFC will then digest the plan, and we hope to hear something by mid Dec.  Anybody hearing the same thing or something different?? (Ferris, I clearly stole your "hijack" line, hope you don't mind).

Nov 26, 2008 1:21 pm

Ferris, it will only be a matter of time before some of these self appointed super-brokers would be on here telling you that while you are worried about retention, and looking up definitions to the word hijack, they are networking and eating Thanksgiving dinner with your clients.

Nov 26, 2008 4:25 pm

Well WFC better make up their minds soon, becuase I'm about a half an inch away from signing on with another firm...just trying to hold out a smidge longer to find out about a retention...I hope WFC takes this seriously....

Even if 10,000 WB advisors leave, WFC would still be left with 4,600 more advisors than they have now...maybe that's what they're thinking...
Nov 26, 2008 5:17 pm
Vet20:

Well WFC better make up their minds soon, becuase I'm about a half an inch away from signing on with another firm...just trying to hold out a smidge longer to find out about a retention...I hope WFC takes this seriously....

Even if 10,000 WB advisors leave, WFC would still be left with 4,600 more advisors than they have now...maybe that's what they're thinking...
 
Nov 26, 2008 6:43 pm
zzzzzzz
Nov 27, 2008 11:40 pm

please no more speculation about the retention.  1/2 of merrill? really?  were they on the committee.  I doubt it.  they'll announce when they announce and that we can all move on with our insecurity.   

Nov 28, 2008 1:00 am
Vet20:

Well WFC better make up their minds soon, becuase I'm about a half an inch away from signing on with another firm...just trying to hold out a smidge longer to find out about a retention...I hope WFC takes this seriously....

Even if 10,000 WB advisors leave, WFC would still be left with 4,600 more advisors than they have now...maybe that's what they're thinking...
 
You should probably just make the move and not wait. Think about it: What would it take from WFC to make you want to stick around?
 
Having said that, you have to know that they aren't going to deliver. They have a decent bank brokerage program. Their bread and butter is the bank. They develop from there. I wouldn't say it'll be half of what ML got, but I wouldn't expect anything more. Take your deal now before the offerer reduces it based on WFC's proposal.
Nov 28, 2008 5:51 pm

In reply to YTB..

Here's one of your previous posts from another forum:

"So
I start my new position on a bank platform in a few weeks. I'll
start/finish my training and be in the branch producing and am pretty
excited. Everything is falling into place but since this is my first
time on my own, I am going to have to settle on a few packaged product
families for clients that aren't interested in traditional wrap
accounts of individual positions......"

So, apparently you're real new but out here trying to convince everyone you have the inside line on what retention will be and encouraging everyone to take a deal.   

Well, I've apparently been around a bit longer.  This is an asset and relationship business and transitions from one to another companies kill both.  A single million dollar account loss at 1.5 percent net production is $15,000 a year gone for good.  That's $150,000 or more over 10 years and that's just 1 account!

My opinion is the retention will be less than the AGE deal and more than ML's.  The hangup is probably what to pay the already retention rich AGE brokers.  I can understand the issue because AGE brokers were already less than 1 year ago.  Also, WFC/WB probably want to announce the name of the new combined firm and a number of  other things at the same time and that's why its taking so long.  They usually announce a series of meetings with new management, new products that are available, and so on.  I'm sure it takes a bit to set all that up.  I estimate a couple of more weeks and we'll hear.  

 
Nov 29, 2008 8:56 am

Guys, the longer this goes without word from management the more likely we are to get screwed. UBS STARTING point is 250% Smith Barney and MS arent that far behind on deals (just talked to a recruiter on Wednesday so those are the deals NOW)



WS isn't MER and we do not have that kind of culture. MER was counting on there brokers being good little soldiers and "taking it like a man," many did. WS culture is much more that of the regional as opposed to a wire house mentality. WS will have guys leaving in droves if the retention package is as bad as MER's



That said, WFC may not care. Personally, that would be stupid since a third of WS earnings came from brokerage But, hey what's a billion dollars in profit revenue?

Nov 29, 2008 1:05 pm
BukiRob2:

Guys, the longer this goes without word from management the more likely we are to get screwed. UBS STARTING point is 250% Smith Barney and MS arent that far behind on deals (just talked to a recruiter on Wednesday so those are the deals NOW)



WS isn't MER and we do not have that kind of culture. MER was counting on there brokers being good little soldiers and "taking it like a man," many did. WS culture is much more that of the regional as opposed to a wire house mentality. WS will have guys leaving in droves if the retention package is as bad as MER's



That said, WFC may not care. Personally, that would be stupid since a third of WS earnings came from brokerage But, hey what's a billion dollars in profit revenue?



The longer they wait the more will leave....probably one of the top 5 in the WS side of the firm left last week...huge team...billions under mgmt...w/ Wachovia/First Union since the early 90's!
Kurt Sylvia..you may have heard of him...listed regularly in the RR top 100 advisors in America...I think there was only 1 WS advisor listed higher than him in last years edition.
That has got to hurt...I expect people like me a Legacy AGE FC...to want to leave after dealing w the WS nightmare, but when legacy WS guys are jumping to...you know it is getting bad!

Nov 29, 2008 10:06 pm

what firm did he go to?

Nov 29, 2008 10:11 pm
nestegg:
BukiRob2:

Guys, the longer this goes without word from management the more likely we are to get screwed. UBS STARTING point is 250% Smith Barney and MS arent that far behind on deals (just talked to a recruiter on Wednesday so those are the deals NOW)



WS isn't MER and we do not have that kind of culture. MER was counting on there brokers being good little soldiers and "taking it like a man," many did. WS culture is much more that of the regional as opposed to a wire house mentality. WS will have guys leaving in droves if the retention package is as bad as MER's



That said, WFC may not care. Personally, that would be stupid since a third of WS earnings came from brokerage But, hey what's a billion dollars in profit revenue?



The longer they wait the more will leave....probably one of the top 5 in the WS side of the firm left last week...huge team...billions under mgmt...w/ Wachovia/First Union since the early 90's!
Kurt Sylvia..you may have heard of him...listed regularly in the RR top 100 advisors in America...I think there was only 1 WS advisor listed higher than him in last years edition.
That has got to hurt...I expect people like me a Legacy AGE FC...to want to leave after dealing w the WS nightmare, but when legacy WS guys are jumping to...you know it is getting bad!



Retention had nothing to do with them moving. More like drop in gross and the time was ripe with there trailing 12, plus the whole WB fu&* up. Large teams generally take 6-9 months to make a move.

Nov 29, 2008 10:30 pm

Kurt Sylvia went to UBS according to FINRA.

Nov 29, 2008 10:38 pm
Hydeho:
nestegg:
BukiRob2:

Guys, the longer this goes without word from management the more likely we are to get screwed. UBS STARTING point is 250% Smith Barney and MS arent that far behind on deals (just talked to a recruiter on Wednesday so those are the deals NOW)



WS isn't MER and we do not have that kind of culture. MER was counting on there brokers being good little soldiers and "taking it like a man," many did. WS culture is much more that of the regional as opposed to a wire house mentality. WS will have guys leaving in droves if the retention package is as bad as MER's



That said, WFC may not care. Personally, that would be stupid since a third of WS earnings came from brokerage But, hey what's a billion dollars in profit revenue?



The longer they wait the more will leave....probably one of the top 5 in the WS side of the firm left last week...huge team...billions under mgmt...w/ Wachovia/First Union since the early 90's!
Kurt Sylvia..you may have heard of him...listed regularly in the RR top 100 advisors in America...I think there was only 1 WS advisor listed higher than him in last years edition.
That has got to hurt...I expect people like me a Legacy AGE FC...to want to leave after dealing w the WS nightmare, but when legacy WS guys are jumping to...you know it is getting bad!



Retention had nothing to do with them moving. More like drop in gross and the time was ripe with there trailing 12, plus the whole WB fu&* up. Large teams generally take 6-9 months to make a move.



No doubt...the cluster Fuck that WS has become is making us all question things, retention or no retention....I know all the AGE guys feel that way, but when you see longterm BIG WS producers jumping...you know things are bad..and if retention sucks more will go...poor Danny...not lol

Nov 30, 2008 3:00 pm

I heard that we were supposed to hear about the new name by Thanksgiving

 
The WACHOVIA name is poisen here in NC. I dont care about retention as much as just moving the F on. The idea that they already know everything and are just figuring the best way to make us drink coolaid is really starting to piss the rookie the f off.
 
A bit off topic but I hope not a hijack
Nov 30, 2008 3:50 pm

without a doubt that is an effort to hijack.  Fortunately the Air Marshall shot you in the leg as you were running towards the cockpit.  Crisis averted.

Dec 1, 2008 9:35 am

Don't worry be happy.

Dec 1, 2008 12:44 pm

Where did the FA go?

Dec 1, 2008 3:33 pm

How do I get in touch with a good recruiter?

Dec 1, 2008 6:02 pm

WFC had about 15 Billion of Market Cap blown away today.  Have to think "broker retention" is about the last thing on their mind.  Maybe I am wrong but think if their is anything coming it has been cut by a large amount from what may have been tossed around 6 weeks ago??