Wachovia Finet

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Feb 6, 2009 3:06 pm

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.

Feb 6, 2009 9:51 pm
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.





You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not.



You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence.



You're getting what you asked for here....independence...free from wb/wfc...and its retention.



Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???

Feb 6, 2009 10:18 pm
Wheat-ie:



Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway.

 
That's not what I've heard. Doesn't FiNet have the best margins in the firm?
Feb 6, 2009 10:49 pm

Yes. By a lot. Not withstanding these glorified bank tellers' math.

Feb 7, 2009 12:22 am
Wheat-ie:
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.



You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not.

You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence.

You're getting what you asked for here....independence...free from wb/wfc...and its retention.

Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???

 
All you PCG guys act all "independent" too when on one hand you consider your book to be "yours" but at the same time you want retention? Why do you expect retention on your book? Whats the diff? Nothing, just who takes the risk and pays the bills.
 
jackass
Feb 7, 2009 1:16 am
training wheels:
Wheat-ie:
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.

You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not. You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence. You're getting what you asked for here....independence...free from wb/wfc...and its retention. Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???





All you PCG guys act all "independent" too when on one hand you consider your book to be "yours" but at the same time you want retention? Why do you expect retention on your book? Whats the diff? Nothing, just who takes the risk and pays the bills.



jackass







i'm profit formula ass wipe, which means i pay ALL my bills...learn a little about the platforms before you sling you swill towards the big boys, little man

Feb 7, 2009 1:28 am
Wheat-ie:
training wheels:
Wheat-ie:
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.

You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not. You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence. You're getting what you asked for here....independence...free from wb/wfc...and its retention. Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???

 


All you PCG guys act all "independent" too when on one hand you consider your book to be "yours" but at the same time you want retention? Why do you expect retention on your book? Whats the diff? Nothing, just who takes the risk and pays the bills.

 

jackass




i'm profit formula ass wipe, which means i pay ALL my bills...learn a little about the platforms before you sling you swill towards the big boys, little man

 
PCG dip$hit...top 2%...take your whiney a$$ off the message board and cry to your wife...you too training wheels.
 
You are obviously full of crap and don't even know what platform you are on. Is it PCG or profit formula? Jackass.
Feb 7, 2009 8:10 am
training wheels:
Wheat-ie:
training wheels:
Wheat-ie:
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.

You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not. You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence. You're getting what you asked for here....independence...free from wb/wfc...and its retention. Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???



All you PCG guys act all "independent" too when on one hand you consider your book to be "yours" but at the same time you want retention? Why do you expect retention on your book? Whats the diff? Nothing, just who takes the risk and pays the bills.



jackass

i'm profit formula ass wipe, which means i pay ALL my bills...learn a little about the platforms before you sling you swill towards the big boys, little man



PCG dip$hit...top 2%...take your whiney a$$ off the message board and cry to your wife...you too training wheels.



You are obviously full of crap and don't even know what platform you are on. Is it PCG or profit formula? Jackass.





Profit formula is within PCG you stupid $hit...you'd never know as it is restricted to $1mm producers, little man

Feb 7, 2009 12:29 pm
Wheat-ie:
training wheels:
Wheat-ie:
training wheels:
Wheat-ie:
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.

You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not. You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence. You're getting what you asked for here....independence...free from wb/wfc...and its retention. Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???

 

All you PCG guys act all "independent" too when on one hand you consider your book to be "yours" but at the same time you want retention? Why do you expect retention on your book? Whats the diff? Nothing, just who takes the risk and pays the bills.

 

jackass

i'm profit formula ass wipe, which means i pay ALL my bills...learn a little about the platforms before you sling you swill towards the big boys, little man

 

PCG dip$hit...top 2%...take your whiney a$$ off the message board and cry to your wife...you too training wheels.

 

You are obviously full of crap and don't even know what platform you are on. Is it PCG or profit formula? Jackass.



Profit formula is within PCG you stupid $hit...you'd never know as it is restricted to $1mm producers, little man

 
Wow. Thanks for putting me in my place. Still LMAO.
Feb 7, 2009 9:19 pm

profit formula is the real deal

Feb 7, 2009 9:25 pm
CDO Squared:

profit formula is the real deal

How are rent expenses and staff costs allocated to PF?
Feb 8, 2009 10:17 am
mnbondguy:
CDO Squared:

profit formula is the real deal

How are rent expenses and staff costs allocated to PF?





You pay them 100%...just like all other expenses...you are essentially independent, but with the firm's back office support. My payout is about 62%.

As to rent, I have my own building so it is easy to figure (i pay all) but if you are in a branch, you pay a % of the branch's rent...a number determined by your BM.

It really is a great platform.

Feb 8, 2009 10:48 am

As a stand alone PF office, do you have a complex manager you report to?

Feb 8, 2009 11:17 am
Wheat-ie:
training wheels:
Wheat-ie:
training wheels:
Wheat-ie:
training wheels:

Any thoughts on what the "financial response" for Finet should be? With all the risk we take it should AT LEAST match PCG in my opinion. I have probably been unable to ACAT 5 million this month because the association with Wachovia. This crap is getting old.

You finet guys wanted to be "on your own''...you go on and on about independence, etc, etc...why is it you now feel like you are "partners" with wb/wfc when the retention bucket goes around? You are not. You're on your own. You take the risk and get the financial reward. A risk is missing retention: i can see no reason why you qualify, which I expressed on a firm FA panel in st louis. It was roundly agreed by all but the one finet guy who kept whining about "his partners" problems (first time he ever referred to wb this way, of course)...after, of course, puffing his chest out quarter after quarter about his independence. You're getting what you asked for here....independence...free from wb/wfc...and its retention. Finet has been a disappointment to the firm and it has been discussed as a sale candidate to a larger independent, anyway. Go ahead...take your $30mm AUM and $300k practices....see if wfc gives a $hit. You can do that because it is YOUR (read: independent, 1099 employee, your practice, you own it, WFC owes you nothing) practice, right???

 

All you PCG guys act all "independent" too when on one hand you consider your book to be "yours" but at the same time you want retention? Why do you expect retention on your book? Whats the diff? Nothing, just who takes the risk and pays the bills.

 

jackass

i'm profit formula ass wipe, which means i pay ALL my bills...learn a little about the platforms before you sling you swill towards the big boys, little man

 

PCG dip$hit...top 2%...take your whiney a$$ off the message board and cry to your wife...you too training wheels.

 

You are obviously full of crap and don't even know what platform you are on. Is it PCG or profit formula? Jackass.



Profit formula is within PCG you stupid $hit...you'd never know as it is restricted to $1mm producers, little man

 
actully no, its not.  Individuals have to have a minumum production of 1.25 and teams significantly more.
Feb 8, 2009 11:20 am
mnbondguy:

As a stand alone PF office, do you have a complex manger you report to?

 
Yes, you are still considered a part of PCG so whomever is the complex manager would be your branch manager.  The stand alone office is a better choice IMHO than being in a branch because you control those costs vs the firm telling you what your costs are going to be. 
 
I never really understood the attraction of PF vs Finet.  IMO you are better off with Finet, especially if you are doing big production.
Feb 8, 2009 8:04 pm
mnbondguy:

As a stand alone PF office, do you have a complex manger you report to?





I was originally a satellite office of another branch, so I still report to that branch manager.

Feb 8, 2009 8:07 pm
BukiRob:
mnbondguy:

As a stand alone PF office, do you have a complex manger you report to?



Yes, you are still considered a part of PCG so whomever is the complex manager would be your branch manager. The stand alone office is a better choice IMHO than being in a branch because you control those costs vs the firm telling you what your costs are going to be.



I never really understood the attraction of PF vs Finet. IMO you are better off with Finet, especially if you are doing big production.





They wont allow new stand alone practice--too hard to monitor. Now have to be in branch.



I chose PF v finet as I do a lot of fee based buiness, which takes a big haircut...my finet gross was estimated at 65% vs 62% in PF. For the 3%, I get all the firms services still on teh back end. Now when I am ready to retire adn sell, finet is a no brainer...but as i have no intent now to go anywhere or retire, PF was a more convenient fit.

Feb 8, 2009 8:53 pm

Wheatie,

What about the cost of your assistant, healthcare and 401(k) do they come out of the 62%?
Feb 9, 2009 12:10 am
JamesF:

Wheatie,

What about the cost of your assistant, healthcare and 401(k) do they come out of the 62%?





I start at 75% gross...then ALL costs (read everything: office, tech charges, my asstant, her 401k, MY 401K (I match myself, ironically)...everything. WS pays none of my, my office, or my staff's charges.



Dust settles, I still have 62% hit my bottom line...however, I have low rent, and only 1 non-revenue generating employee (i have a SA and FC).