Wachovia Support Group
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[quote=CommonSense]
[quote=nestegg]
[quote=albert]nestegg,
How does the SF computer system stack up to ontrack and brokervision? [/quote]Unfortunately no Brokervison, but no firm had anything like that other than AGE, They have Financial Planning Software as comprehensive and in some ways moreso when compared to On Track, and there are reports you ca generate similar to OTPP reports, not the same but similar.
[/quote]
Nestegg,
So are you saying that SF has no CRM at all? How do most guys handle it if they don't? Buy an outside package? Additionally, now that it has been a few months, how much of the book has moved and what has been the reaction to moving in a down market?
Traditional wisdom says that an advisor will bring 80% of their book with them but less in a down market. I am scared that with accounts being down and every client questioning their advice no matter how good the relationship, the conversion rate will be significatly less than the 80%. We have great relationships and client retention and hope we would do better than average, but I can't see making a life changing move on hopes.
[/quote]
No I am not saying that. There is CRM...a place for notes etc, and it ties to outlook etc. It just isn't BV...but what I found out quickly was when looking at other firms, no one had anything like BV. You can also use outside software as well if you wish.
I was very concerned about moving with the market down etc, but I have found those fears to be over exaggerated. Before the ACAT blackout I had roughly 70%+ of assets alredy over. Working on the rest now, I se no reason I wont have at least 90% withing a month or so. It is alot of work, but the ACAT's have come alot easier than expected.
I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.
Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.
They received 20% of their anticipated 08 bonus because they got screwed by Steele. I assume you are just making up the rest of your post.I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.
Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.
[quote=BukiRob][quote=cmein1999]This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.
For the guys that have been around for a while, we are back to the days of QP, QS, QA. Tell me how you run a report that isn't 30 pages in length that shows portfolio holdings, when it was purchased and exclude reinvestment costs from mutual funds. I can't find one. Contact management: there is no way in hell it should take 3 minutes to find a phone number, enter a note or just look at previous notes. Bring back Brokervision. It is better by leaps and bounds. Bring back Portfolio Diversification, Bring Back OTPP. They were simple to use and the client didn't need to take home 25 pages of disclosures and information they really didn't want. Don't get me wrong, when your putting together a complete financial plan this system is better than OTFI. But if you have a client come in and want to just print off a simple portfolio holdings page, its 10 pages at the least. If anyone else feels this way please let your higher ups know. This is 5 steps backwards compared to what we had. Don't let them tell you anything different. Its a PIG with Lipstick. [/quote] It helps to be familar with the new op system before you boldly proclaim what it can and can not do. You want to print off a client holding report? Its simple to access that right off smart station. You can print for just an account or for an entire household. Its right there at the portfolio insights tab. You can just print equity, fixed income, funds or all. Realized gains and losses, estimated income and a eff frontier for the account. It can be as detailed or generic as you want. This system is no where near as good as Boss 300 was but that said, it does a lot of the things you claim it doesnt do. Not perfect by any means but you really need to know the full capabilites of the system before you make the kinds of comments you are making. No way do you know what it can and cant do in 3 or 4 days of using it. Contact mgt is new and Im not impressed but then, Ive never been impressed by any firms contact mgt system.[/quote] Why in the world would any broker use his firm's contact management program when a portable program like ACT is avilable, cheap, and easy to use?They received 20% of their anticipated 08 bonus because they got screwed by Steele. I assume you are just making up the rest of your post. [/quote][quote=PaulAtreides]I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.
Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.
Call the trading floor or the research team, whats left of them, and see for yourself. The people I talked to were fairly senior and their stories were all similar.
As for the ops team, many of them worked 7 days a week during the Pru merger, but got a nice payout when it was done. This merger would have required a similar effort, but they got a very very small pay out.
Maybe it was Steele that screwed them, but it is DL that they see in St Louis everyday, so he is the one they are blaming.
[quote=BukiRob][quote=cmein1999]This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.
For the guys that have been around for a while, we are back to the days of QP, QS, QA. Tell me how you run a report that isn't 30 pages in length that shows portfolio holdings, when it was purchased and exclude reinvestment costs from mutual funds. I can't find one. Contact management: there is no way in hell it should take 3 minutes to find a phone number, enter a note or just look at previous notes. Bring back Brokervision. It is better by leaps and bounds. Bring back Portfolio Diversification, Bring Back OTPP. They were simple to use and the client didn't need to take home 25 pages of disclosures and information they really didn't want. Don't get me wrong, when your putting together a complete financial plan this system is better than OTFI. But if you have a client come in and want to just print off a simple portfolio holdings page, its 10 pages at the least. If anyone else feels this way please let your higher ups know. This is 5 steps backwards compared to what we had. Don't let them tell you anything different. Its a PIG with Lipstick. [/quote] It helps to be familar with the new op system before you boldly proclaim what it can and can not do. You want to print off a client holding report? Its simple to access that right off smart station. You can print for just an account or for an entire household. Its right there at the portfolio insights tab. You can just print equity, fixed income, funds or all. Realized gains and losses, estimated income and a eff frontier for the account. It can be as detailed or generic as you want. This system is no where near as good as Boss 300 was but that said, it does a lot of the things you claim it doesnt do. Not perfect by any means but you really need to know the full capabilites of the system before you make the kinds of comments you are making. No way do you know what it can and cant do in 3 or 4 days of using it. Contact mgt is new and Im not impressed but then, Ive never been impressed by any firms contact mgt system.[/quote] I have been using SS for a week now and I can't print a simple portfolio diversifcation report. Here's what I'm looking for. Client has three accounts 2 IRA's and a joint account. Stocks, bonds, cash etc in each account. In brokervision I brought up the household (1-2 clicks max) clicked on reports, selected diversifcation report (with original cost basis) and consolidate the holdings. Click print. Done. I would get one report showing all positions as if it where one big account. It showed the positions in order of Cash, Bonds (by maturity or alphabetically), stocks then totaled with any annuity positions on the next page with a grand total. It showed percentages of portfolio for each postion, expected income and yield percentage. I used that everyday. Since conversion all I can get is postions for each account. If you try to group the accounts it prints out one report but list each one individually. If anyone can tell me how to print the report above it would be much appreciated. I'll mail you a case of beer. I'll bet no one can do it. Next: When I first used SS and searched for a client ( example client name Wells) the system returns wells and every other idiot whose name is greater. That's when I knew it was a poorly designed system. If I'm looking for Jones. I don't need to see anyone else. Bottom line. IMO SS is probably a good system but is not very user friendly. It's been a week and I still have no idea of how to use contact manager and I've been using PC's since they ran on DOS.They received 20% of their anticipated 08 bonus because they got screwed by Steele. I assume you are just making up the rest of your post. [/quote] Wachovia bank employees got less then 10% of the bonus they got before, that was Steele's call, St Louis got 20% of what they were told to expect, that was Ludemans call, Two seperate companies.[quote=PaulAtreides]I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.
Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.
It's called the Sunset program. You purchase a book from the retiring FC.I understand there is a Buyout retirement package for FA’s. I remember a call that had some of the details. Does anyone know how to find out about it. The HR department will only direct me to my Branch manager who says he “looking into it”.
I am a former MD with MER. RJames is not at all the right option. Call me 415.956.9990
[/quote]
I have been using SS for a week now and I can't print a simple portfolio diversifcation report. Here's what I'm looking for. Client has three accounts 2 IRA's and a joint account. Stocks, bonds, cash etc in each account. In brokervision I brought up the household (1-2 clicks max) clicked on reports, selected diversifcation report (with original cost basis) and consolidate the holdings. Click print. Done. I would get one report showing all positions as if it where one big account. It showed the positions in order of Cash, Bonds (by maturity or alphabetically), stocks then totaled with any annuity positions on the next page with a grand total. It showed percentages of portfolio for each postion, expected income and yield percentage. I used that everyday. Since conversion all I can get is postions for each account. If you try to group the accounts it prints out one report but list each one individually. If anyone can tell me how to print the report above it would be much appreciated. I'll mail you a case of beer. I'll bet no one can do it. Next: When I first used SS and searched for a client ( example client name Wells) the system returns wells and every other idiot whose name is greater. That's when I knew it was a poorly designed system. If I'm looking for Jones. I don't need to see anyone else. Bottom line. IMO SS is probably a good system but is not very user friendly. It's been a week and I still have no idea of how to use contact manager and I've been using PC's since they ran on DOS. [/quote]Hi,
I'm not in the office today, so I can't give you the Smart Station help desk phone number, but if you call the original help desk, you can ask them for the Smart Station help desk number.
They really try to be helpful, but I don't even think they know how to use the system very well. Spent 1.5 hours on the phone the other day with them just trying to unlink Smart Stations idea of a household account and link the ones I wanted just to have the guy finally say that that part of the system wasn't working for me and he would have to do it if I emailed him all my info.
I can't imagine how many they screwed up when converting that will take for days to untangle.
Good Luck!
If any Wachovia reps want to go to a wire house want to get THE best deal at a wire house firm (MS, SB, UBS, Bear Stearns, etc. or independent)
Please call me at 415.956.9990. As a former MD with ML I offer white
glove service and best inside industry information available.
anyone who is legacy AGE and stayed through the WS merger one has to question their business savy.
Does anyone know anything about FiNet. Is it more of the same with a different twist? Should we tear off the Band-Aid and go to LPL or RJ.
Thanks in advance RWMnestegg,
Does SF have anything like a simple portfolio diversification report?
A lot of guys from Wachovia are getting frustrated and are taking the Independent route or looking for other alternatives. The future of reps there seems to be a little uncertain because of the M&As.
[quote=albert]
nestegg,
Does SF have anything like a simple portfolio diversification report?
[/quote] yesPlease give me a call. 415.956.9990. I am a former MD with ML and now
recruit the best advisors in the US. I know most everything that is
going on out there.
just trying to help those in need - and I have helped dozens…whetehr I get a fee or not… if you are not in need why a support group poster?
Because we know you’re trolling for business. Every post reeks of desparation.
I heard from a source yesterday that one of the highest executives (I will not name now but use your imagination) at Wells stated…buying Wachovia Securities was like buying a new cadillac and then finding a dead body in the trunk. So, with my 17 years experience in this field at high levels of management in the industry (was also a 1mm+ producer) feel that the bonuses are pushed out coupledw with Stumpf saying they want focus of marketing dollars targeted at branch brokerage - Wachovia Securities is on the block real soon if not secretly being shopped now).