Former MD

[quote=Readnecks w/Money]

Former MD

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). 

[quote=Readnecks w/Money]

Former MD

formerMD

its interesting we (fa’s) have such hate towards you.

i cold called strangers for many years. same crap   beating the bushes for business   good luck to you man       

Hey…FormerMD has a right to prospect like the rest of us. I hate it when a broker in my office gets a cold call and shrugs the guy off without listening. Many of us grew our own businesses that way. I think it is wise for him to come to this site at these times - smart move.

I’m glad there is no retention. It’s just a trap to get stuck in a place you may want to leave. I hear the the SB MS deal is a 10 year gig. A freakin decade. Screw that.

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). 

I see in the WSJ that DL’s boss DC got his retention.  But hey- what’s $17 million among friends.  Wonder how much DL got??

Anyone interested in learning about our firms Producer Transition Package, send me a personal message.

The SS contact management system is, in myopinion, a far cry from Broker Vision...from the sound of things in this group, there is some agreement.  I suspect that there are still some remnants of AGE folks that supported Broker Vision still around, and I also suspect they are not pleased with this system.  Should they make it thru this turmoil, I hope they take 'the pig' and can perform some plastic surgery on it. 

the way things are going in the world, NOT moving is illogical.   if you have a family to support, it seems to me you better man-up and go.   you get paid 250% of 2008 gross?



hello? it seems to me there is at least a 50%/50% chance we are headed to an Obama nation 10 plus year japen.     i think the firms are crazy paying this much.   i think ALL of these deals are going to end relatively soon in this envirorment.    its beyond what firm you might like etc this is survival. i think guys who dont monetarize their business now are going to regret it big time.

you all know the REAL reason many dont leave is fear



survival

JayMc or anyone…my main concern with taking a deal is what happens if A. Cant bring a decent percentage of clients B. Can’t rebuild what I cant bring due to the current economic/investment environment C. Need to rely on the deal money to survive D. have to pay several thousand dollars per month in taxes on upfront money E. run out of the deal money and still owe thousands of dollars per month and perhaps not generating enough revs to pay that plus provide for family. Ive been offered deals of about 230% with 120% upfront. t12 550k. Obviously this would be a great opportunity if all worked out well. But the fact that there is no guarantee that it will work out well is a great concern. Everyday the news seems to get worse and the markets reacting accordingly. Anyone else have these concerns and reservations? It’s not that I dont have confidence in my own abilities, but we havent really ever seen anything like whats going on now with the global economy and if you are correct and we go ala Japan, couldnt these deals we take now come back to seriously haunt and financially endanger us later? Whats the worst case scenario here in taking a deal now other than what I assume in points A through E?  

3rd ID.  The up front bonus money is extremely generous especially with production numbers going down.  If structured correctly, it can work for you.  Just pay attention to production requirements, handcuff time that you forfeit your flexibility going forward, and the penalties if you leave before the contract expires.  Many deals require 100% of upfront money to be repaid if you leave at any time at all during your contract.  Reps assume if you sign a six year deal and stay for three that you only owe half, but that is not how most of these contracts are written.  Making a percentage forgivable each year makes much more sense and get it in writing.  Make sure a good attorney reviews your offer as they might be able to negotiate terms.  Most reps sign deals without considering options to the contract.  Looks like Merrill guys going into the penalty box are getting 20% and 25% payouts effective in June and they are taking away production credited in the first half of the year at higher levels. 

[quote=3rd ID] JayMc or anyone…my main concern with taking a deal is what happens if A. Cant bring a decent percentage of clients B. Can’t rebuild what I cant bring due to the current economic/investment environment C. Need to rely on the deal money to survive D. have to pay several thousand dollars per month in taxes on upfront money E. run out of the deal money and still owe thousands of dollars per month and perhaps not generating enough revs to pay that plus provide for family. Ive been offered deals of about 230% with 120% upfront. t12 550k. Obviously this would be a great opportunity if all worked out well. But the fact that there is no guarantee that it will work out well is a great concern. Everyday the news seems to get worse and the markets reacting accordingly. Anyone else have these concerns and reservations? It’s not that I dont have confidence in my own abilities, but we havent really ever seen anything like whats going on now with the global economy and if you are correct and we go ala Japan, couldnt these deals we take now come back to seriously haunt and financially endanger us later? Whats the worst case scenario here in taking a deal now other than what I assume in points A through E?

[/quote]



its sucks.   the choice aint easy



its life and the reality of this market.

With Bammy in the whitehouse it doesnt matter. The usa is toast…Depression, riots and civil war by summer…pass the ammo.

I think Independent is making the key point here.
I think you gotta be nuts to go from wirehouse to wirehouse for a check. You will be owned. And you wont know what the future looks like.
3RD ID - If you are doing 550k t-12 now, figure its 400k for the next 12 months. If you move, and go indie, say worst case scenario its $250k, because you leave a lot of clients behind. At 80% thats 200k, less expenses - you are at 150k net. Not ideal, but couldnt you live with it while you build?
Also keep in mind, being paid on a 1099 is a lot more valuable with the brave new BAMA world.
Like i said, if i left my wire, i would never go to another wire.

[quote=legage19]

The SS contact management system is, in myopinion, a far cry from Broker Vision…from the sound of things in this group, there is some agreement.  I suspect that there are still some remnants of AGE folks that supported Broker Vision still around, and I also suspect they are not pleased with this system.  Should they make it thru this turmoil, I hope they take ‘the pig’ and can perform some plastic surgery on it. 

[quote=Hydeho]

[quote=legage19]

The SS contact management system is, in myopinion, a far cry from Broker Vision…from the sound of things in this group, there is some agreement.  I suspect that there are still some remnants of AGE folks that supported Broker Vision still around, and I also suspect they are not pleased with this system.  Should they make it thru this turmoil, I hope they take ‘the pig’ and can perform some plastic surgery on it. 

I apologize if this has been posted before, but I just saw it…from Investment News

Wells Fargo & Co. has no intention of ditching Wachovia Securities,
according to the brokerage firm’s chief executive, Danny Ludeman.
“Wells Fargo is totally committed to the brokerage business,” he said
in an interview Feb. 20. That was the same day that Mr. Ludeman told
Wachovia troops that there would be no retention bonus package. "

I’d say, given Danny’s recent track record of having delivered provably false information…repeatedly, that this article would lead me to believe that WS is being shopped…HARD.