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Mar 2, 2009 1:23 am

[quote=YHWY]
I apologize if this has been posted before, but I just saw it…from Investment News


"Ludeman
<div> Wells won't sell Wachovia Securities, he says </div> <div id="Byline"> <t></t><t></t><table border="0" cellpadding="0" cellspacing="0" width="100%"> <t><tr><td> By <b><a href="http://www.investmentnews.com/apps/pbcs.dll/personalia?ID=DJAMIESON" target="_blank">Dan Jamieson</a></b> <br>March 1, 2009, 6:01 AM EST <div><br></div> </td> <td align="right"><t></t><t></t><table border="0" cellpadding="0" cellspacing="4" width="1%"> <td valign="bottom"><a href="http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090301/REG/303019978/1010&template=printart" target="_blank"><img src="http://www.investmentnews.com/images/IN-print.gif" height="30" width="30" border="0" /></a></td> <td valign="bottom"><a href="http://www.investmentnews.com/apps/pbcs.dll/art_tips?Site=CI&Date=20090301&Category=REG&ArtNo=303019978&Ref=AR&Profile=1010&headline=Danny%20Ludeman" target="_blank"><img src="http://www.investmentnews.com/images/IN-email.gif" height="30" width="32" border="0" /></a></td> <td valign="bottom"><a href="http://www.investmentnews.com/apps/pbcs.dll/section?category=RSS" target="_blank"><img src="http://www.investmentnews.com/images/IN-rss.gif" height="30" width="21" border="0" /></a></td> <td valign="bottom"><a href="http://www.investmentnews.com/reprints" target="_blank"><img src="http://www.investmentnews.com/images/IN-reprint.gif" height="30" width="44" border="0" /></a></td> <td valign="bottom"><a href="http://www.addthis.com/bookmark.php" target="_blank"><img src="http://www.investmentnews.com/images/IN-share.gif" height="30" width="35" border="0" /></a></td>

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.

[/quote]

For sure! That is like basically saying…we are for sale! Wonder how long it will be?

Mar 2, 2009 3:41 am
tdude:

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



Bammy.....good call

new score cards:

guns
food
knives
land

we are Fukced.   get a check. put it in swiss bank acct

Mar 2, 2009 3:54 am

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.
*********************************************************
I am leaning to going Inde. I’m in the northeast. What would be the best choice in the NYC tristate area to go independent? I am hearing about LPL. Concerned about name recognition. I think with all these Madoff implosions going on, clients are going to want to see a recognizable name associated with their accts.

Mar 2, 2009 4:40 am

[quote=3rd ID]

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.
*********************************************************
I am leaning to going Inde. I’m in the northeast. What would be the best choice in the NYC tristate area to go independent? I am hearing about LPL. Concerned about name recognition. I think with all these Madoff implosions going on, clients are going to want to see a recognizable name associated with their accts.

[/quote]

You mean like Stamford?  Wachovia?  Citibank?

Mar 2, 2009 11:06 pm

UCFP - best of all. Contact me for a total overview

Mar 3, 2009 5:27 am

bankers do nothing but tell u what you want to hear and blow smoke uo your a$$.  how many times have you heard “this will be the last time we need $$$” or even better “we are well capitalized”  got to love freedom of speech.

Mar 6, 2009 1:30 am

Has anyone heard that some of the “back office” jobs and services have been outsourced to India?  One of the assistants in our office called St. Louis today regarding an issue with scanning documents into Document Control.  When she asked to speak with the dept in charge she was told that the dept did not have a phone extension. She asked why and was told that the jobs were being done in India !!!       INDIA ???     Someone else said that the “action items” in SS are being completed by people in INDIA as well, so I went in and looked at my completed action items by clicking on the reference number and sure enough, the majority were completed by people with Indian names.   Am I the only one that thinks there is a problem with this and is outraged ???   The market is in the tank, more jobs numbers come out tomorrow, people are losing jobs right and left and Wachovia is outsourcing jobs to INDIA?  I might as well start practicing saying “Welcome to Walmart”. at this rate my branch will be closed and a call center in a foreign country will be answering my clients questions.  Thanks for listening, I had to vent, it was “one of those days” !!!

Mar 6, 2009 1:54 am

Brkr Grl…u r correct. Accept br admin, exec offices ira and a few other things…most everything else has been outsourced. They have taken the best culture and back office the industry has ever seen and dismantled and destroyed it in 18 months. Client and broker service was A-1…now its trash…but heh…they can pay 45 market managers a half mill a yr with productivity and dvisory managers who justify their positions by ramming foreskin and envision down your throat…and living off the business that the advisors generate. DL has one agenda…be the biggest…he will have to work hard because he is about to lose 3-4000 fa’s. He knows how to pay off ceo’s to buy their firms but he is clueless when it it comes to managing…its the capable back office that supports the FA…not a 600k market mgr micro managing offices…OHHHHH but mer ms and ubs have them so we have to

Mar 6, 2009 2:05 am

Brokergirl, did not know about the outsourcing, but not surprised.  Today I spent 20 minutes on hold while trying to get support for annuity net.  When the guy finally answered, he could not answer my question and had to ask a co-worker.  I found out later in the day that he gave me the wrong answer.  Earlier this week a large client had a check bounce because funds were not in the account.  His big money is in multiple fee based accounts and he calls when he’s writing a check, we sell, and journal the money over.  Margin would always call, ask where the funds were coming from, and they would OK the check.  Not any more!  It shows up under “action items”, you have 3 hours to see it, and if you don’t, they bounce the check.  Margin is now out of the loop.  HOW IS THIS CLIENT FRIENDLY?  Are they intentionally trying to drive clients away?  It makes absolutely no sense!