Wachovia/Wells Fargo Advisors Retention

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Jul 9, 2009 1:24 pm

Would any Wachovia Securities/Wells Fargo Advisors who have left care to share how they've handled paying back their retention?  Are you haggling and how aggressive have they been?  A top executive at AG Edwards who left Wachovia Securities about 6 months ago whom I've met a few times says don't pay it back since they've broke so many contracts with Edwards and totally disgraced the Edwards name/brokers with the bank almost going down/etc.  I'm all ears.

Jul 9, 2009 3:17 pm

Don't go to a firm where the top executive tells you to break a contract. 

Jul 9, 2009 5:36 pm

You get a letter saying what you owe. You pay, no problems.

Jul 9, 2009 5:40 pm

You'll get different responses here, most of which will not help you as there are too many variables to be sure.  $300-$500 worth of legal counsel is the safest bet my friend. One last thought...when it comes to dealing with current contracts and legal issues, never follow the advice or rely on the counsel given you by the hiring authority or firm who is courting you. No matter how well intentioned, that guy whomever he or she may be needs to recruit you to earn their living. They may be solid and great people to work for, but you need to cover your own tail legally. 

Jul 9, 2009 5:57 pm
Gordon Gekko:

You get a letter saying what you owe. You pay, no problems.

 
Just like OJ in the Civil suit right?  They said you owe $31,000,000..You pay!!  Then you dont pay, then what??? 
Jul 9, 2009 7:28 pm

We left almost exactly 6 months ago.  We received a letter within a few weeks of leaving stating for us to pay back the retention.  We had our attorney send back a letter saying we would pay 25% of what was owed.  Wachovia then came back with a figure which was less than the full amount.  We promptly mailed back a letter stating we would pay half, we have not heard anything for approx 4 months.


It is true one of the former top execs with A.G. Edwards is telling advisors not to pay back the retention.  Our team left six months ago to go independent, best decision we could have made.  No regrets. 
 
I have no plans on paying back one penny.  Basically, Wells/Wachovia is trying to figure out if it is worth their time and money to go after each advisor.  The fact they were willing to immediately negotiate is a great sign.  Good luck to you.
Jul 9, 2009 7:52 pm

Hello, I left in May and received collection letter delivered via UPS. I promptly paid back what was owed & took 92% of my clients SO FAR . They falsely made statements to our Corp Attorney in a phone call regarding info taken etc but once I proved they were lying I have heard nothing since so I continue moving millions away from DL & the lies he told us. NEVER FELT BETTER !! Went to a Regional that 110% appreciates their FA's. Never thought about not paying... to you DL !!

Jul 9, 2009 11:12 pm
fritz:
Gordon Gekko:

You get a letter saying what you owe. You pay, no problems.

 
Just like OJ in the Civil suit right?  They said you owe $31,000,000..You pay!!  Then you dont pay, then what??? 



Kidnap people at gunpoint and go to prison, I guess.