Wells Fargo discount sharing, payout cuts

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Jan 12, 2011 4:08 pm

If you are a Wells Fargo advisor who is not on Profit Formula and would like to talk off the record about the above, please message me privately.

Jan 12, 2011 9:53 pm

They haven't announced exactly how the discount sharing policy will work on fee based or when it will start.  They just said in the second half of the year.  The cut in the grid was from 24% of the first 10k per month to 22%.  Everything above 10k we get paid 50% on.  Before the AGE merger WS was at 20% to the first 10k so I would expect in 2 more years we will be back to 20% to 10k then 50%.  What is frustrating is that they get on the compensation call and talk about record profits and then announce this.  It isn't that meaningful, but it is like a slap in the face.  I bet Danny and the other leaders didn't take a pay cut.

Jan 13, 2011 10:50 pm

They have almost completely eliminated any remaining culture from AGE.  The latest "Thanks for the record profits here is a paycut" bs is becoming par for the course.

Jan 14, 2011 4:01 am

It is happenning in every channel - so many people are fleeing to finet rumor is that they are doubling the 15% transfer tax from 1 year to two years -

They chip away at advisors and clients every year every channel - Danny calls it pulling the lever.

Jan 14, 2011 10:48 am

[quote=Prime Time]

They have almost completely eliminated any remaining culture from AGE.  The latest "Thanks for the record profits here is a paycut" bs is becoming par for the course.

[/quote]

Let us also not forget the 10 to 12% that was added to our 401k's every year at AGE.    Last year we got 1%. What a slap in the face.  But really.  We are to blame.  Should really just leave and go indy...probably the next step...Oh, what would I do without Envision....pfffft.....

Jan 14, 2011 12:43 pm

[quote=banksstink]

It is happenning in every channel - so many people are fleeing to finet rumor is that they are doubling the 15% transfer tax from 1 year to two years -

They chip away at advisors and clients every year every channel - Danny calls it pulling the lever.

[/quote]

Would love to hear if anyone else has heard this one.  It wouldn't surprise me b/c I always thought they would throw more barriers up to moving from PCG.  So far they've only raised the bar to $300k. Wait till they drop the annuities haircut bomb on us in April.....

Made the move last year with no regrets, best thing we've ever done. Go before it's too late.

Jan 18, 2011 8:14 am

[quote=ShredderSr]

[quote=banksstink]

It is happenning in every channel - so many people are fleeing to finet rumor is that they are doubling the 15% transfer tax from 1 year to two years -

They chip away at advisors and clients every year every channel - Danny calls it pulling the lever.

[/quote]

Would love to hear if anyone else has heard this one.  It wouldn't surprise me b/c I always thought they would throw more barriers up to moving from PCG.  So far they've only raised the bar to $300k. Wait till they drop the annuities haircut bomb on us in April.....

Made the move last year with no regrets, best thing we've ever done. Go before it's too late.

[/quote]

Considering FiNet.... Any news on your end about cuts in pay-outs?  It is still Wells, why not just completely indy?  Did you get a retention check?

Jan 18, 2011 11:20 am

[quote=Mucker]

[quote=ShredderSr]

[quote=banksstink]

It is happenning in every channel - so many people are fleeing to finet rumor is that they are doubling the 15% transfer tax from 1 year to two years -

They chip away at advisors and clients every year every channel - Danny calls it pulling the lever.

[/quote]

Would love to hear if anyone else has heard this one.  It wouldn't surprise me b/c I always thought they would throw more barriers up to moving from PCG.  So far they've only raised the bar to $300k. Wait till they drop the annuities haircut bomb on us in April.....

Made the move last year with no regrets, best thing we've ever done. Go before it's too late.

[/quote]

Considering FiNet.... Any news on your end about cuts in pay-outs?  It is still Wells, why not just completely indy?  Did you get a retention check?

[/quote]

NO "pay cuts" for 2011.  They did slightly raise the bar on monthly gross to get to 90% payout from $20k to $22.5k.  Ticket charges went up $1 and some other minor issues.

I think FiNet was a good choice for our team.  No ACATs and a very smooth and simple process for our clients.  We looked at RayJay indy and Stifel and settled on FiNet.  It is still Wells and you'll have to deal with the typical back office issues but other than that, they leave us alone.  Yes, we had both AGE retention and 4front $, which you keep and they repaper the loans.

I think FiNet is a good option for PCG advisors.  There is very little downside to the move.  PM me if you want specifics.