WF Forefront (Envision)

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Sep 24, 2009 6:01 pm

My partner and I did the plans (over 100). We ran it by St. Louis, and were told that we were doing them correctly. The management assured us that everything was fine, and that we would see this award by the end of August. A week ago we were told that there will be no award. Management was vague about what was incorrect. I am personally disgusted. I have no faith in WF. They find ways to cheat us out of trades, not pay us for certain assets in managed accounts, and now this Envision fiasco.I don't really need their money. But, I don't like to be cheated. My view of the company is that I am with is that they are somewhere between being incompetent and being dishonest. Lastly, one of the regional managers shared some information with a local manager. What the regional said was..." we (the firm) made $26 million last year on trades that we did not pay to the brokers...!" Well, I'm one of their clients, and if you cheat me, I will go somewhere else.

Sep 24, 2009 6:10 pm

Who told you there would be no Award?

 
Did they say you would never get an award?
 
Was this after the second attestation?
 
Did your Regional Approve the plans?
Sep 24, 2009 6:58 pm
Tropic Lightning69:

My partner and I did the plans (over 100). We ran it by St. Louis, and were told that we were doing them correctly. The management assured us that everything was fine, and that we would see this award by the end of August. A week ago we were told that there will be no award. Management was vague about what was incorrect. I am personally disgusted. I have no faith in WF. They find ways to cheat us out of trades, not pay us for certain assets in managed accounts, and now this Envision fiasco.I don't really need their money. But, I don't like to be cheated. My view of the company is that I am with is that they are somewhere between being incompetent and being dishonest. Lastly, one of the regional managers shared some information with a local manager. What the regional said was..." we (the firm) made $26 million last year on trades that we did not pay to the brokers...!" Well, I'm one of their clients, and if you cheat me, I will go somewhere else.

My team did over 140 plans. Some where flagged for various reasons.  We discussed w/ our BOM and got them signed off by BOM, major mkt and RP.  I rec'd my contract yesterday. PM me if you want further details. 
There are many things this co. does wrong....this expersiance was one of them.  The system is very flawed and Danny realizes that he and Hays have almost zero credibilty...is it possible to have less??
If you have valid data and a cooperative BOM, your plans should fly.  If not, defer them to the next snap shot.
As unhappy as I have been at time, unfortunately, the competition is just as bad if not worse. FiNet has it's appeals and is looking more and more attractive.
Sep 24, 2009 7:52 pm

My manager and his immediate boss said that they were not approved
They told us to go over them again.
Yes, this was after a second attestation, at which time we were told they were acceptable,and would be approved. To be clear about this, and your last question regarding the Regional Approval-yes, she did approve them. Then came back three weeks later, and told us that she could push them through, but that we needed to do more. I'm not sure she knows what she or they are looking for.  We were flying high in April, shot down in May. Thus, my thinking of management being between incompetent and dishonest. I don't think my manager and the regional are dishonest. I think that could be the case at the upper levels. This is a bank. Banks don't pay that kind of money. 
.

Sep 24, 2009 8:00 pm

Thanks. I'm so disgusted with them, that I really don't want to be bothered. It would have been better for them not to have even started this program. The money would be nice, but working for this bunch for another 10 or 11 years? I don't think that it is worth it. I just don't have any faith in these guys.    

Sep 24, 2009 8:12 pm

tropic     check thread   "forefront"

Sep 24, 2009 10:16 pm

If you take the forefront money, you cannot transfer to Finet until the 9 years are up or you pay the money back depreciated for the balance of the time left on the contract.  The clock  starts counting down 09/2010.

Sep 24, 2009 10:33 pm

I had asked a couple of weeks ago about it. The only way I was going to do the forefront was if I could go to Finet within a couple of months.  This is so typical though that we would get different answers.

Sep 24, 2009 10:49 pm

I am a liitle curious. I have read alot about this forefront monies and wonder how many advisors out there have convinced themselves that this is good for their clients and their own careers? A previous post made the point that you will be tied into a contract for 9 years. If this is correct, why can't you morons see that the firm will get all the monies back from you by cutting payouts, decreasing sales support staff and on and on and on.

Have you been informing your clients about your increased compensation if they help you complete these plans? I have been in the business for a long time and have seen and used many plans only to realize that their is no such thing as the perfect plan. Please stop and check your ethics for a moment. Inform your clients of $$$ you are receiving and ask them if they agree that this is NOT a conflict of interest. Try to convince yourself that this is not "retention bonus", how ugly was that term several months ago.

Be warned that once you accept this relationship the honeymoon will be over within a year. If you don't mind being abused for 8 more years then go for it. The world can always use another Masochist.

Sep 24, 2009 11:09 pm
AGEMAN:
Bud Fox:

I had asked a couple of weeks ago about it. The only way I was going to do the forefront was if I could go to Finet within a couple of months.  This is so typical though that we would get different answers.

I was actually told that you can keep the forefront cash by the regional manager of FiNet in my area.  I am fairly sure this is true because I have also heard that FiNet people are eligible for Forefront.  I also asked about that and was told that every channel was eligible even FiNet so if they can get the cash we should be able to keep the cash.
You are eligible for 4front in FiNet.  Like the retention, you can qualify for the 4front money in PCD and then transfer to FiNet.
Sep 27, 2009 12:17 am

The money that WB and WFA says they will pay the FA's is in question, as many Envision Plans were done just to get in on the 4Front bonus to be paid. So many plans were done, just to get them the cost to WFA is enormous. Looks like St. Louis will scrutinize the plans that were turned in as so many of them are bogus, incpmplete and never consulted with the client. It was jsut a mass effort to get in on 4Front bonuses.

 
So if you did a lot of these plans in the past three to 4 months, expect lots of rejections on what was submitted. They just don;t want to payout the large compensation, as so many plans were submitted these guys got caught with there pants down.
 
Expect a big a rejection rate.