What will a WFC/WB retention package look like?
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It’s everything to stay positive 4 sure. and morphius who cares abt caps- maybe he’s holding a baby , like i am
4 clients who r xfring out cuz theyre down x%, remind them that Buffet is down, as reported in toda's WSJ, Carl Icahn, Kirk Kevorkian, and even the broker they're xfring to is down.[quote=dizzy]It’s everything to stay positive 4 sure. and morphius who cares abt caps- maybe he’s holding a baby , like i am
4 clients who r xfring out cuz theyre down x%, remind them that Buffet is down, as reported in toda's WSJ, Carl Icahn, Kirk Kevorkian, and even the broker they're xfring to is down. [/quote] Well said! I think? wut r u sayin?Am very surpised Ludeman hasn’t said much about the retention package. At a time when WS FA headcount is dimishing, I would think he would at the very least say something like “it is our goal to provide you with a retention package and we are gonna try to have the details by Thanksgiving”. I know he insinuated some things at a recent managers meeting in St. Louis, but what would be so wrong with saying that to all the FAs.
That would at least slow the bleeding somewhat. I think a lot of FAs would at least stick around to hear what the retention would be if they new that 1. Ludeman was comitted to providing one and 2. we were given an approximate date of the announcement. I will probably stay regardless, but I am a little annoyed that we havn't been given a clue.The local business journal was quoting various recruiters as saying it will be lower than most expect, similar to Merrill’s deal. The longer they wait to say anything, the longer it holds most fc’s in their seat.
Of course, recruiters don't get paid to keep brokers in place.If it’s similar to Merril Deal that leaves about half of legacy and WB FA with very low package. I am assuming they’ll take into consideration the average production numbers for combined firm.
“the average production of both firms (old AGE, and WS)”, now THAT is what I want to know. What is the ave production??
The Age brokers were paid for their practices a year ago. WFC is merging with the bank side. The Securities business has a merger of it’s own going on. Because WFC owns 62% of that company instead of WB owning it we get retention? I will be suprised if retention in this situation is significant. The only reason for significant retention is to keep the AGE brokers who have been through a bunch of BS in their seats due to the BS-- Not the rescue.
I AGREE COMPLETELY about the silence of Danny. This is crazy how long it has been without any communication to the field. What kind of deal would be presented to FINET owners??
We bare a lot of risk and our names are on the line...we're not employees of the firm even... There are recruiters banging down our doors, and we're holding them off in "wonder" of what we might get paid to stay. How could we make an intelligent decision without knowing. If we have to re-paper our clients due to the WFC merger, than we had better know soon because we're not going to make our clients go through that twice.Also, the retention package has to be more than what the other firms are offering. If WFC is not looking at this they're crazy.
I don’t know … I would rather see it in writting rather than listen to Danny try to sell us the UM UM UM ER UM UM koolaid. I’m so sick of hearing bullshit that silence is golden. I’ve got another firm that will take me on with a very nice offer. I don’t care about a retention package I just want to know the truth of where we are and going so I can get back to gathering assets.
[quote=Vet20]
Also, the retention package has to be more than what the other firms are offering. If WFC is not looking at this they're crazy.
[/quote] Why do you think that??....the original ret. pkg was no where near the street offers. I am getting the feeling we won't even get a reach around.[quote=Vet20]I AGREE COMPLETELY about the silence of Danny. This is crazy how long it has been without any communication to the field. What kind of deal would be presented to FINET owners??
We bare a lot of risk and our names are on the line...we're not employees of the firm even... There are recruiters banging down our doors, and we're holding them off in "wonder" of what we might get paid to stay. How could we make an intelligent decision without knowing. If we have to re-paper our clients due to the WFC merger, than we had better know soon because we're not going to make our clients go through that twice. [/quote]1. deal is not even dry yet, be calm it's coming. You will either like or hate it.
2. Why would you have to repaper
3. Why should Finet get retention?
at this point i would rather they announce no retention so that it would make my decision easier
UM, ER, UM, good take, and thank you for what you do for this great firm.I don’t know … I would rather see it in writting rather than listen to Danny try to sell us the UM UM UM ER UM UM koolaid. I’m so sick of hearing bullshit that silence is golden. I’ve got another firm that will take me on with a very nice offer. I don’t care about a retention package I just want to know the truth of where we are and going so I can get back to gathering assets.
you would add all of the legacy and ws production for the year and divide that number by number of FC. that would be the average production.
[quote=skbroker]
you would add all of the legacy and ws production for the year and divide that number by number of FC. that would be the average production.
[/quote] LOL. That's elementary. x+y / z = ave production X=ws production y=age production z=total # of fa'sThe Age brokers were paid for their practices a year ago. WFC is merging with the bank side. The Securities business has a merger of it’s own going on. Because WFC owns 62% of that company instead of WB owning it we get retention? I will be suprised if retention in this situation is significant. The only reason for significant retention is to keep the AGE brokers who have been through a bunch of BS in their seats due to the BS-- Not the rescue.
The Age brokers were paid for their practices a year ago. WFC is merging with the bank side. The Securities business has a merger of it’s own going on. Because WFC owns 62% of that company instead of WB owning it we get retention? I will be suprised if retention in this situation is significant. The only reason for significant retention is to keep the AGE brokers who have been through a bunch of BS in their seats due to the BS-- Not the rescue.
Then expect to see people leave in droves. I keep saying this and no one seems to even acknowledge the fact that the system load will DOUBLE in February. That is when AGE brokers come on the system. The options available right now are at or near all time high pay outs and if WFC wants to stiff brokers merely because they think they shouldn't be paid then they have no right to scratch their heads when the head count gets cut in half.
I will not go through that mess again and not get compensated for it. I would prefer it to be at WFC but if they want to play the cheap card, Im gone.