New Smith Barney pay

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Dec 14, 2006 12:35 pm

What are you SB folks thinking about it?   

Dec 14, 2006 2:59 pm

Little or no net impact.  Vritually a non-story.

Dec 14, 2006 3:22 pm

Glad to hear that for you Opie.  Are you taking into account the 20% pay out on each months first $5000 in gross?  Where are you making back up lost ground from that?  Biz dev account helps a tiny amount but I was getting $ anyway. 


Were you getting haircuts on managed accounts you had discounted?  If so those haircuts are going away but that doesn't affect me.  Where else could you be making up for that lost gross? 

Dec 14, 2006 4:05 pm

I am not impacted by the 20% payout because I am within 5 years LOS.  (I am new to SB.)  However, by the time I'm five years in, I should gain the savings from the funded support to make up the difference.

Dec 14, 2006 5:47 pm

Spoke with one person who said it's a net positive for them because now they won't pay for their SA. How many SB brokers were paying their SA $1,000 per month I wonder (especially if they had to share )?


Mr. A

Dec 14, 2006 6:12 pm

take take take take..this business is for idiots (I include myself).

Dec 14, 2006 6:18 pm

I think we all make too much money anyway. So maybe I will have to "cut back" next year and get a new 530i instead of a 545i. Life is rough. Woe is me.

Dec 14, 2006 6:23 pm

thats exactly what these places (brothels) have banked on...brokers downsizing their toys, like me getting the cayman instead of the 911...Everyone I know who makes $$ outside of this business wonders how the fu** brokers don't just walk out the door at these payout adjustments.. Guess you "woe is me" comment explains it all..just bend over and get the 530i..Eventually when you have to go get the 325 make sure and have the salesman take the iron rod out of you as*..it wont fit in the small cars.

Dec 14, 2006 6:56 pm
fritz:

thats exactly what these places (brothels) have banked on...brokers downsizing their toys, like me getting the cayman instead of the 911...Everyone I know who makes $$ outside of this business wonders how the fu** brokers don't just walk out the door at these payout adjustments.. Guess you "woe is me" comment explains it all..just bend over and get the 530i..Eventually when you have to go get the 325 make sure and have the salesman take the iron rod out of you as*..it wont fit in the small cars.



Exactly why I went indy......

Dec 14, 2006 8:17 pm

Fritz - My, that's a little harsh. Did someone take your toys away when you were young? The truth is all I have to do is get one new client and I'm back where I was before.  Maybe the crybabies should expend their energy getting a new client instead of whining about their pay package. 

Dec 14, 2006 8:32 pm

Yeah, you're getting raped anyway, just lie back and enjoy it!


SB says, Well we lost a court case and have to put $98mil into a kitty (probably they'll use it to lend to credit card borrowers while it's dormant) to pay brokers for overtime... and so, to pay for it they're going to sock brokers for, from $500 to $1,000 per month, from now until, forever.


Who won this lawsuit? Sounds like winning is going to cost the plaintiffs and profit the losing defendant!


This is a first for me! I've never seen it's equal!


I've seen lawyers make more than the winning plaintiffs, but never this!


Mr. A

Dec 14, 2006 8:40 pm
Lex123:

Fritz - My, that's a little harsh. Did someone take your toys away when you were young? The truth is all I have to do is get one new client and I'm back where I was before.  Maybe the crybabies should expend their energy getting a new client instead of whining about their pay package. 



Perhaps, but you still have to get one new client just to remain even, and what are they doing for you?  It's like water wearing down a stone....drip drip drip....

Dec 14, 2006 9:05 pm

If you get one more client you should be ahead not even??  I was taught that 1 + 1 = 2...Not in this biz, gotta be the only business that 1 + 1 = 1

Dec 14, 2006 10:26 pm

You clearly don't have much experience in business. In other occupations, salespeople are always getting there territory realigned,  their commissions cut, or their "quota" increased to make the same amount. In most sales jobs you have to keep selling! We develop a book and then expect to play golf for the rest of our lives.


Get a grip. We've got it good!

Dec 14, 2006 11:03 pm

Does this new package effect the guys that were recruited over in the past few years?  Is there anything significant, other than the 20% on the first 5k gross?

Dec 15, 2006 1:21 am

My opinion?  It sucks and I want out...

Dec 15, 2006 10:59 am

I don't understand you guys who say we come out ok because they are paying 100% of SA salary now.  Don't you get it.  They are doing that for only ONE year and then their pay reverts back and YOU the FA are expected to make up the dif beginning in 08. 


It is what it is and I'm not going to harp for ever about all this.  I was just curious what others take was.  After all, we are employees. We have a hell of good platform.  I have no worries here and no one bothers me.  I come and go as I please and make more than 99% of the rest of the population.    


If we don't want to be an employee we have a choice to not do so. 


Dec 15, 2006 11:03 am
Lex123:

You clearly don't have much experience in business. In other occupations, salespeople are always getting there territory realigned,  their commissions cut, or their "quota" increased to make the same amount. In most sales jobs you have to keep selling! We develop a book and then expect to play golf for the rest of our lives.



That's an interesting take. We see that happen to wholesalers all the time and never consider it happening to us.

Dec 15, 2006 11:09 am

My guess is when bonuses are paid out early next year, you'll see mass exodus @ SB.

Dec 15, 2006 11:30 am

"I don't understand you guys who say we come out ok because they are paying 100% of SA salary now.  Don't you get it.  They are doing that for only ONE year and then their pay reverts back and YOU the FA are expected to make up the dif beginning in 08. "


If I heard correctly, the deal is that the SA's have one year to get registered and when they do they will be cut in on the FC's comp.


And where will that cut in come from? I don't know for sure, but I'd be willing to bet dollars to doughnuts that it will sooner rather than later come directly from the broker's payout.


What? A cut to the broker's payout to be shared with the SA? The firm would never do THAT!


"But you indies have to pay your sa out of your pocket, so what's the difference." Because I get to choose. Because I don't have to pay for services that I don't use.


What's the next logical step? SA takes over brokers accounts under $100,000, they get the commish (at a 10% payout). It's cheaper than a call center.


Mr. A