New 2009 Compensation for SB
Highlights are as follows, per a conference call at 4:00 EST this afternoon.
1. FA’s who are entitled to a longevity bonus can take a check in March of 2009 for six years’ worth of bonuses, to be repaid over the next six years.
2. FA’s will have no fees or commissions hit the grid for households under $75,000, unless the assets are in fee-based programs. (And C-share business does NOT count toward grid).
3. Payout for up to $300,000 gross will be 20%; for $300,000 - $400,000 gross, the payout is reduced to 33%.
Sweet
looks like even SB get’s the shaft. The more I see these comp plans the more I think it is industry wide…
How does the Longevity Bonus work? Can you explain, for example, how this works at the Myn dollar level?
Thanks PS. I heard that MS has an employee "loan" program, but not sure how it works. I was expecting ML to provide us some sort of "loan" package as well (not retention), given allot of the financial troubles of financial advisors out there. For me, I think there will be opportunities to lever into some of these assets in the next year, and would love to do so without having to go back and put a loan on my house.The WS grid is starting to look good.
All of a sudden that new ML & Wells comp plan is starting to look better & better The bar has been raised & allot of brokers are going to be squeezed out of this business if 2009 markets are as brutal as this year.Highlights are as follows, per a conference call at 4:00 EST this afternoon.
3. Payout for up to $300,000 gross will be 20%; for $300,000 - $400,000 gross, the payout is reduced to 33%.
[quote=Sam Houston]The WS grid is starting to look good.[/quote]
For a Wirehouse…it does…in comparison to RJ or SF…it sucks Donkey Ballz
Will it take a market like this past year or just a flat year to squeeze people out? I've heard from senior advisors who say a good year next year will mean having your production down only 25%.The bar has been raised & allot of brokers are going to be squeezed out of this business if 2009 markets are as brutal as this year.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time. on a side note, our largest producer left on friday. looks like he'll be taking about 45% of his book. our office basically had a party tonight, and yes i'm a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!!!!!!!!!!!!!!!!!The WS grid is starting to look good.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time. on a side note, our largest producer left on friday. looks like he'll be taking about 45% of his book. our office basically had a party tonight, and yes i'm a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!!!!!!!!!!!!!!!!! [/quote] bad news is WS is going to Wells grid in 2010..And it is going to shocking.[quote=Sam Houston]The WS grid is starting to look good.
what a joke...why would anybody work at these places? Constant bad news about the bank side, high fees to the customers and low payout to the brokers who are on the front lines of the current disaster. I wonder what the true % of revenue a broker is really getting when all the fees and product haircuts are factored in? There are probably a lot of doormen and waiters that make more then a wirehouse broker producing 350k makes after all the other advertising and support staff costs are calculated.Highlights are as follows, per a conference call at 4:00 EST this afternoon.
1. FA’s who are entitled to a longevity bonus can take a check in March of 2009 for six years’ worth of bonuses, to be repaid over the next six years.
2. FA’s will have no fees or commissions hit the grid for households under $75,000, unless the assets are in fee-based programs. (And C-share business does NOT count toward grid).
3. Payout for up to $300,000 gross will be 20%; for $300,000 - $400,000 gross, the payout is reduced to 33%.
what a joke...why would anybody work at these places? Constant bad news about the bank side, high fees to the customers and low payout to the brokers who are on the front lines of the current disaster. I wonder what the true % of revenue a broker is really getting when all the fees and product haircuts are factored in? There are probably a lot of doormen and waiters that make more then a wirehouse broker producing 350k makes after all the other advertising and support staff costs are calculated.[/quote] SA's are going to have to bonus the brokers they work for..they will be making more than a guy doing 250-350K going forward.[quote=Bodysurf]Highlights are as follows, per a conference call at 4:00 EST this afternoon.
1. FA’s who are entitled to a longevity bonus can take a check in March of 2009 for six years’ worth of bonuses, to be repaid over the next six years.
2. FA’s will have no fees or commissions hit the grid for households under $75,000, unless the assets are in fee-based programs. (And C-share business does NOT count toward grid).
3. Payout for up to $300,000 gross will be 20%; for $300,000 - $400,000 gross, the payout is reduced to 33%.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time. on a side note, our largest producer left on friday. looks like he'll be taking about 45% of his book. our office basically had a party tonight, and yes i'm a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!!!!!!!!!!!!!!!!! [/quote][quote=Sam Houston]The WS grid is starting to look good.
If he left Friday how do you know how many people are really not going with.
Do you work in ISG? PCG? or Legacy AGE....depending which division I would think client retention would differ...ISG WX would keep alot, PCG somewhat less, and AGE not much at all.
Explain how ticket charges and no payouts under 95 bucks is "good" I guess in comparison to the other "Banks" it is pretty good....but definitely not somethign I would be touting.
Point #3 above applies only to FA's with LOS of 5 years or longer, which makes sense. Those who produce more than $400k still get p[aid under the old grid, which, allegedly, is the best in the industry. FA's with less than 5 years LOS are still entitled to 37% or 39% payout even if they produce less than $400k.Highlights are as follows, per a conference call at 4:00 EST this afternoon.
1. FA’s who are entitled to a longevity bonus can take a check in March of 2009 for six years’ worth of bonuses, to be repaid over the next six years.
2. FA’s will have no fees or commissions hit the grid for households under $75,000, unless the assets are in fee-based programs. (And C-share business does NOT count toward grid).
3. Payout for up to $300,000 gross will be 20%; for $300,000 - $400,000 gross, the payout is reduced to 33%.
In regards to #2, how can you really manage an account of that size w/ any efficiency without it being in a wrap program of some sort. Do you just throw them in a few C-shares and forget them? They might as well do their own work at a no-load shop.
I have had a lot of success using MF wrap programs on IRAs under from $75m to $150m.
What does the grid look like above $400m? Is it safe to assume that they use team revenue to determine your grid?
I have to say, I’m a little surprised by the anger that is all over this board. I guess people who are happy with their situation don’t bother posting.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time. on a side note, our largest producer left on friday. looks like he'll be taking about 45% of his book. our office basically had a party tonight, and yes i'm a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!!!!!!!!!!!!!!!!! [/quote][quote=Sam Houston]The WS grid is starting to look good.
You didn't gather any assets. You took responsibility for the losses in the accounts until they transfer with the departing broker. Suckah!
[quote=Hank Moody]
[quote=bondking][quote=Sam Houston]The WS grid is starting to look good.[/quote]
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time.
on a side note, our largest producer left on friday. looks like he’ll be taking about 45% of his book.
our office basically had a party tonight, and yes i’m a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!
[/quote]You didn’t gather any assets. You took responsibility for the losses in the accounts until they transfer with the departing broker. Suckah![/quote]
That’s probably true unless the departing FA was a crook. I’ve seen 2.5MM producers lose all of their best clients (even family members) when they left.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time. on a side note, our largest producer left on friday. looks like he'll be taking about 45% of his book. our office basically had a party tonight, and yes i'm a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!!!!!!!!!!!!!!!!! [/quote][quote=bondking][quote=Sam Houston]The WS grid is starting to look good.
You didn't gather any assets. You took responsibility for the losses in the accounts until they transfer with the departing broker. Suckah!
[/quote] if increasing my fee business by 150k/ year, and procuring 20+ accounts with 500K in assets, i guess i am a 'suckah'. btw, you don't know shit. i've worked my ASS off over the last 8 years to build a solid book. I've been a PCG FA for the entire time.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time. on a side note, our largest producer left on friday. looks like he'll be taking about 45% of his book. our office basically had a party tonight, and yes i'm a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!!!!!!!!!!!!!!!!! [/quote][quote=bondking][quote=Sam Houston]The WS grid is starting to look good.
If he left Friday how do you know how many people are really not going with.
Do you work in ISG? PCG? or Legacy AGE....depending which division I would think client retention would differ...ISG WX would keep alot, PCG somewhat less, and AGE not much at all.
Explain how ticket charges and no payouts under 95 bucks is "good" I guess in comparison to the other "Banks" it is pretty good....but definitely not somethign I would be touting.
[/quote] To be honest, I guess I don't know. BUT, these clients are PISSED. Yeah, they're not going anywhere. PCG ticket charges & no payout under $95??? who gives a shit! 1. i'm not a stock peddler 2. my assistant takes care of all small trades 3. you WOULD be touting, trust me.
Seems to me this can only be an ill-timed and poorly constructed plan. SB will basically pay out 5X the longevity bonus RIGHT NOW on a 6 yr. note which is something like 30% on production. Does’nt this encourage a decent producer to go shopping for the 100%+ cash deals in the market on a slightly longer note??? Seems like an invitation to FAs to get out and weigh this against 3-5 other offers.
Less hassle than just firing them directly.
[Qoute]
Well I work for WS...legacy AGE...and I certainly am not "touting" or "wonderful" new comp plan....compared to AGE...it sucks...worse bonus, worse 401k, higher cost benefits, and lower payout...with more fees to clients than we ever had....maybe in comparison to SB and ML it is good, but certainly not compared to SF, RJ and others...I realize you have no way of knowing this since you are legacy WS....at the end of the day...clients pay more, we get less, and to top it all off our company name is trash...I am yet to see one single "uptick" from Wachovia....let alone what may or may not happenn w/ WFC
Bondking, just to point out the obvious hole in your assumption:
The fc left less than a week ago and already you know what he is going to take with him? Kind of doubt that. If he's a big producer, he probably has some relationship building/sales skills. Check that twelve million you gathered (or would it be more fair to say "assigned") in a year, then you might have an idea of what is sticking. If he has 45% in a week he will likely get most of what he wants. Maybe I misunderstood your drunken post.I would hope that was a drunken post, because if it wasn’t, that re-assigned 12mm will be gone fast if that was a sober post…
[quote=Sam Houston]The WS grid is starting to look good.
The Wachovia Securities grid has always been really really good. It always has. Danny may not be the best public speaker, but he has gone to bat for us big time.
on a side note, our largest producer left on friday. looks like he’ll be taking about 45% of his book.
our office basically had a party tonight, and yes i’m a little drunk. i gathered $12,000,000 in assets today, and have more to go tomorrow. stoked!!!
[/quote]
Get back to us in a month with how many of those assets stayed. Out of that 12 million Id be surprised if you kept 20% of it.
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