Wachovia Support Group

This is a needed thread and it is probably my fault for starting the bitching in the retention thread…

well mucker, you’re only one day in. once you get accustomed, you may find it to be a worthy tool. 

mucker makes one broker ready to move.  thread counter at 1

mucker makes one broker ready to move.  thread counter at 1

[quote=Mucker]This is a needed thread and it is probably my fault for starting the bitching in the retention thread…

I couldn’t agree more.  You’ve nailed it.  Our whole office is furious about the Smart Station.  I just can’t belive they did away with Broker Vision.  IDIOTS!!!

[quote=go_huskies] well mucker, you’re only one day in. once you get accustomed, you may find it to be a worthy tool.

WB knew the contact management system was going to be an issue back in the summer of 07. They were not going to be able to replicate what AGE had by the time of conversion.
Trying to retro fit the the AGE contact management system would have required almost a complete rewrite anyway and would not be ready in time of conversion.

Since WB was basically starting from scratch, the decision was to use AGEs system as a guide on what end product needed to do and focus on getting the underling infastructure correct for the first couple of releases. This would allow, in theory, IT to build out new functionalitly quicker and cheaper going forward. The bad part is the first  few releases, from a legacy AGE standpoint, are less than impressive.

WB has tried in the past, of getting somthing out the door that matches a prior systems functionality but required short cuts on the underling design. This ment that any improvements brokers wanted took 4 times as long and were way more expensive. Many request were flat out rejected.

From experiance, it was very frustrationg requesting obvios enhancments and being told the system was not designed to do that, it would require massive rework, etc. Hopfully this path will serve you better then the prior path served me.

Loving the Dune reference id, Paul Atreides

Thanks <span id=“userPro130017” =“showDropDown’userPro130017’, ‘proMenu130017’, 160, 0;” =“msgSidePro” title=“View Drop Down”>stefany_t , wondered if anybody on these forums would get the reference.

Love Dune, although I admit, it has been a while since I read it.

WB knew the contact management system was going to be an issue back in the summer of 07. They were not going to be able to replicate what AGE had by the time of conversion.
Trying to retro fit the the AGE contact management system would have required almost a complete rewrite anyway and would not be ready in time of conversion.

Since WB was basically starting from scratch, the decision was to use AGEs system as a guide on what end product needed to do and focus on getting the underling infastructure correct for the first couple of releases. This would allow, in theory, IT to build out new functionalitly quicker and cheaper going forward. The bad part is the first  few releases, from a legacy AGE standpoint, are less than impressive.

WB has tried in the past, of getting somthing out the door that matches a prior systems functionality but required short cuts on the underling design. This ment that any improvements brokers wanted took 4 times as long and were way more expensive. Many request were flat out rejected.

From experiance, it was very frustrationg requesting obvios enhancments and being told the system was not designed to do that, it would require massive rework, etc. Hopfully this path will serve you better then the prior path served me.

[quote=PaulAtreides]WB knew the contact management system was going to be an issue back in the summer of 07. They were not going to be able to replicate what AGE had by the time of conversion.
Trying to retro fit the the AGE contact management system would have required almost a complete rewrite anyway and would not be ready in time of conversion.

Since WB was basically starting from scratch, the decision was to use AGEs system as a guide on what end product needed to do and focus on getting the underling infastructure correct for the first couple of releases. This would allow, in theory, IT to build out new functionalitly quicker and cheaper going forward. The bad part is the first  few releases, from a legacy AGE standpoint, are less than impressive.

WB has tried in the past, of getting somthing out the door that matches a prior systems functionality but required short cuts on the underling design. This ment that any improvements brokers wanted took 4 times as long and were way more expensive. Many request were flat out rejected.

From experiance, it was very frustrationg requesting obvios enhancments and being told the system was not designed to do that, it would require massive rework, etc. Hopfully this path will serve you better then the prior path served me.

Paul,

[quote=albert]Paul,

Has DL told  the truth about anything to you guys in the last 18months? Anything??

[quote=Mucker][quote=PaulAtreides]WB knew the contact management system was going to be an issue back in the summer of 07. They were not going to be able to replicate what AGE had by the time of conversion.
Trying to retro fit the the AGE contact management system would have required almost a complete rewrite anyway and would not be ready in time of conversion.

Since WB was basically starting from scratch, the decision was to use AGEs system as a guide on what end product needed to do and focus on getting the underling infastructure correct for the first couple of releases. This would allow, in theory, IT to build out new functionalitly quicker and cheaper going forward. The bad part is the first  few releases, from a legacy AGE standpoint, are less than impressive.

WB has tried in the past, of getting somthing out the door that matches a prior systems functionality but required short cuts on the underling design. This ment that any improvements brokers wanted took 4 times as long and were way more expensive. Many request were flat out rejected.

From experiance, it was very frustrationg requesting obvios enhancments and being told the system was not designed to do that, it would require massive rework, etc. Hopfully this path will serve you better then the prior path served me.

Has DL told  the truth about anything to you guys in the last 18months? Anything??

He has said things were going to get worse before they got better. I did not realize he ment things that we could controll!

Has DL told  the truth about anything to you guys in the last 18months? Anything??

Mucker, where did you get the 5800 # ?

[quote=shredder]Mucker, where did you get the 5800 # ?

I think more like 5500 left by my count.

I think more like 5500 left by my count.

these guys are "pros", I'm sure they will find a way to spin this into gold....

[quote=albert]Paul,

This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.

[quote=cmein1999]This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.

[quote=cmein1999]This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.

[quote=albert]I think more like 5500 left by my count.

Smartstation isn’t so bad but not nearly as good as folks were lead to believe.  Way too many tabs and  especially too many drop downs layered upon drop downs.  There is a real need to consolidate and simplify.

I can live with Smartstation, even think it might be a step up.  As mentioned earlier, Contact Management is horrible, back office is worthless for support, and looks like yet another name is about to be drug through the mud.  Gotta love it.

“Mr. McKittrick, after careful consideration, sir, I’ve come to the conclusion that your new defense system sucks.”

Thanks for the detail Paul.

[quote=albert]Thanks for the detail Paul.

I would settle for an easy way to look at an account.

I would settle for an easy way to look at an account.

Thanks anyway.

Feedback from the fine Smart Station folks…

[quote=Mucker]Feedback from the fine Smart Station folks…

Why do you think it will take so long to make obvious improvements to the system? I can not understand what the  WS brokers have been using to manage accounts. I get your info about why brokervision had to go. Same story with ontrack?

[quote=albert]Why do you think it will take so long to make obvious improvements to the system? I can not understand what the  WS brokers have been using to manage accounts. I get your info about why brokervision had to go. Same story with ontrack?[/quote]

WB has 3 releases each year Feb, June, Oct. They are testing the June release right now, developing for the October release and and finishing up requirements for next feb release. At least thats how it was always explained to me. That means the issues you have right now at earliest won’t get queued up until next June. Those enhancments have to fight for funding along with everything else and there is never enough funding. Hopfully your issues were already known and in an exisitng queue otherwise it will be a while.

On track was not integrated with envision, portfolio ensight is. I heardthere were a few gaps between the two systems but portfolio insights was suppose to be upgraded to do those things.  To be honest I do not know a lot about on track, but the portfolio insight tool was pretty powerful, especially in the bond area. When gold was shut down, the old pru fixed income system, I was not happy. I could not believe it when WB actually put someing in Smart Station that was better than what was on BOSS, pru’s broker desktop system. Boss rocked.

If on track was better than portfolio insights it must have been one heck of a product.

Stupid station, info minimum & excellence lost. I’ve always used Act. Why they would build their own POS from scratch instead of going with a decent CRS will always be a mystery to me.

I will send a “service request” to ask for ClientOne/Broker vision to be returned…

I am really sorry for you guys that are still there. If you are worried/scared to move DONT BE!
I made the jump in Jan , andafter reading this forum now, I am sooooo glad I did. People try to scare you into thinking moving is a nightmare, and I am sure it can be depending on teh advisor, clients and firm, but mine has gone so much smother than I couldn have ever imagined…just do it! I wasnt worried about waiting for a retention…it wasnt important to me…no money could have kept me at WS before let alone now…so those that are unhappy, get out while you have someplace to go or get used to the new reality.

nestegg,

I am an AGE legacy CA and I have to say that after years of using BV I hate Smartstation.  Being human, I detest change of most sort, but this change is ridiculous.  It takes me at least 20 clicks to get the information I need. But worse than Smartstation is what has happened to our back office. I have spent more time taking the “scenic route” of St. Louis trying to find someone who could and was WILLING to help me than I have doing what I am paid to do “service customer requests”.  I spent a total of over 2 hours on Friday being switched from dept to dept and finally got the response “you will have to tell your customer to be patient, we have just been through a big conversion and it is tax time”.  I told that person that now is not the time to tell a client they have to be patient, they will sign transfer forms faster that I can blink.  I think it is horrible that when I call St. Louis I am placed on hold forever and the lack of competence on the other end is frightening. One person gives you one answer and other person gives you another answer. They dont give a sht and it is reflected in their attitude every time I call.  I might as well be calling Comcast about my personal cable bill, what happend to the competent support and attitude that was AGE? We used to have a contact in each dept that we dealt with, now we get a call center. The hold mesg says the calls are recorded, I wonder if anyone in St. Louis is bothering to listen to the responses that are being given out and to the shtty attitude that goes along with the responses.  Is this the way Wachovia did business before the merger with AGE? I take pride in the quality of my customer service for our clients, I used to take pride in the fact I worked for AGE, now I am embarrased to tell people where I work.  I have been concerned for awhile that my brokers would leave the company and wondered where that would leave me…now I am hoping they leave and take me with them.  I do not want to be connected to a company that I see us being, I am ashamed of our company.  But at the same time I wonder, is it any better at any other companies right now?  

[quote=brokergirl]I am an AGE legacy CA and I have to say that after years of using BV I hate Smartstation.  Being human, I detest change of most sort, but this change is ridiculous.  It takes me at least 20 clicks to get the information I need. But worse than Smartstation is what has happened to our back office. I have spent more time taking the “scenic route” of St. Louis trying to find someone who could and was WILLING to help me than I have doing what I am paid to do “service customer requests”.  I spent a total of over 2 hours on Friday being switched from dept to dept and finally got the response “you will have to tell your customer to be patient, we have just been through a big conversion and it is tax time”.  I told that person that now is not the time to tell a client they have to be patient, they will sign transfer forms faster that I can blink.  I think it is horrible that when I call St. Louis I am placed on hold forever and the lack of competence on the other end is frightening. One person gives you one answer and other person gives you another answer. They dont give a sht and it is reflected in their attitude every time I call.  I might as well be calling Comcast about my personal cable bill, what happend to the competent support and attitude that was AGE? We used to have a contact in each dept that we dealt with, now we get a call center. The hold mesg says the calls are recorded, I wonder if anyone in St. Louis is bothering to listen to the responses that are being given out and to the shtty attitude that goes along with the responses.  Is this the way Wachovia did business before the merger with AGE? I take pride in the quality of my customer service for our clients, I used to take pride in the fact I worked for AGE, now I am embarrased to tell people where I work.  I have been concerned for awhile that my brokers would leave the company and wondered where that would leave me…now I am hoping they leave and take me with them.  I do not want to be connected to a company that I see us being, I am ashamed of our company.  But at the same time I wonder, is it any better at any other companies right now?  
[/quote]

For WS it is all about scale and scope. They want the brokers to serve themselves and not bulk up home office. They will put the tools in your hands, but expect you to do the work. As for the back office issues, what do you expect St Louis has to learn a new system as well.

[quote=albert]nestegg,

BrokerVision was much easier to use took much less time and required less help from the home office. Everything we had was designed for self sufficience

I still miss BrokerVision

[quote=brokergirl] I do not want to be connected to a company that I see us being, I am ashamed of our company.  But at the same time I wonder, is it any better at any other companies right now?  
[/quote]
You guys need to be talking to Stifel. The answer is that it is better at other companies riht now…much better!

I understand completely that St. Louis has to learn a new system too. I feel their pain, trust me.  My biggest complaint and concern is the attitude, I never had attitude before. Everyone has a bad day at work, but every call I have made to the back office in the last few weeks has resulted in a very bad attitude, like I am bothering them. What frustrates me is that in order to do my job efficiently and professionally sometimes I need help and answers from St. Louis. Not necessarily on Smartstation, but on policy, procedures, products.  I used to feel like we were all on the same “team” with a common goal, to service our clients in a professional and timely manner. Now I get the feeling it is “us against them” and that is not how it should be. When I can’t do my job like I am used to because I am spending so much time on hold or being transferred from person to person, that makes it very frustrating and my attitude turns sour. I am sure that morale is low in the back office as well, just as it is in the branches, and maybe I am a Pollyana, but what happened to everyone working toward the same goal?  Is that mentality unreasonable to ask for nowadays?  What happened to good customer service? I am always telling our clients not to worry about calling me once, twice a day if they need to, I honestly believe that without clients and their phone calls, we would ALL be unemployed. And I strive everyday to get my clients the help and understanding they want and most importantly, deserve. The one thing that used to set AGE apart from all the other firms was CUSTOMER SERVICE.  And I feel those days are gone.  It is a hard pill for clients to swallow when they call in this time of year to get the total amount of fees they paid for tax purposes and then they look at the statements and see their returns, the least we can do is provide excellent service. 

[quote=brokergirl]I understand completely that St. Louis has to learn a new system too. I feel their pain, trust me.  My biggest complaint and concern is the attitude, I never had attitude before. Everyone has a bad day at work, but every call I have made to the back office in the last few weeks has resulted in a very bad attitude, like I am bothering them. What frustrates me is that in order to do my job efficiently and professionally sometimes I need help and answers from St. Louis. Not necessarily on Smartstation, but on policy, procedures, products.  I used to feel like we were all on the same “team” with a common goal, to service our clients in a professional and timely manner. Now I get the feeling it is “us against them” and that is not how it should be. When I can’t do my job like I am used to because I am spending so much time on hold or being transferred from person to person, that makes it very frustrating and my attitude turns sour. I am sure that morale is low in the back office as well, just as it is in the branches, and maybe I am a Pollyana, but what happened to everyone working toward the same goal?  Is that mentality unreasonable to ask for nowadays?  What happened to good customer service? I am always telling our clients not to worry about calling me once, twice a day if they need to, I honestly believe that without clients and their phone calls, we would ALL be unemployed. And I strive everyday to get my clients the help and understanding they want and most importantly, deserve. The one thing that used to set AGE apart from all the other firms was CUSTOMER SERVICE.  And I feel those days are gone.  It is a hard pill for clients to swallow when they call in this time of year to get the total amount of fees they paid for tax purposes and then they look at the statements and see their returns, the least we can do is provide excellent service. 
[/quote]

You hit the nail on the head…this was one of my primary reasosn for leaving. The Home Ofice seemed like they were working against you instead of for you. I cannot tell you how refreshing it is to have the feeling of being on the same team again. I have fiund this at Stifel, I wish I would have left a year ago instead of a month ago!

[quote=nestegg]

[quote=albert]nestegg,

That joke of a fore frontretention blows.

WFC’s treatment of FA’s blows

The future at WFC looks like ist gonna blow. (they dont want ws)

for AGE guys it blows times 10 (you got so lucky to JUST make the Titanic as it was leaving port and it seems like you in the class that Jack was in, not pearl or whatever her name was)



But you know what?    you have options.   

think about 99% of people out these in different businesses that DONT have options.



it truly is time to stfu or make your move.    The opportunities are there.



no one in here will say it because we all have monster ego’s…but it is SCARY as hell to move.



It take a massive amount of courage and guts to make the move and test to SEE if you have what it takes to get your people to come with you.



those of you that totally hate wells forego advisors for whatever reason and beleive the future here is not much better…



its time to s%^& or get off the pot. period



If you dont have the stones to take the leap…go back to your office and STFU and take your medicine



period

I understand there is a Buyout retirement package for FA’s. I remember a call that had some of the details. Does anyone know how to find out about it. The HR department will only direct me to my Branch manager who says he “looking into it”.

JayMc…thats pretty much bottom line. I agree. No amount of speculating on our part on this board will make a difference. WFC is gonna do what WFC wants to do. For those stay, good luck to you.

Glad I printed off all my relevant client stuff couple of weeks ago.

Do the AGE guys that got the retention package from the AGE/WB merger have to repay if they leave WB now or is that amt they got forgiven?

[quote=CommonSense]

[quote=nestegg]

[quote=albert]nestegg,

I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has  been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.

Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.

    

I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has  been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.

Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.

    

[quote=BukiRob][quote=cmein1999]This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.

[quote=PaulAtreides]I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has  been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.

Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.

    

[quote=BukiRob][quote=cmein1999]This has to be the worst system ever. There is no way this is a merger of equals, best practices coming together, taking the best things from each firm and combining them,etc, etc, etc.

[quote=PaulAtreides]I do not know how many brokers know this, but with the merger many in St Louis took pay cuts to stay in their job. WS comp plan for employees is low base with caps and big year end bonuses. Everyone was told bust your a@@ and get rewarded at year end. Firm integration has  been a complete culture shock for St Louis and people have had to put in a lot of time to get things to where they are now.

Now that the firms are merged, HO was told to expect 20% of their target bonus. The implied message is be happy you got a job. People are getting screwed left and right. I talked to some friends there recently and things seem really bad. I am not surprised you are not getting great service.

    

I understand there is a Buyout retirement package for FA’s. I remember a call that had some of the details. Does anyone know how to find out about it. The HR department will only direct me to my Branch manager who says he “looking into it”.

I am a former MD with MER. RJames is not at all the right option. Call me 415.956.9990

[/quote]

If any Wachovia reps want to go to a wire house want to get THE best deal at a wire house firm (MS, SB, UBS, Bear Stearns, etc. or independent)
Please call me at 415.956.9990. As a former MD with ML I offer white
glove service and best inside industry information available.

anyone who is legacy AGE and stayed through the WS merger one has to question their business savy.

Does anyone know anything about FiNet. Is it more of the same with a different twist? Should we tear off the Band-Aid and go to LPL or RJ.

nestegg,

Does SF have anything like a simple portfolio diversification report?

A lot of guys from Wachovia are getting frustrated and are taking the Independent route or looking for other alternatives. The future of reps there seems to be a little uncertain because of the M&As. 

[quote=albert]

nestegg,

Does SF have anything like a simple portfolio diversification report?

Please give me a call. 415.956.9990. I am a former MD with ML and now
recruit the best advisors in the US. I know most everything that is
going on out there.

just trying to help those in need - and I have helped dozens…whetehr I get a fee or not… if you are not in need why a support group poster?

Because we know you’re trolling for business.  Every post reeks of desparation.

I heard from a source yesterday that one of the highest executives (I will not name now but use your imagination) at Wells stated…buying Wachovia Securities was like buying a new cadillac and then finding a dead body in the trunk. So, with my 17 years experience in this field at high levels of management in the industry (was also a 1mm+ producer) feel that the bonuses are pushed out coupledw with Stumpf saying they want focus of marketing dollars targeted at branch brokerage - Wachovia Securities is on the block real soon if not secretly being shopped now). 

Former MD

[quote=Readnecks w/Money]

Former MD

I heard from a source yesterday that one of the highest executives (I will not name now but use your imagination) at Wells stated…buying Wachovia Securities was like buying a new cadillac and then finding a dead body in the trunk. So, with my 17 years experience in this field at high levels of management in the industry (was also a 1mm+ producer) feel that the bonuses are pushed out coupledw with Stumpf saying they want focus of marketing dollars targeted at branch brokerage - Wachovia Securities is on the block real soon if not secretly being shopped now). 

[quote=Readnecks w/Money]

Former MD

formerMD

its interesting we (fa’s) have such hate towards you.

i cold called strangers for many years. same crap   beating the bushes for business   good luck to you man       

Hey…FormerMD has a right to prospect like the rest of us. I hate it when a broker in my office gets a cold call and shrugs the guy off without listening. Many of us grew our own businesses that way. I think it is wise for him to come to this site at these times - smart move.

I’m glad there is no retention. It’s just a trap to get stuck in a place you may want to leave. I hear the the SB MS deal is a 10 year gig. A freakin decade. Screw that.

I heard from a source yesterday that one of the highest executives (I will not name now but use your imagination) at Wells stated…buying Wachovia Securities was like buying a new cadillac and then finding a dead body in the trunk. So, with my 17 years experience in this field at high levels of management in the industry (was also a 1mm+ producer) feel that the bonuses are pushed out coupledw with Stumpf saying they want focus of marketing dollars targeted at branch brokerage - Wachovia Securities is on the block real soon if not secretly being shopped now). 

I see in the WSJ that DL’s boss DC got his retention.  But hey- what’s $17 million among friends.  Wonder how much DL got??

Anyone interested in learning about our firms Producer Transition Package, send me a personal message.

The SS contact management system is, in myopinion, a far cry from Broker Vision...from the sound of things in this group, there is some agreement.  I suspect that there are still some remnants of AGE folks that supported Broker Vision still around, and I also suspect they are not pleased with this system.  Should they make it thru this turmoil, I hope they take 'the pig' and can perform some plastic surgery on it. 

the way things are going in the world, NOT moving is illogical.   if you have a family to support, it seems to me you better man-up and go.   you get paid 250% of 2008 gross?



hello? it seems to me there is at least a 50%/50% chance we are headed to an Obama nation 10 plus year japen.     i think the firms are crazy paying this much.   i think ALL of these deals are going to end relatively soon in this envirorment.    its beyond what firm you might like etc this is survival. i think guys who dont monetarize their business now are going to regret it big time.

you all know the REAL reason many dont leave is fear



survival

JayMc or anyone…my main concern with taking a deal is what happens if A. Cant bring a decent percentage of clients B. Can’t rebuild what I cant bring due to the current economic/investment environment C. Need to rely on the deal money to survive D. have to pay several thousand dollars per month in taxes on upfront money E. run out of the deal money and still owe thousands of dollars per month and perhaps not generating enough revs to pay that plus provide for family. Ive been offered deals of about 230% with 120% upfront. t12 550k. Obviously this would be a great opportunity if all worked out well. But the fact that there is no guarantee that it will work out well is a great concern. Everyday the news seems to get worse and the markets reacting accordingly. Anyone else have these concerns and reservations? It’s not that I dont have confidence in my own abilities, but we havent really ever seen anything like whats going on now with the global economy and if you are correct and we go ala Japan, couldnt these deals we take now come back to seriously haunt and financially endanger us later? Whats the worst case scenario here in taking a deal now other than what I assume in points A through E?  

3rd ID.  The up front bonus money is extremely generous especially with production numbers going down.  If structured correctly, it can work for you.  Just pay attention to production requirements, handcuff time that you forfeit your flexibility going forward, and the penalties if you leave before the contract expires.  Many deals require 100% of upfront money to be repaid if you leave at any time at all during your contract.  Reps assume if you sign a six year deal and stay for three that you only owe half, but that is not how most of these contracts are written.  Making a percentage forgivable each year makes much more sense and get it in writing.  Make sure a good attorney reviews your offer as they might be able to negotiate terms.  Most reps sign deals without considering options to the contract.  Looks like Merrill guys going into the penalty box are getting 20% and 25% payouts effective in June and they are taking away production credited in the first half of the year at higher levels. 

[quote=3rd ID] JayMc or anyone…my main concern with taking a deal is what happens if A. Cant bring a decent percentage of clients B. Can’t rebuild what I cant bring due to the current economic/investment environment C. Need to rely on the deal money to survive D. have to pay several thousand dollars per month in taxes on upfront money E. run out of the deal money and still owe thousands of dollars per month and perhaps not generating enough revs to pay that plus provide for family. Ive been offered deals of about 230% with 120% upfront. t12 550k. Obviously this would be a great opportunity if all worked out well. But the fact that there is no guarantee that it will work out well is a great concern. Everyday the news seems to get worse and the markets reacting accordingly. Anyone else have these concerns and reservations? It’s not that I dont have confidence in my own abilities, but we havent really ever seen anything like whats going on now with the global economy and if you are correct and we go ala Japan, couldnt these deals we take now come back to seriously haunt and financially endanger us later? Whats the worst case scenario here in taking a deal now other than what I assume in points A through E?

[/quote]



its sucks.   the choice aint easy



its life and the reality of this market.

With Bammy in the whitehouse it doesnt matter. The usa is toast…Depression, riots and civil war by summer…pass the ammo.

I think Independent is making the key point here.
I think you gotta be nuts to go from wirehouse to wirehouse for a check. You will be owned. And you wont know what the future looks like.
3RD ID - If you are doing 550k t-12 now, figure its 400k for the next 12 months. If you move, and go indie, say worst case scenario its $250k, because you leave a lot of clients behind. At 80% thats 200k, less expenses - you are at 150k net. Not ideal, but couldnt you live with it while you build?
Also keep in mind, being paid on a 1099 is a lot more valuable with the brave new BAMA world.
Like i said, if i left my wire, i would never go to another wire.

[quote=legage19]

The SS contact management system is, in myopinion, a far cry from Broker Vision…from the sound of things in this group, there is some agreement.  I suspect that there are still some remnants of AGE folks that supported Broker Vision still around, and I also suspect they are not pleased with this system.  Should they make it thru this turmoil, I hope they take ‘the pig’ and can perform some plastic surgery on it. 

[quote=Hydeho]

[quote=legage19]

The SS contact management system is, in myopinion, a far cry from Broker Vision…from the sound of things in this group, there is some agreement.  I suspect that there are still some remnants of AGE folks that supported Broker Vision still around, and I also suspect they are not pleased with this system.  Should they make it thru this turmoil, I hope they take ‘the pig’ and can perform some plastic surgery on it. 

I apologize if this has been posted before, but I just saw it…from Investment News

Wells Fargo & Co. has no intention of ditching Wachovia Securities,
according to the brokerage firm’s chief executive, Danny Ludeman.
“Wells Fargo is totally committed to the brokerage business,” he said
in an interview Feb. 20. That was the same day that Mr. Ludeman told
Wachovia troops that there would be no retention bonus package. "

I’d say, given Danny’s recent track record of having delivered provably false information…repeatedly, that this article would lead me to believe that WS is being shopped…HARD.

[quote=YHWY]
I apologize if this has been posted before, but I just saw it…from Investment News

Wells Fargo & Co. has no intention of ditching Wachovia Securities,
according to the brokerage firm’s chief executive, Danny Ludeman.
“Wells Fargo is totally committed to the brokerage business,” he said
in an interview Feb. 20. That was the same day that Mr. Ludeman told
Wachovia troops that there would be no retention bonus package. "

I’d say, given Danny’s recent track record of having delivered provably false information…repeatedly, that this article would lead me to believe that WS is being shopped…HARD.

[/quote]

For sure! That is like basically saying…we are for sale! Wonder how long it will be?

With Bammy in the whitehouse it doesnt matter. The usa is toast…Depression, riots and civil war by summer…pass the ammo.

I think Independent is making the key point here.
I
think you gotta be nuts to go from wirehouse to wirehouse for a check.
You will be owned. And you wont know what the future looks like.
3RD
ID - If you are doing 550k t-12 now, figure its 400k for the next 12
months. If you move, and go indie, say worst case scenario its $250k,
because you leave a lot of clients behind. At 80% thats 200k, less
expenses - you are at 150k net. Not ideal, but couldnt you live with it
while you build?
Also keep in mind, being paid on a 1099 is a lot more valuable with the brave new BAMA world. Like i said, if i left my wire, i would never go to another wire.
*********************************************************
I am leaning to going Inde. I’m in the northeast. What would be the best choice in the NYC tristate area to go independent? I am hearing about LPL. Concerned about name recognition. I think with all these Madoff implosions going on, clients are going to want to see a recognizable name associated with their accts.

[quote=3rd ID]

I think Independent is making the key point here.
I
think you gotta be nuts to go from wirehouse to wirehouse for a check.
You will be owned. And you wont know what the future looks like.
3RD
ID - If you are doing 550k t-12 now, figure its 400k for the next 12
months. If you move, and go indie, say worst case scenario its $250k,
because you leave a lot of clients behind. At 80% thats 200k, less
expenses - you are at 150k net. Not ideal, but couldnt you live with it
while you build?
Also keep in mind, being paid on a 1099 is a lot more valuable with the brave new BAMA world. Like i said, if i left my wire, i would never go to another wire.
*********************************************************
I am leaning to going Inde. I’m in the northeast. What would be the best choice in the NYC tristate area to go independent? I am hearing about LPL. Concerned about name recognition. I think with all these Madoff implosions going on, clients are going to want to see a recognizable name associated with their accts.

[/quote]

You mean like Stamford?  Wachovia?  Citibank?

UCFP - best of all. Contact me for a total overview

bankers do nothing but tell u what you want to hear and blow smoke uo your a$$.  how many times have you heard “this will be the last time we need $$$” or even better “we are well capitalized”  got to love freedom of speech.

Has anyone heard that some of the “back office” jobs and services have been outsourced to India?  One of the assistants in our office called St. Louis today regarding an issue with scanning documents into Document Control.  When she asked to speak with the dept in charge she was told that the dept did not have a phone extension. She asked why and was told that the jobs were being done in India !!!       INDIA ???     Someone else said that the “action items” in SS are being completed by people in INDIA as well, so I went in and looked at my completed action items by clicking on the reference number and sure enough, the majority were completed by people with Indian names.   Am I the only one that thinks there is a problem with this and is outraged ???   The market is in the tank, more jobs numbers come out tomorrow, people are losing jobs right and left and Wachovia is outsourcing jobs to INDIA?  I might as well start practicing saying “Welcome to Walmart”. at this rate my branch will be closed and a call center in a foreign country will be answering my clients questions.  Thanks for listening, I had to vent, it was “one of those days” !!!

Brkr Grl…u r correct. Accept br admin, exec offices ira and a few other things…most everything else has been outsourced. They have taken the best culture and back office the industry has ever seen and dismantled and destroyed it in 18 months. Client and broker service was A-1…now its trash…but heh…they can pay 45 market managers a half mill a yr with productivity and dvisory managers who justify their positions by ramming foreskin and envision down your throat…and living off the business that the advisors generate. DL has one agenda…be the biggest…he will have to work hard because he is about to lose 3-4000 fa’s. He knows how to pay off ceo’s to buy their firms but he is clueless when it it comes to managing…its the capable back office that supports the FA…not a 600k market mgr micro managing offices…OHHHHH but mer ms and ubs have them so we have to

Brokergirl, did not know about the outsourcing, but not surprised.  Today I spent 20 minutes on hold while trying to get support for annuity net.  When the guy finally answered, he could not answer my question and had to ask a co-worker.  I found out later in the day that he gave me the wrong answer.  Earlier this week a large client had a check bounce because funds were not in the account.  His big money is in multiple fee based accounts and he calls when he’s writing a check, we sell, and journal the money over.  Margin would always call, ask where the funds were coming from, and they would OK the check.  Not any more!  It shows up under “action items”, you have 3 hours to see it, and if you don’t, they bounce the check.  Margin is now out of the loop.  HOW IS THIS CLIENT FRIENDLY?  Are they intentionally trying to drive clients away?  It makes absolutely no sense!