What will Wells Fargo pay to keep brokers?
After a grueling period of uncertainty, financial advisers at Wachovia Securities are waiting to see what kind of retention packages Wells Fargo & Co. will offer them.
But advisers and recruiters say they don’t expect the San Francisco-based bank to offer much more than what Bank of America Corp. has offered advisers at Merrill Lynch & Co. That offer has been called underwhelming by some.
Last week, Wachovia Securities Chief Executive Danny Ludeman traveled to San Francisco to meet with top executives at Wells, a company spokeswoman confirmed. But Wells has not yet communicated anything to the firm’s 14,635 financial advisers about retention bonuses. A Wells spokeswoman says it’s premature to discuss such plans.
Wells expects to close its $15 billion acquisition of Wachovia Corp. before the end of the year.
-----------------------------------------------------------------------------------------------------Looks like Danny made the transcontinental flight out to the West Coast to get some business done on behalf for the WB brokers but according to a Wells spokeswoman a retention plan is too premature to discuss. Maybe just waiting until everyone’s t12 is way down before making an offer. One would think the retention package would be out asap or is it possible WFC never wanted the brokerage side but took it just to get the deal done to buy the whole bank. Any thoughts?
It took 40 days for BAC to announce a retention package to the MER reps…well it has been 41 days since WFC announced they bought WB …and not a word on retention. They should be focusing on retention and not what they are going to call us.
[quote=IRONBULL]It took 40 days for BAC to announce a retention package to the MER reps…well it has been 41 days since WFC announced they bought WB …and not a word on retention. They should be focusing on retention and not what they are going to call us.
[/quote] Think they have focused in retention..NO RETENTION.Didn’t we beat this topic into the ground with the post I started that is now 40+ pages long?
Wells Fargo & Co. CEO John Stumpf spoke to Wachovia Corp.’s employees in Winston-Salem, N.C., on Wednesday morning and proved engaging, funny — and noncommittal.
He spoke of the bank’s roots in the city. He told the more than 1,000 assembled that when he started in the business, there was “one bank, and one leader, that was royalty in our business.” He said that was John Medlin, Wachovia’s longtime chairman and CEO when it was based in Winston-Salem.
That won him the most applause in a 40-minute speech frequently punctuated by laughter and applause.
But if he made few promises when addressing bank employees in Charlotte a month ago, he made none in Winston-Salem.
Stan Kelly, head of Wachovia’s wealth-management division — the key unit remaining in Winston-Salem after First Union Corp. bought the bank, took its name and moved its headquarters to Charlotte — noted the division would double in size after the Wells merger. But there is no sign yet that its headquarters will remain in place.
Wells (NYSE: WFC) has agreed to buy Wachovia (NYSE: WB) in a deal now valued at nearly $13 billion. The purchase is expected to close at the end of the year. On Wednesday, Stumpf reiterated that Wells will take its time to merge the banks correctly. But he also acknowledged Wells expects to take $5 billion in annual costs out of the combined company.
Stumpf met with Medlin and his successor, Bud Baker, who sold Wachovia to First Union in 2001, at breakfast in Winston-Salem.
Mayor Allen Joines and Gayle Anderson, president of the Winston-Salem Chamber of Commerce, were among a handful of representatives who spoke with Stumpf briefly after his speech. Joines presented him with a file the city had prepared, which made the case for keeping operations such as wealth management and major data centers in Winston-Salem. Anderson presented him with a small replica of the Wells Fargo stagecoach. City leaders also took out a full-page ad in this morning’s Winston-Salem Journal welcoming Wells.
Joines said city officials will meet with the bank’s transition team soon to talk about Winston-Salem’s future. But he took encouragement from Stumpf’s speech. He listened as Stumpf told the crowd the original Wachovia was “about the people here, about their vision, about their values.”
Joines liked what he heard. “I told him he made my business case for me.”
Stumpf has emphasized that Charlotte will be Wells’ East Coast headquarters. In Winston-Salem, he referred to employees as team members and as an “asset to be nurtured” rather than an “expense to managed.”
And he described Wells as a decentralized bank that recognizes the need for local authority. But when he turned to the future, he had little specific to say about Winston-Salem.
Still, more than 150 employees lined up to meet Stumpf after his speech. He spent more than 20 minutes chatting with Wachovia workers, occasionally posing with them for cell-phone photos, before leaving for his next employee meeting in Atlanta. He took no questions from reporters.
Some Wachovia workers said they were encouraged by his remarks.
“I feel a lot better,” said Hillary Peak, who works in the bank division that monitors money laundering. “I liked learning about his 10 brothers and sisters. I liked how he talked about the team, and hopefully he wants to keep the team together.”
Anthony Simes, who works in information technology for the bank, said, “We’ve learned with the acquisitions we’ve made over the last few years that it can take a year or a year and a half for everything to shake out.”
One woman brushed by quickly, saying, “We can’t talk about the merger, but we LOVE John Stumpf.”
Stumpf has proved a dynamic speaker in his North Carolina appearances. He got a big laugh with a reference to his large Catholic family and how “rhythm will get you a lot of kids.” Then he beamed and told the audience, “We can work together. I can see that.”
He also had the audience nodding in agreement when he said the economically troubled nation “needs a victory right now. It needs a company like us that will lead and that will lend.”
Charlotte Business Journal
What flavor was the Kool-Aid?
Wells is dragging their feet, likely to short sell AGE and Wachovia brokers in my opinion. The koolaid keeps flowing. Most of my AGE and WS buddies I worked with for years continue to believe and say to me “it’ll get better”… the old story about putting a frog in the pot and turning up the heat comes to mind here. Wake up, our firm and others are going to pull back hard now that they’ve filled their pipelines with high end ML advisors. The average WS or AGE guy is going to wish they had engaged already. Every day is one day closer to a smaller deal or no opportunity worth moving for at all.
A Wells spokeswoman says Carroll will be the only Wachovia executive who will report to Wells CEO John Stumpf after the merger.
Carroll’s job will include businesses such as retail brokerage, investment management and retirement services.
Wachovia CEO Bob Steel isn’t planning to stay after the bank is sold.
San Francisco-based Wells Fargo & Co. (NYSE: WFC) is buying Wachovia in a deal slated to close next month. It was valued at $15.1 billion when it was announced Oct. 3.
This week Morgan Stanley said two senior Wachovia executives joined its retail banking group.
Cece Sutton will become its president and Jonathan Witter has been named its chief operating officer.
Sutton is leaving her post as executive vice president and head of retail and small business at the Charlotte-based bank (NYSE: WB), where she was responsible for 33,000 employees.
Sutton will join the management committee of New York-based Morgan Stanley (NYSE: MS).
Charlotte Business Journal
shorter of breath and one day closer to death . . .Wells is dragging their feet, likely to short sell AGE and Wachovia brokers in my opinion. The koolaid keeps flowing. Most of my AGE and WS buddies I worked with for years continue to believe and say to me “it’ll get better”… the old story about putting a frog in the pot and turning up the heat comes to mind here. Wake up, our firm and others are going to pull back hard now that they’ve filled their pipelines with high end ML advisors. The average WS or AGE guy is going to wish they had engaged already. Every day is one day closer to a smaller deal or no opportunity worth moving for at all.
blah, blah, blah and more blah... Only fools rush in and in this environment you'd be crazy to risk a move without knowing ALL of the facts. As a WS broker going to Finet is the only indy move that makes any sense at all. No account numbers change, it is a transparent move to the client. If you are EXCEPTIONAL you retain 80% of your clients in a move and that is if the market is a "normal" market. Moving when the market has CRUSHED clients accounts now you arent going to retain 80% anyone telling you otherwise is either dillusional or lying. Lose 1 or 2 of your clients who make up the 80% of your revenue and you are totally screwed. Making a move in here is really a move because you are being forced too and not because firm X is offering me more money. If you hate the firm then you should already be out the door as the merge was the preverbial straw that broke the camels back and not because the retention offer is not close enough to what Firm X is offering. I will say it again, IMO the retention is going to look a lot like what AGE brokers were offered.... probably slightly smaller but very much in line with what was offered back then.Wells is dragging their feet, likely to short sell AGE and Wachovia brokers in my opinion. The koolaid keeps flowing. Most of my AGE and WS buddies I worked with for years continue to believe and say to me “it’ll get better”… the old story about putting a frog in the pot and turning up the heat comes to mind here. Wake up, our firm and others are going to pull back hard now that they’ve filled their pipelines with high end ML advisors. The average WS or AGE guy is going to wish they had engaged already. Every day is one day closer to a smaller deal or no opportunity worth moving for at all.
Newsflash! This just in hot off the press. Your clients know whether they will stay or go with you.
Ya think? Move when the market has been in a 3 year up cycle where they are making money or move when the market is cut nearly in half.... odd of you getting a bad surprise are MUCH higher in this environment than in the other.Newsflash! This just in hot off the press. Your clients know whether they will stay or go with you.
So BukiRob, other than your opinion what factual data do you have to support your statement?
Lets beat this a bit further into the ground… anyone ever wonder why wfc has not made any calls to us? Ever think about why our regional “complex” manager is ncgnto??? (I adore the term “complex” --what the *** is that?) Consider why the guy under the “complex” manager has made only one or two communications with the troops??? Danny is on vacation in Florida during this intense transition??? No retention package news now until December??? We think wb sec. is up for sale… What do my troops think…
I concur…odd that only one Wachovia guy is at the top of the various WFC/WB divisions and it happens to be the brokerage.
You legacy AGE guys just continue to hold tight! I’m having an absolute field day bringing in accounts from your (and other) foundering firm(s). You wouldn’t believe the advertising and mailing campaigns I’m running to do this. I’m actually having the truth printed in ads in my local paper and in mailers (you know, that WB is insolvent and has been sold, in principal…twice, that the future of Wach. Sec. is completely uncertain and that our local Wach. Sec. branch is being closed (a fact which they still haven’t admitted their clients))! Your clients have been SHOCKED to hear it (and SICKENED that they didn’t hear it from you, their formerly trusted advisor), and MOTIVATED to make a move. I tell ya, this is a dream come true for me and I can’t thank you guys enough! Please, please ride this thing to the bitter end.
I don’t understand why anyone would think it would be harder now compared to other times to move if the relationships are good.
I get this my friend. emailed Danny last night with my thoughts and he did respond thankfully… My bm does’nt even respond to my emails…what is a girl to think??? Really liking that I or we will have to pay for our state licenses… apprx. 45 and to boot marketing materials…curious to know were the remainder of my 60% is allocated to. grrrrr
You sound like one of those used car sales man…way too hungary to make a sale…but taking profit on a very difficult situation. I have not had ONE acat out and I am LEGACY AGE!!! Kool-aide and all… we have encountered people like you in the past and all I will offer you is nothing. You are wasting your time on our watch. Beware…we will take those relationships from you when you fail and you will. What you got!
You are right, I don't believe it.
Why don't you attach a copy of what you are running, big boy? Not that it's false, it's just that I don't think anyone is that dumb to run such a smear campaign against a big corporation with lots of lawyers. I'm not pro-AGE/WS. It's just that your bragadocious comments rubs me the wrong way.You sound like one of those used car sales man…way too hungary to make a sale…but taking profit on a very difficult situation. I have not had ONE acat out and I am LEGACY AGE!!! Kool-aide and all… we have encountered people like you in the past and all I will offer you is nothing. You are wasting your time on our watch. Beware…we will take those relationships from you when you fail and you will. What you got!
By the way... you must be an outstanding broker in that you need to rely on m/a to even get a client. I am so impressed!
PM me your e-mail GG, big-boy, and I’ll shoot you copies of a few things I’m using…It ain’t a smear, it’s the truth that WB is trying to suppress, big-boy.
Dude, you sound like Oliver Stone. Truth is, I don't think anyone at Wachovia knows what the truth is. They are out of the loop it appears.
Truth, you can handle the truth!Really, WB isn’t insolvent? The fate of WS isn’t completely uncertain? The AGE/WB deal isn’t even completely finalized, and WB hasn’t been sold already (twice, in principal)? You’re the one with an Oliver Stone screen name and and insolvent employer. How about that e-mail address?
[quote=YHWY] PM me your e-mail GG, big-boy, and I’ll shoot you copies of a few things I’m using…It ain’t a smear, it’s the truth that WB is trying to suppress, big-boy.
[/quote]
You need to get in touch with your compliance dept. if you even have one…Rinky dink little shop you must have… Are you also telling AGE/WB clients how proud you are of your lack of leadership as a creep on the street lerking and feeding off very frightened clients??? Nice to know people like you are STILL are around. Love to see your U4. Must be riddled with bullet holes.
It’s LPL, tough guy. My advertising material is 100% compliance approved, because it’s TRUE. And you need to take a long, hard look at your firm if you think I’M scaring AGE/WB clients. WB is doing a fine job of that by itself, I’m simply confirming the ugly truth.
That was a good point about the Oliver Stone comment, dude! I didn’t even pick up on that at first.
[quote=YHWY] PM me your e-mail GG, big-boy, and I’ll shoot you copies of a few things I’m using…It ain’t a smear, it’s the truth that WB is trying to suppress, big-boy.[/quote] Again, by the way, how old are you? You sound like my high school son – so I will need have him translate this communication. And you have a client???
ummm I have been at AGE for 8 years and we ALWAYS have to pay for Ins and State licenses, among other things…so not much different on that front…branch/firm covers very little.
You know, YHWY, you came back and visited and you were somewhat positive...not your bitter negative self....and we applauded you for it....try to be positive, don't bite us...remain calm.It’s LPL, tough guy. My advertising material is 100% compliance approved, because it’s TRUE. And you need to take a long, hard look at your firm if you think I’M scaring AGE/WB clients. WB is doing a fine job of that by itself, I’m simply confirming the ugly truth.
< ="-" =“text/; =utf-8”>< name=“ProgId” =“Word.”>< name=“Generator” =“Microsoft Word 10”>< name=“Originator” =“Microsoft Word 10”><o:smarttag uri=“urn:schemas-microsoft-com:office:smarttags” name=“date”></o:smarttag><!–if !mso>< id=":38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></>
<>
st1:*{behavior:url(#ieooui) }
Here are facts.... If this YHWY was for real - he wouldn't
be constantly prospecting.. He'd be managing his book. Next if was successful, he'd realize that no high net worth individual cares one bit about
hearing what's wrong with the other firm or the other guy; only what you can or
your firm can do for them.
And when you represent Joe Jones Financial or some unknown independent name
working out of the basement of your mom's house, you better get a 90% payout
because you'll need it!
In "You win some you lose some" Registered Rep Jan 1 2008, the article states the average
independent production is $126,527 per year. Average production per
wirehouse broker is $600,000 - $700,000 depending on the firm. I'd say
mean production would have to be around $450,000 depending on the firm.
This market is miserable and I don't think I'm alone in being happy with having
the backup of a very big, very well known firm. Wachovia had issue but
who didn't. Now apparently we're the second largest brokerage and the
either the largest or second largest bank in the nation. Now, it doesn't
make or break me but I do feel it certainly helps. My question when
competing with a smaller independent is why aren't they working for a real firm
if they're any good? And, no offense, but that question does seem to
work.
Right wrong or indifferent it's my feeling that people buy a BMW from a big BMW
dealership, not the car lot on the corner. They both have cars but the
dealer has prestige, capability, a large variety of resources, and you know
they'll most likely be there next month is something goes wrong. And in
our business flying first class or coach costs exactly the same thing - so why
take the chance?
My opinion on retention is that given the situation across the street with the
retention offer, I think Wells' offer will be better. Upfront bonuses are
125% or more to hire a broker from the competition so why wouldn't they throw
down 50% or more to secure a continued long term relationship with proven
producers. Work your book instead of prospecting as the saying
goes.
But they need to say something - anything in regard to when this information
will be released.
In the absence of any communication whatsoever, all you'll have are the
recruiters spreading rumors and lies to scare the hell out of top
producers. The current tagline is something like "If they even cared
one bit for you or wanted you to stay they would have said something...
YOU"RE GETTING NOTHING! THEY WANT YOU TO GO! And you better go
before everyone wants to go at the same time - then you’re really in
trouble! I understand AHE and WB brokers have all had enough and they are
starting to move and move big..." You get the idea. And these people call constantly.
So, WB didn't have to kick the payout up as much as they did – but they did;
one of the highest on the street. Hopefully they'll announce something,
anything, on the retention issue soon. It's a tough environment and a little clarity would help.
Are you saying that retention packages aren't going to be announced until December? I, like the rest of us, was hoping to hear something before then. This is CRAZY that we haven't been given any clarity on this.No retention package news now until December???
i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
Wachovia Securities brokers pay for states where they do less them $1000 in commissions/trails. Doesn’t make much sense to have a FA doing $400.00 in Texas and firm paying $250 fee. LOL!
[quote=nestegg]
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
[/quote]
See above on State regs. My complex/market pays for mailings, overnight, cable TV, Ednet and you need to get a vendor to help you out on seminars. The MF/Annuity wholesalers have plenty of $$$ to throw around
[quote=Hydeho]
[quote=nestegg]
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
[/quote]
See above on State regs. My complex/market pays for mailings, overnight, cable TV, Ednet and you need to get a vendor to help you out on seminars. The MF/Annuity wholesalers have plenty of $$$ to throw around
[/quote]
We get 25 pieces of mail a day whether you do 200k or 1mm, pay for all state regs other than home state...dont pay for cable tv...no idea what Ed Net is lol, we pay for any and all overnights. This is all legacy AGE
[quote=nestegg] [quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
[/quote] Never heard of that before, I think its the exception and not the rule.
[quote=nestegg] ummm I have been at AGE for 8 years and we ALWAYS have to pay for Ins and State licenses, among other things…so not much different on that front…branch/firm covers very little.
[/quote]
I understand that this is a branch manager call and I apparently had a very thoughtful one…now not so much.
[quote=NCGNTO]No retention package news now until December???
Are you saying that retention packages aren’t going to be announced until December? I, like the rest of us, was hoping to hear something before then. This is CRAZY that we haven’t been given any clarity on this. [/quote]
I understand the confusion with all the uncertainty…just hope we hear something sooner thn l8tr. At this point I will again state…be in front of all the relationships or the other poster child will lrk in and steel away your clients.
My branch picks up everything. U have no cost for materials fee's postage etc etc.[quote=nestegg] ummm I have been at AGE for 8 years and we ALWAYS have to pay for Ins and State licenses, among other things…so not much different on that front…branch/firm covers very little.
[/quote]
I understand that this is a branch manager call and I apparently had a very thoughtful one…now not so much.
I meant I not U
[quote=nestegg]
[quote=Hydeho]
[quote=nestegg]
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
[/quote]
See above on State regs. My complex/market pays for mailings, overnight, cable TV, Ednet and you need to get a vendor to help you out on seminars. The MF/Annuity wholesalers have plenty of $$$ to throw around
[/quote]
We get 25 pieces of mail a day whether you do 200k or 1mm, pay for all state regs other than home state...dont pay for cable tv...no idea what Ed Net is lol, we pay for any and all overnights. This is all legacy AGE
[/quote]
EdNet= Access to your work PC from home..
Your manager is a cheap BAST*%D. How big is your office?
[quote=NCGNTO] At this point I will again state…be in front of all the relationships or the other poster child will lrk in and steel away your clients. [/quote]
<span id=“userPro114699” =“showDropDown’userPro114699’, ‘proMenu114699’, 160, 0;” =“msgSidePro” title=“View Drop Down”>NCGNTO,
Wow, you actually thought to call your clients, good for you! While
you’re at it, be honest with them. It may not be easy, but it’s better for you if you to do it than for me to do it for you.
[quote=Hydeho]
[quote=nestegg]
[quote=Hydeho]
[quote=nestegg]
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
[/quote]
See above on State regs. My complex/market pays for mailings, overnight, cable TV, Ednet and you need to get a vendor to help you out on seminars. The MF/Annuity wholesalers have plenty of $$$ to throw around
[/quote]
We get 25 pieces of mail a day whether you do 200k or 1mm, pay for all state regs other than home state...dont pay for cable tv...no idea what Ed Net is lol, we pay for any and all overnights. This is all legacy AGE
[/quote]
EdNet= Access to your work PC from home..
Your manager is a cheap BAST*%D. How big is your office?
[/quote]
18 FC's
Our whole region is this way...BIG region :)
I am guessing EdNet is a WS term? We call it remote access at AGE ;)
Yes, EDNET is a WS term, although it is changing and going away as of the end of this month. As a “Legacy” WS employee, we have never paid for licenses, mailng, remote access, pencils, paperclips, although they have gotten rather strict on sticky notes.
Yes, EDNET is a WS term, although it is changing and going away as of the end of this month. As a “Legacy” WS employee, we have never paid for licenses, mailng, remote access, pencils, paperclips, although they have gotten rather strict on sticky notes.
That is VERY funny!!
[quote=Gordon Gekko]So BukiRob, other than your opinion what factual data do you have to support your statement?
[/quote] 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED.[quote=BukiRob][quote=Gordon Gekko]So BukiRob, other than your opinion what factual data do you have to support your statement?
[/quote] 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED.[/quote] I Beg to differ, 94% total retention = 100% of those I WANTED to keep and obviously some I DIDN'T. Transitioned last September.[quote=liquid][quote=BukiRob][quote=Gordon Gekko]So BukiRob, other than your opinion what factual data do you have to support your statement?
[/quote] 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED.[/quote] I Beg to differ, 94% total retention = 100% of those I WANTED to keep and obviously some I DIDN'T. Transitioned last September.[/quote] Really? Since you have to have signed ACAT's when you leave a firm and join another, just how is it that 6% of your book is made up of people you do not want???? Am I to believe that 6% of your clients hunted you down and transfered to you in less than 2 months? I call total bull sh it on your statement.BukiRob:
Try 14 mos, Sept, 2007[quote=liquid]BukiRob:
Try 14 mos, Sept, 2007[/quote] Memo to liquid, last september isnt 14 months ago its 2 months ago. No where in your response to me did you mention 2007 what you WROTE was: Originally posted by BukiRobOriginally posted by Gordon Gekko
So BukiRob, other than your opinion what factual data do you have to support your statement? 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED. I Beg to differ, 94% total retention = 100% of those I WANTED to keep and obviously some I DIDN'T. Transitioned last September. Not my problem that you did not convey what you ment. So before you get all high and mighty spend some time reading what YOU wrote. If you have these kinds of issues doing researching your own comments I have a great deal of skeptisism in the accuracy of your client retention numbers.
BukiRob, take a chill pill. You can find one on Infomax.
I get it, you just sound a little too amped.
What we have here is failure to communicate...If you are EXCEPTIONAL you retain 80% of your clients in a move and that is if the market is a “normal” market.
buki, your first problem is that you are talking about retention rates of clients, when the real issue is client assets. There is a world of difference between the two. Hard to arrive at meaningful conclusions if you are not even measuring the right metric.
Even assuming you simply misspoke, how did you calculate retention rates if you did not know the total
assets the departing rep started with, and which of those he wanted to
retain? You’ll need to be both the BOM and a mindreader to do that.
And even if you were both the BOM and a mindreader, anecdotal evidence based on “watching several brokers leave” hardly constitutes a reasonable basis to make sweeping generalizations about industry averages, does it buki?
You believe whatever you wish to about average retention rates. It really doesn’t matter much. But you’ll need to do much more if you want to try to convince others of your opinion.
zzzzzz
I heard that!
I have no opinion either way on this, but I will tell you one littel anectdote:
I have a friend that was about 25LOS at MS. Had about 125mm AUM. He was lured to the local Merrill office, JUST prior to the blowup. This is no joke - he gave his resignation on the Friday before the Monday that ML announced the sale to BAC. Needless to say, he sh1t himself. He's a really good guy, loyal clients, etc. So he transitioned, what, 1.5 months ago? (I forget the date of the announcement). When I spoke to him about 2 weeks ago, he said it was going 'OK'. He had moved about 60-70% of what he HOPED to move. But he was dealing with myriad of different issues: 1. "Why do I want to move to Merrill Lynch, aren't they 'bankrupt'?" 2. "You want me to move to Bank of America?" 3. "I don't really want to make any moves until after year-end so I can figure out tax issues, etc." 4. "I am jsut comfortable with what I have." 5. "I am scared crazy because of this market, I don't want to do anything until the market "comes back"." 6. The normal stuff....I am away on vacation until....Let's wait until after the holidays....etc. So I think most of his stuff will end up moving that he wanted, but it has been MUCH slower than he anticipated. And his income has suffered because of it - in addition, some people said let's move but keep everything in cash until the market "recovers". I would say his income is probably going to be 40-60% lower than prior to the move because of all the above reasons (in addition to the market crash). But once the market recovers, and he gets all those clients invested, he will be back where he was. He was also never much of a managed money guy (mostly stocks, bonds, funds), and I know he is looking to transition to fee-based. He was doing like 750K on 125mm I think. Anyway, I think this really speaks more to the market situation than the "transition" process. And this is not a normal bear market. In a normal bear market, many of your retired/conservative investors would probably be even or up a little, so not a big deal.[quote=B24] This is no joke - he gave his resignation on the Friday before the Monday that ML announced the sale to BAC. Needless to say, he sh1t himself. [/quote]
If it wasn’t for bad luck, he’d have no luck at all.
I know a guy who was hit by lightning while golfing, and fortunately survived, but now refuses to set foot on a golf course. People need to be aware of the risk of very rare outcomes, because they happen. But if they base their plan on avoiding these rare outcomes, they’ll never take the risks necessary to most worthwhile outcomes.
A ship in port is safe, but that’s not what ships are built for.
[quote=duster10]Yes, EDNET is a WS term, although it is changing and going away as of the end of this month. As a “Legacy” WS employee, we have never paid for licenses, mailng, remote access, pencils, paperclips, although they have gotten rather strict on sticky notes.[/quote]
They let me order the real small ones, but i do use a lot of them
[quote=Go_Long]Still no retention announcement. The silence is deafening.[/quote]
I told you a couple of weeks ago you won’t hear anything until some time between Thanksgiving and Christmas.
Maybe Danny will have a nice Christmas presant for you or maybe a lump of coal
They already know what it is … now they are just trying to figure out the best way time and place to spin it to the brokers.
Along those same lines....I heard that several large $1MM+ producers were in HQ this week. Maybe they DO know what the deal is and are just getting "their story straight."...i.e. how they spin this. Either way, I can't imagine it's positive...my .02They already know what it is … now they are just trying to figure out the best way time and place to spin it to the brokers.
Maybe Wells is waiting to see if they can survive
Can you imagine going from AGE to WS to Wells and then to someone else! Your clients might love you, but they would have to find you first!yawn,yawn,yawn
If Wells had anything motivating and positive to put out there and encourage the ranks it would be out right now. Advisors are defensive, standing up for the firm, putting clients first and its not recognized at all at the senior level. The ultimate ‘deal’ is not going to be positive and not going to be encouraging or rewarding for FAs at any level. Come back here WEEKS from now when management finally gets around to telling the troops how screwed they are and tell me I got it right or tell me why I’m off base here if you disagree. If you have facts otherwise, share them.
My manager spoke to our regional today who said we should know our retention packages on the Monday after Thanksgiving.
hmm. from the conference call today they were pretty quite about the retention.
yawn, yawn, yawn
Wow…Danny really shed some light on retention in his call today. If you blinked, you missed his entire micro sentence about a retention package. 35-40 minute call for a micro-sentence… “we will know something within the next SEVERAL WEEKS??” Way to keep the advisors pumping it out Danny! Doesn’t sound like Monday after Thanksgiving. Sounds more like December 2012.
What is going on??? !!![quote=Vet20]Wow…Danny really shed some light on retention in his call today. If you blinked, you missed his entire micro sentence about a retention package. 35-40 minute call for a micro-sentence… “we will know something within the next SEVERAL WEEKS??” Way to keep the advisors pumping it out Danny! Doesn’t sound like Monday after Thanksgiving. Sounds more like December 2012.
What is going on??? !!! [/quote]Yeah, and he kept stating the important thing is there will be very FEW changes...he stated that before and after the one liner about retention....basically dont expect anything because nothing will change..or that is what we want you to believe so you are not mad there is no retention
I can’t imagine the logic of no retention. I lost an opportunity from a doctor with a $1 million portfolio (who was a referral from another doctor) because he was not going to move his accounts to Wachovia. That’s a lot of revenue lost. FA’s will not take it much longer and someone needs to communicate that to our newly found West Coast friends.
you’ll stay. you have no other choice. you’re too chicken to go indy.
I’m already “indy” with FINET. That’s the catch 22.
bad choice. i had tickets in hand for a due dilligence meeting with Finet 11/2 ago. Cancelled the last minute when I realized what I was doing. Feel for you.
[quote=Ferris Bueller] So once again: INDY=SMART, WIREHOUSE=DUMB, LAZY, and AFRAID[/quote]
Do you have a Cliff Notes version? Not sure if I have the time to read through all of that.
Ferris, I’m not following. Can you be more clear?
Could this be the page that Danny is hiding in??? Oh Danny boy!!! Come out, Come out wherever you are!!!
Source URL:https://www.wealthmanagement.com/forums/whats-firms/what-will-wells-fargo-pay-keep-brokers