Just some thoughts on retention -
Seems to me that folks at ML and WACH who are waiting for/expecting a big retention package are fooling themselves. There will be retention packages, but they will be meager.
BAC and Wells know that there is nowhere for FA’s to go.
SB is consolidating offices and filling their seats with displaced brokers from their own closed and downsized offices. This makes a lot more sense than buying books for 200% of T-12
MS doesnt know what they are going to look like in a year, or who will own them, or how on earth they will do business, even. (like all the other firms). I really wonder what will happen to them. They spent all this money giving 200-250% deals to every Tom Dick and Harry with a book, and most of those FA’s business is being hurt so badly that those deals are going to end up being 300-400% of F-12 (FORWARD 12).
Merrill is about to embark on an oddesey of integrating two cultures that couldnt be further apart. Who would want to go thru that as an FA?
And Wachovia - sure - go tell your clients why THAT will be a beneficial move for them.
On top of that, i dont see any way that these firms are going to be offering 200%, or even 150% for much longer, if they are even doing it now.
So there is no reason for BAC and Wells to offer big retention packages. The choice seems to me to stay put or go Indie.
Just my humble opinion.
Check out RIA or go indy b/d. What a bunch of bs, retention packages, trips, fancy offices. Investors are wising up, fast. Time to take care of #1.
I can’t imagine retention packages are going to be worth the shackles in this environment.