NO Wachovia retention, who is leaving?
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Let’s start a discussion about where you are going / What they are giving you / An why it is better than just staying put.
Great way to move from mortem to “post mortem” stage on the ‘where is Wachovia Retention’ thread. A very welcome move!
Here is the dilemma…move to where? UBS…C/MS…i honestly could give a shit less about retention, im more worried about a career than some upfront money right now, would give that up for job and company stability. just my two cents for what its worth
I am leaving for FINET. This will be the least impact to my clients and my practice for the time being. I really intend on staying with FINET/Wachovia/Wells Fargo for the rest of my career. My move to FINET will be the first significant step to putting me back between my clients and the firm in the realm of priority…clients interest, my interest, then the firms interest. And yes, I am AGE Legacy. I was raised this way.
In my region, Janney Montgomery Scott is the only firm I'll consider. Private firm, founded in 1832, is NOT a bank, "scale & scope" are NOT in its corporate vocab, a PERSON actually picks up the phone when you call the home office, has all the products and services (except lending) that the big boys have. The deal for a 500k producer is 110% upfront with an additional 20% for bringing over 75% of your book, and another 20% of your first 12 months gross. So, it is a 150% deal. The demand has been so great that you must gross at least 500k to be eligible for a deal. The deal is an 8 year forgivable loan. By the way, because Janney isn't publicly traded, you receive ALL CASH and nothing is deferred. Also, because it is a regional, payouts are higher than the wires. Another thought - Janney hasn't been through all the mergers that the wires have been though and, being private means Janney can focus on the long term and doesn't have to worry about quarterly numbers meeting analyst estimates or the fear of a hostile takeover. IMHO this firm is utopia. I just have to muster up the guts to move my book.Let’s start a discussion about where you are going / What they are giving you / An why it is better than just staying put.
Ferris…im with you. I think leverageing the Wells brand could be beneficial, if they really have managed their book as well as it looks.
I am considering some of the regionals.
Stifel, 50% upfront (3/4's of that in cash, 1/4 in Stock) Backend ? confusing explanation from Br Mgr. No Raymond James. RJ offered 60% up,+ salary, + backend bogie's to reach 100%. But, No office within reasonable driving distance. Hilliard Lyons 50% upfront , ? Backend LOS 10yrs, 400k, Recurring rev 70%+,CFP. I broke and rebuilt business after tech bubble to advisory model. Small community, and very low overhead costs. I am AGE legacy born and bred, and would prefer non Wirehouse. Can anyone tell me how my offers look by comparison.Only one potential, and I say potential problem: What if the WFC name turns to garbage just like the Wachovia name...I know, I know, WFC is not WB and WB ALWAYS had a sh!tty name but, the stock is not acting well. Not a sermon, just a thought.[quote=ChurnNBurn] Ferris…im with you. I think leverageing the Wells brand could be beneficial, if they really have managed their book as well as it looks.[/quote]
Part of the problem is that most people that got retention squandered it or put it into the market. Now they see a new package as a way to make up for those lost assets.
I see it another way. The money I would have lost (40%) had I been in the market is a large chunk of change I can use to run a massive campaign. With all the distress out there and all the heat because of madoff, a strong name like WFC would be a great benefit. So let the name be announced. Let the troops here get zero retention. If there is a retention then I win. If none, then I win. As the dust settles, I will benefit.
You can never guarantee a win, but you can put yourself in the best position TO win.
Pick your poision…it seems like the shorts will take down every financial before this ones over…all i know is that if warren is a large shareholder…i want to play with him.
I don’t think WFC did enuf due dilly on the Golden West angle. There’s a lot more turds buried there.
Our office has lost 2 advisors and 2 more are definately leaving soon. I believe the highest producing team in the office is going too after a conversation today. WS and AGE FA's. The rub for them is poor back office support, nickle and diming of the clients and fa's, and no faith-trust-respect for mgt.Let’s start a discussion about where you are going / What they are giving you / An why it is better than just staying put.
Hope your right. I’m in Cali, and the real estate market here continues to resemble the glide path of an anvil. And its gonna get a lot worse, WFC has always seemed prudent but the stock price is saying something else.
but then WTF do I know. If I had any fucking brains, I would have hit the bid a year ago.
[quote=thebigO]I am considering some of the regionals.
Stifel, 50% upfront (3/4's of that in cash, 1/4 in Stock) Backend ? confusing explanation from Br Mgr. No Raymond James. RJ offered 60% up,+ salary, + backend bogie's to reach 100%. But, No office within reasonable driving distance. Hilliard Lyons 50% upfront , ? Backend LOS 10yrs, 400k, Recurring rev 70%+,CFP. I broke and rebuilt business after tech bubble to advisory model. Small community, and very low overhead costs. I am AGE legacy born and bred, and would prefer non Wirehouse. Can anyone tell me how my offers look by comparison. [/quote] The offers see quite reasonable considering that these are regionals. Remember the wires have to offer what they offer b/c the quality of life there sucks. As a fellow legacy AGE rep I fully understand the value of the regional culture and a great back office. Seems like you have built a nice business after the last bubble. The firms you mentioned would be lucky to have you. I don't know much about Hilliard's platform, but Stifel is the real deal with their's. The only downfall is Stifel, like AGE was, is a publicly traded. The good new is the stock's so high right now that nobody could get shareholder approval to buy them.Hilliard’s platform matches up well for a Legacy AGE rep. Pathways might be an issue (I don’t do it but I assume we don’t have it) but the overall expereince is similar to the above described Janney Montgomery. With a regional you hear “I’ve never heard of them” versus “Oh, I’ve heard you guys have problems”.
Sounds like a short seller working on emotion rather than fact. Wells is going to be able to write down the entire WB portfolio to 0 and get a tax credit for ever dollar they write down. WFC isnt in trouble financially and is going to end up making semi tractor trailers full of money on the other side of this mess.I don’t think WFC did enuf due dilly on the Golden West angle. There’s a lot more turds buried there.
You guys actually believe Wells was forced to take TARP money? Yeah right!
How can you believe anything a large bank or a wirehouse tells you? Goodluck but I believe you are jumping in a toilet full of turds.[quote=thebigO]I am considering some of the regionals.
Stifel, 50% upfront (3/4's of that in cash, 1/4 in Stock) Backend ? confusing explanation from Br Mgr. No Raymond James. RJ offered 60% up,+ salary, + backend bogie's to reach 100%. But, No office within reasonable driving distance. Hilliard Lyons 50% upfront , ? Backend LOS 10yrs, 400k, Recurring rev 70%+,CFP. I broke and rebuilt business after tech bubble to advisory model. Small community, and very low overhead costs. I am AGE legacy born and bred, and would prefer non Wirehouse. Can anyone tell me how my offers look by comparison. [/quote] What was your T12?The Golden West portfolio was 125 Billion. WFC was able to write down 74 Billion thanks to the Sept 30 tax law change, worth 20 Billion after taxes. Wells will be fine unless the entire portfolio goes to zero. Real estate has taken a dump but not enough to do that.
Obama nation took away that tax law change last week.
I think that why WFC has tanks so much recently
I’m LOS 10 and at 450k, but my asset total looks like s%^&, so I’m either gonna stick this year and rebuild or have a FINET opportunity with another group in the office…
Either way, I need to get new clients to replace the ones that are in shock!