Our office listened to DLs conference call today.  We all just looked at each other and laughed.  I was planing on leaving after the March bonus.  I now think the whole office will do something together.  I think the conference call really helped a lot of people see their futures much more clearly. 

Ferris, I think you’re awfully optimistic about WFC. Do the number crunching - it doesn’t look good. Stock is likely to be a penny stock in the next week. WFC has the lowest Tier 1 capital of any firm in our industry. Just a matter of time before it’s in the same boat as C and BAC, if not worse. It WAY overpaid for WB. C was more correct in valuing WB at $1/share and now WB has become to WFC what a lead chain is to a one-armed swimmer in rough waters.   The market is telling us this loud and clear.    I think, right now, the best way to build your business is AWAY from a bank, period.



I also think the smaller regionals are an interesting play right now. No headline risk, privately owned, no black eyes and allow you the freedom and flexibility the big wirehouse might not.

It aint perfect at the regionals but you don't have the headline issue. Nobody has heard of them (that is a mixed blessing).

My team will be leaving soon. We have been in regular contact with OUR clients.  The clients are not loyal to the ever changing logo. They are loyal to us becuase we have been there for them.  The only reason they have stayed with WS this long is becuase of us.

My partnership (PF) is doing the investigating of regionals now. I believe we pretty much ruled out the majors due to their a**ociation with a bank and the headline news that we get daily. I don’t want the same corporate structure that we have been under for the last 5+ years. Not looking for the big upfront but a culture that we know people, a place a relationship is valued, and one that is trusting. (We might take about 1/2 the office when we leave and 65% of the production.)



In no particular order but the regionals are Hilliard Lyons, Janney Montgomery Scott, and Stifel Nicolaus.



Any opinions of those three as we continue to try to do our due diligence. BTW, a large part of what we do is fee-based.    

Nestegg