Wells Fargo Advisors
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Will it be better than Wachovia Securities?
My question is, now that Wells Fargo has credited the Wachovia “merger” with a substantial part of their recent quarterly earnings upside shocker, does everyone now agree that Wachovia Securities has always been a wholly owned subsidiary of WB, or do some still cling to the “Wachovia Securities, LLC is/was an island unto itself.” line?
[quote=YHWY]
My question is, now that Wells Fargo has credited the Wachovia “merger” with a substantial part of their recent quarterly earnings upside shocker, does everyone now agree that Wachovia Securities has always been a wholly owned subsidiary of WB, or do some still cling to the “Wachovia Securities, LLC is/was an island unto itself.” line?
[/quote]
It wasn’t so much an “island unto itself”, more like a peninsula ROFLMAO!!! I would guess that 1st Qt profits from brokerage are not outstanding.
[quote=Hydeho]
I would guess that 1st Qt profits from brokerage are not outstanding.
[/quote]
Due to the cancer that was AGE, no doubt…ROFLMFAOPM.
DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
PF = Profit Formula. It’s the channel that is independent “like”. Higher payout, you cover mamy expenses, you work at a WS branch.
[quote=YHWY]
[quote=Hydeho]
I would guess that 1st Qt profits from brokerage are not outstanding.
[/quote]
Due to the cancer that was AGE, no doubt…ROFLMFAOPM.
[/quote]
Actually no, wouldn’t blame AGE. Not with so many leaving-thats a godsend. ROFLMAO!! Blame the market that sucked , with our branches revenue down 26% or so. Some have done better some worse
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers.DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically, then to build one through nonstop mergers. [/quote] Well said.[quote=S&P low 666]DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote][quote=S&P low 666]DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
I think you are on to something....UBS and WS have always been bottom of the barrel in every broker satisfaction survey and they paid the biggest upfront checks...coincidence...I think not...as you move up the list the checks go down...interesting how that works huh!
Nobody has responded to this one. It reminds me of the old Southern question and answer someone would ask when you heard a story that a buddy of yours shouted down or stood up to a bully. They would respond to your story asking " he said that !?" Then what did he ( the bully ) say ?" The reponse from the story teller was" he(the bully) didn’t say nothin, he just walked away."
Delusional...Correct me if I am wrong, but didn't DL seek out Wheat First's merger with Wachovia? He wanted to be a banker. WFC bought WB at a fire sale. WFC got WB's share of Wachovia Securities (I think WB owned about 65% give or take) for a grand total of zero. What do you think the combined market cap of all the regionals that were bought by DL would be if they were still independent?? I don't know of a single person who has done more damage to the independent regional brokerage model then DL. He has been touting scale, scope and the universal bank model for years, and he has been dead wrong. His vision has cost shareholders and the employees that worked for regional brokerage firms 10'S OF BILLIONS. WS offers nothing to it's customer or employees that you can't get at any regional firm, except higher fees, more haircuts, and more BS. Wachovia Securities and UBS were probably the two biggest payers of upfront money, and now both of them have imploded. Crappy firms have to pay the biggest up front, because that is the only reason somebody would go work there. That model doesn't work. Dl didn't build a brokerage firm, he bought one. It take a differrent kind of leader to grow a business organically then to build one through nonstop mergers. [/quote][quote=mnbondguy][quote=S&P low 666]DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
I think you are on to something....UBS and WS have always been bottom of the barrel in every broker satisfaction survey and they paid the biggest upfront checks...coincidence...I think not...as you move up the list the checks go down...interesting how that works huh!
[/quote] The more I read it the more I like it
DL created the greatest firm ever in WS. He was the brokers best friend. WFC (and economic meltdown) wrecked it and I am surprized DL is still trere. WFC doesnt want a non-bank brokrage firm. They want bank broker bithces they can control. PF will be gone and so will DL. he will eventually see that he cannot fight the Borg that is WFC. Sad but true. FA’s still there that dont belive this are in denial. Retentention, cutting their recruiting deals, stopping PF recruiting,moving ISG to mother ship are all just the tip of the ice berg. If you have a book you can move you nuts not jumping off the titanic. keep giving then the benefit of the doubt, you will see
Gotta love any post that includes a ST:TNG reference.
mnbndguy-
This is the best post I have read on these boards. You are dead right. All very unfortunate for those DL left in his wake. It amazing that he has no sense or awareness of what he has done. He is has always surrounded himself with "yes men" that have never told him the truth.I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[quote=Gaddock]I was a very unhappy camper until I got my first paycheck…
DOUBLED under new payout. Maybe it's not so bad after all.[/quote]Doubled huh...not sure how that is possible...