Wells Fargo Advisors Hit With Payroll Crisis
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[quote=eggward][quote=agebroker5]We had a mass exodus in my office and we have kept 50% of their accounts.
[/quote] Every person I know that left that had good relationships with their clients kept 70%+, with many at 85%+. The ones that did 60% or less were transactional or rarely called their clients. [/quote] I agree. Especially people going from AgaWachaFargo to Stifel. I have talked to several FA's who have taken well into the 90% range. They tell me it is an easy sell. Lets see..."Mr Jones, remember the good old days of Edwards. Yeah, I hated the merger too.. Well, guess what, I have had enough of the big banks and I found the closest thing to AGE. Thats right, St. Louis, 120 yrs old, client focused, over half of their back office is made up of AGE people, and over 500 AGE guys (many of whom are personal friends of mine) have moved there in the last 12 months alone. Oh yeah, in 2009 when every other investment firm and bank went our of business or barely survived, thier stock almost doubled. They focus on you, not your fees. Sign here..."[quote=Ferris Bueller]
Please tell us more about your operation, it’s really intriguing. Do your lights dim when the tanning beds next door turn on? Can you hear the polishing wheel from the shoe repair guy? Fascinating stuff.
[/quote]
indyon
sorry bro. game set match.
move on with your life.
(do your lights dim when tanning beds turn on? bwhahahahhaha)
[quote=CommonSense][quote=eggward][quote=agebroker5]We had a mass exodus in my office and we have kept 50% of their accounts.
[/quote] Every person I know that left that had good relationships with their clients kept 70%+, with many at 85%+. The ones that did 60% or less were transactional or rarely called their clients. [/quote] I agree. Especially people going from AgaWachaFargo to Stifel. I have talked to several FA's who have taken well into the 90% range. They tell me it is an easy sell. Lets see..."Mr Jones, remember the good old days of Edwards. Yeah, I hated the merger too.. Well, guess what, I have had enough of the big banks and I found the closest thing to AGE. Thats right, St. Louis, 120 yrs old, client focused, over half of their back office is made up of AGE people, and over 500 AGE guys (many of whom are personal friends of mine) have moved there in the last 12 months alone. Oh yeah, in 2009 when every other investment firm and bank went our of business or barely survived, thier stock almost doubled. They focus on you, not your fees. Sign here..."[/quote]Yup thats exactly how it went...the funny thing is they moved, and inmany cases I have gotten more $$ and referrals from existing clients, because they were hesitent to send them my way he last few years at Wachovia!
It sounds like a technical problem that someone thought wasn't a high enough priority to fix. Way to treat the employees.
They know it's a big enough problem if they are offering loans so it problem gets corrected in future. What kind of lame payroll system can account for filing status and withholdings?[quote=Buckeye]
It sounds like a technical problem that someone thought wasn't a high enough priority to fix. Way to treat the employees.
They know it's a big enough problem if they are offering loans so it problem gets corrected in future. What kind of lame payroll system can account for filing status and withholdings?[/quote] Hard to believe the story when the WF Bank brokers who are paid the same way dont have the same software "glitch".[quote=fritz][quote=Buckeye]
It sounds like a technical problem that someone thought wasn't a high enough priority to fix. Way to treat the employees.
They know it's a big enough problem if they are offering loans so it problem gets corrected in future. What kind of lame payroll system can account for filing status and withholdings?[/quote] Hard to believe the story when the WF Bank brokers who are paid the same way dont have the same software "glitch".[/quote] It's my understanding they do have the same problem, but in a smaller way. Their salary/draw makes up much more of their earnings, and is taxed normally. It's set much higher than the $1,820 a month received in PCG.There is a “business planning” tool that the manager mentioned on infomax. One of the guys in the office pulls up the program, and up pops all the information about production of the individual brokers in the LaCrosse, WI. branch. We are not in Wisconsin! Who runs this company, the Three Stooges, Abbot and Costello, Kramer from Seinfeld? WFA is sloppy, be it payroll, envision, or now information about another branch! This outfit likes to think of itself as Major League, but they have minor league management!
It is the fools from Wachovia running WFA. The payroll is a separte issue. All the other fukups are from those that put together Wachovia Sec. They were in the business of buying everyone and clearly not too focused on financial advisors and clients.
It reminds me of an old saying, Do two wrongs make a right?
Do two F#(ups make a good firm?[quote=Greenbacks]
It reminds me of an old saying, Do two wrongs make a right?
Do two F#(ups make a good firm? [/quote] If Greenbacks makes another snide comment about any firm other than an indie, does anybody give a flying f**k?WFA could care less about all of us. I don’t care about guys bashing everything except indie, but I wish that’s what I would have done instead of taking this F***ed check. They have us by the balls and we are all getting ass f***ed and just taking it. I think I will take my chances in court before the year is out. f*** this company. I think if we just sit here…those that aren’t fired or starved out ( with good production ) will be working in banks for a salary + bonus. That salary will probably start at 50k. Theu are practically screaming it in our faces
A few months ago, I had a conversation with a senior exec from WF, who had previously been on the bank side of Wachovia (and before that at GE). In a weak moment this person admitted that she and many of her peers at WF hate the individual brokers- finding them to be whiny etc. She was particularly angry that many try to go around her when they don’t get the answer they want. She considers it to be disrepectful to her status in the bank. Her feeling is that everyone needs to respect the organizational hierachy (I wish I were making this up…I’m not) and not be so “individual”. OK.
Flash foward to Xmass, saw this person again, and she had the gaul to complain about not receiving a bonus ! I promptly asked if the 4Front payments had been made ? No reply. I followed up by asking if she and her peers would have jobs if there wasn’t any revenue coming back to the bank from the brokerage side. No reply and she quickly changed the subject.
WFA is fighting an uphill battle.
You are wrong on one thing, I think you are setting the salary a little too high.WFA could care less about all of us. I don’t care about guys bashing everything except indie, but I wish that’s what I would have done instead of taking this Fed check. They have us by the balls and we are all getting ass fed and just taking it. I think I will take my chances in court before the year is out. f*** this company. I think if we just sit here…those that aren’t fired or starved out ( with good production ) will be working in banks for a salary + bonus. That salary will probably start at 50k. Theu are practically screaming it in our faces
" She considers it to be disrepectful to her status in the bank."
That’s why you should not have women executives.
[quote=exUBS] A few months ago, I had a conversation with a senior exec from WF, who had previously been on the bank side of Wachovia (and before that at GE). In a weak moment this person admitted that she and many of her peers at WF hate the individual brokers- finding them to be whiny etc. She was particularly angry that many try to go around her when they don’t get the answer they want. She considers it to be disrepectful to her status in the bank. Her feeling is that everyone needs to respect the organizational hierachy (I wish I were making this up…I’m not) and not be so “individual”. OK. Flash foward to Xmass, saw this person again, and she had the gaul to complain about not receiving a bonus ! I promptly asked if the 4Front payments had been made ? No reply. I followed up by asking if she and her peers would have jobs if there wasn’t any revenue coming back to the bank from the brokerage side. No reply and she quickly changed the subject. WFA is fighting an uphill battle.
[/quote]
WFC are bankers. Period.
conservative.
WS was added baggage they did not want to get WB’s east coast deposits.
I say they sell em after tarp paid and economy stable.
WFA could care less about all of us. I don’t care about guys bashing everything except indie, but I wish that’s what I would have done instead of taking this F***ed check. They have us by the balls and we are all getting ass f***ed and just taking it. I think I will take my chances in court before the year is out. f*** this company. I think if we just sit here…those that aren’t fired or starved out ( with good production ) will be working in banks for a salary + bonus. That salary will probably start at 50k. Theu are practically screaming it in our faces
Well said Kahuna.What's up sh*thead? I thought you were finet? I knew you were full of sh*t from the time I saw your first post. Man up and quit being such a pussssy on a public BBS.WFA could care less about all of us. I don’t care about guys bashing everything except indie, but I wish that’s what I would have done instead of taking this Fed check. They have us by the balls and we are all getting ass fed and just taking it. I think I will take my chances in court before the year is out. f*** this company. I think if we just sit here…those that aren’t fired or starved out ( with good production ) will be working in banks for a salary + bonus. That salary will probably start at 50k. Theu are practically screaming it in our faces
Legacy AGE who left here.
I think there is some syndrome where people who are being abused start to think (1) they deserve it, (2) it wouldn't be better anywhere else and (3) they are lucky to just have a roof over their heads. The frog is very close to being boiled...It is my understanding that in Oct, 2007 there were approximately 7300 AGE brokers. And, I’m told by a former branch manager that the current number is under 4000. If true, that is approximately 45% attrition.
I assume that 4000 is BS, since the 7300 number is BS. AG had 6,618 brokers at the time of the merger announcement. Ask that former branch manager what tool he is using to track his fantasy numbers.It is my understanding that in Oct, 2007 there were approximately 7300 AGE brokers. And, I’m told by a former branch manager that the current number is under 4000. If true, that is approximately 45% attrition.