WFA compensation changes?

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Oct 28, 2009 4:36 pm

I have heard that WFA is going to be making some changes like, doing away $5 ticket charge on mutual funds, and the $95.00 minimum trade? I was told because of so many complaints about them. Anyone know If this is true?

Oct 28, 2009 5:20 pm

That would be awesome but somehow I just can’t see it.

Oct 28, 2009 5:22 pm

the $95 minimum trade is a-ok with me, but $5 ticket charge is a f***in joke and it REALLY pisses off clients

Oct 28, 2009 5:31 pm

I haven’t ran into to much rejection about the ticket charge, I get more complaints about the increased commission charges for trades and account fees. Makes me miss AGE a little more.

Oct 28, 2009 7:19 pm

I would highly doubt it…if anything they would raise the min comm…

Oct 28, 2009 7:27 pm

How can you raise it?  Its obnoxious as it is.  My guess is not a lot of changes coming, but thinking due to legal events the ticket charge could be removed, which would be long overdue.  Think the good times coming to an end for the market, so any add ons are going to be coming at a bad time IMO.

Oct 28, 2009 8:43 pm

No major changes. I have also heard they will be lowering the min commission for equity trades. My guess is they will start to tweak the 24/50 grid . Gradually move from 50…49…48 until your making 27-32% like the legacy wells fargo investment brokers/hub.

Oct 29, 2009 10:33 pm

where did you hear wfi’s grid is 27-32%? 

  i've discussed this with wfi brokers and the grid is similar to most firms. 35% base at 350m, and grid creeps every 75-150m.
Oct 30, 2009 7:50 am

huskies. Thats assuming all the gross is the brokers. Any referral from business bankers, trust dept. etc is split. b/c at wells EVERYONE has a series 7 license and can receive comp from referrals. So 35% gross on a 5000 ticket is really 35% gross on a 2500 ticket. what does that work out to be.....17.5%

Oct 30, 2009 9:36 pm

that’s patently false, but i believe you posted on another board that you’re leaving.

  if making up stuff makes you feel better about your decision, do what you gotta do.   hope your going indy as there's no other wirehouse that doesn't have issues.
Oct 30, 2009 10:16 pm

No major changes. I have also heard they will be lowering the min commission for equity trades. My guess is they will start to tweak the 24/50 grid . Gradually move from 50…49…48 until your making 27-32% like the legacy wells fargo investment brokers/hub.

  Who's "Wells Fargo Investors"? Isn't it "Wells Fargo Advisors"? Is that the bank channel? If not, who's getting the bank referrals you mention in the other post?
Oct 30, 2009 10:46 pm

When are they going to change the name again(and the commercials)

Oct 31, 2009 12:50 am

wells fargo investments is the wells fargo bank brokerage.  wells fargo advisors are the wachovia/age brokers.  the wfi grid is really low for under 300k producers but whos isnt these days.  you dont hit 36% until you are above 500k.  grid maxes out i think at 39% for 1mill+.  you only have to split when the referral source is 7 licensed.  if they arent licensed you get 100%.  as of 2010 though from what i hear everyone goes to series 6 license so there will be a differnet split on the bank brokerage side.

Oct 31, 2009 2:10 am

AGE PCG bank ISG TAD yada yada yada 35 45 percent payout Finet whatever. Merry Christmas!

Oct 31, 2009 5:27 pm

All i can speak of is from experience. Where im at, the wells fargo has probably 20 brokers…all the trust dept has 7’s, including everyone in the bank private client services…also the small business bankers and business bankers have 7’s, so unless you want referrals from the tellers…who would you not have to split with??? The biggest accounts coming from the trust dept are always going to split. Also, lets say you want to leave wells at some point and the client has a relationship with both you and the trust officer that referred you…makes it a lot harder to move the account

Oct 31, 2009 11:14 pm

biz bankers with series 7 is a reach at best.

  we only give credit for referrals. it ain't cheap as the 10% of the gross that you share comes out of your net. so if you're at the 37% grid, you only net 27%, but THAT BIZ IS JUST HANDED TO YOU.    the good news is you don't share in fees/trails after the initial billing.  come month 13, those trails are 100% for the fa.  also, even though it's shared, the rev still hits your grid in full so you get deferred comp and grid creep credit.   i guess if you rely on others for you biz, it's not a great deal.  if, however the referrals are gravy, it's a pretty sweet situation.  we still get paid full grid for self generated biz.   think about it, if someone would give you 100m in fee based rev, but you'd have to take a haircut on the 1st year, would you take it?...  
Nov 1, 2009 7:30 am

Wells Investment brokers are far from wirehouse brokers. Also, they have a non solicit on bank accounts. So yes i guess if being handed accounts suits you well…just remeber they own you. and yes im leaving to another wire as i do not feel WFA is still a wire…do you honestly think that wfa will not lower grids etc.?

Nov 1, 2009 7:34 am

Just so you can stop discrediting my posts…here is a cut and paste from a job opening for a wells fargo PERSONAL BANKER…far less than any biz banker…

    Preferred Skills Bi-lingual in Spanish/English
Previous experience in retail sales or the financial industry
Previous experience meeting customer satisfaction goals
Ability to work a flexible schedule that includes working weekends and some holidays
Multilingual speakers are encouraged to apply
Series 7 and Series 66 Licenses
Nov 1, 2009 10:46 am

True.  And here is another.

  Preferred Skills Bi-lingual in Spanish/English
Passionate about lending
Ability to think Envision is a good tool Passionate about lending
Multilingual speakers are encouraged to apply for a credit card Must be able to work in a lobby
Series 7, Series 66, and Class C driver's licenses required 
Nov 1, 2009 9:29 pm

Wells just posted on Infomax that Envision money based on the September snapshop will  now probably not be paid until January. They claim this is an improvement over the current system. While this change may be better for FA’s that are just now qualifying for their Envision award for those of us still waiting for our June check its another demoralizing delay. I’m still waiting for some change Wells makes that benefits the FA or is better than the competition.