What will Wells Fargo pay to keep brokers?
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[quote=NCGNTO]No retention package news now until December???
Are you saying that retention packages aren’t going to be announced until December? I, like the rest of us, was hoping to hear something before then. This is CRAZY that we haven’t been given any clarity on this. [/quote]
I understand the confusion with all the uncertainty…just hope we hear something sooner thn l8tr. At this point I will again state…be in front of all the relationships or the other poster child will lrk in and steel away your clients.
My branch picks up everything. U have no cost for materials fee's postage etc etc.[quote=nestegg] ummm I have been at AGE for 8 years and we ALWAYS have to pay for Ins and State licenses, among other things…so not much different on that front…branch/firm covers very little.
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I understand that this is a branch manager call and I apparently had a very thoughtful one…now not so much.
[quote=nestegg]
[quote=Hydeho]
[quote=nestegg]
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
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See above on State regs. My complex/market pays for mailings, overnight, cable TV, Ednet and you need to get a vendor to help you out on seminars. The MF/Annuity wholesalers have plenty of $$$ to throw around
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We get 25 pieces of mail a day whether you do 200k or 1mm, pay for all state regs other than home state...dont pay for cable tv...no idea what Ed Net is lol, we pay for any and all overnights. This is all legacy AGE
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EdNet= Access to your work PC from home..
Your manager is a cheap BAST*%D. How big is your office?
[quote=NCGNTO] At this point I will again state…be in front of all the relationships or the other poster child will lrk in and steel away your clients. [/quote]
<span id=“userPro114699” =“showDropDown’userPro114699’, ‘proMenu114699’, 160, 0;” =“msgSidePro” title=“View Drop Down”>NCGNTO,
Wow, you actually thought to call your clients, good for you! While
you’re at it, be honest with them. It may not be easy, but it’s better for you if you to do it than for me to do it for you.
[quote=Hydeho]
[quote=nestegg]
[quote=Hydeho]
[quote=nestegg]
[quote=mnbondguy]i was at AGE for years, never paid for my state licenses. Is WS making all brokers pay for their licenses now?
[/quote]You got lucky and had a nice BM!
Every broker in our office pays for any stat other than home state, has been this way at AGE the 8 years I have been there, also pay for mailing over a certain alotment, overnight packages, half of any seminars etc....we pay for everything at AGE!!! So is WS charges it will be no different..other than the lower payout we are gettign to boot!
[/quote]
See above on State regs. My complex/market pays for mailings, overnight, cable TV, Ednet and you need to get a vendor to help you out on seminars. The MF/Annuity wholesalers have plenty of $$$ to throw around
[/quote]
We get 25 pieces of mail a day whether you do 200k or 1mm, pay for all state regs other than home state...dont pay for cable tv...no idea what Ed Net is lol, we pay for any and all overnights. This is all legacy AGE
[/quote]
EdNet= Access to your work PC from home..
Your manager is a cheap BAST*%D. How big is your office?
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18 FC's
Our whole region is this way...BIG region :)
I am guessing EdNet is a WS term? We call it remote access at AGE ;)
Yes, EDNET is a WS term, although it is changing and going away as of the end of this month. As a “Legacy” WS employee, we have never paid for licenses, mailng, remote access, pencils, paperclips, although they have gotten rather strict on sticky notes.
Yes, EDNET is a WS term, although it is changing and going away as of the end of this month. As a “Legacy” WS employee, we have never paid for licenses, mailng, remote access, pencils, paperclips, although they have gotten rather strict on sticky notes.
That is VERY funny!!
[quote=Gordon Gekko]So BukiRob, other than your opinion what factual data do you have to support your statement?
[/quote] 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED.[quote=BukiRob][quote=Gordon Gekko]So BukiRob, other than your opinion what factual data do you have to support your statement?
[/quote] 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED.[/quote] I Beg to differ, 94% total retention = 100% of those I WANTED to keep and obviously some I DIDN'T. Transitioned last September.[quote=liquid][quote=BukiRob][quote=Gordon Gekko]So BukiRob, other than your opinion what factual data do you have to support your statement?
[/quote] 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED.[/quote] I Beg to differ, 94% total retention = 100% of those I WANTED to keep and obviously some I DIDN'T. Transitioned last September.[/quote] Really? Since you have to have signed ACAT's when you leave a firm and join another, just how is it that 6% of your book is made up of people you do not want???? Am I to believe that 6% of your clients hunted you down and transfered to you in less than 2 months? I call total bull sh it on your statement.[quote=liquid]BukiRob:
Try 14 mos, Sept, 2007[/quote] Memo to liquid, last september isnt 14 months ago its 2 months ago. No where in your response to me did you mention 2007 what you WROTE was: Originally posted by BukiRobOriginally posted by Gordon Gekko
So BukiRob, other than your opinion what factual data do you have to support your statement? 15+ years in the business and watching several brokers leave in various enviroments from guys doing 300K to 1.8 Mill On average they retain 80% as I have be able to retain some very nice accounts that used to be clients of these very brokers of which I speak. Go talk to people that have been in the business and have moved. Not one of them will tell you they kept every client they WANTED. I Beg to differ, 94% total retention = 100% of those I WANTED to keep and obviously some I DIDN'T. Transitioned last September. Not my problem that you did not convey what you ment. So before you get all high and mighty spend some time reading what YOU wrote. If you have these kinds of issues doing researching your own comments I have a great deal of skeptisism in the accuracy of your client retention numbers.
I get it, you just sound a little too amped.
What we have here is failure to communicate...If you are EXCEPTIONAL you retain 80% of your clients in a move and that is if the market is a “normal” market.
buki, your first problem is that you are talking about retention rates of clients, when the real issue is client assets. There is a world of difference between the two. Hard to arrive at meaningful conclusions if you are not even measuring the right metric.
Even assuming you simply misspoke, how did you calculate retention rates if you did not know the total
assets the departing rep started with, and which of those he wanted to
retain? You’ll need to be both the BOM and a mindreader to do that.
And even if you were both the BOM and a mindreader, anecdotal evidence based on “watching several brokers leave” hardly constitutes a reasonable basis to make sweeping generalizations about industry averages, does it buki?
You believe whatever you wish to about average retention rates. It really doesn’t matter much. But you’ll need to do much more if you want to try to convince others of your opinion.
I have no opinion either way on this, but I will tell you one littel anectdote:
I have a friend that was about 25LOS at MS. Had about 125mm AUM. He was lured to the local Merrill office, JUST prior to the blowup. This is no joke - he gave his resignation on the Friday before the Monday that ML announced the sale to BAC. Needless to say, he sh1t himself. He's a really good guy, loyal clients, etc. So he transitioned, what, 1.5 months ago? (I forget the date of the announcement). When I spoke to him about 2 weeks ago, he said it was going 'OK'. He had moved about 60-70% of what he HOPED to move. But he was dealing with myriad of different issues: 1. "Why do I want to move to Merrill Lynch, aren't they 'bankrupt'?" 2. "You want me to move to Bank of America?" 3. "I don't really want to make any moves until after year-end so I can figure out tax issues, etc." 4. "I am jsut comfortable with what I have." 5. "I am scared crazy because of this market, I don't want to do anything until the market "comes back"." 6. The normal stuff....I am away on vacation until....Let's wait until after the holidays....etc. So I think most of his stuff will end up moving that he wanted, but it has been MUCH slower than he anticipated. And his income has suffered because of it - in addition, some people said let's move but keep everything in cash until the market "recovers". I would say his income is probably going to be 40-60% lower than prior to the move because of all the above reasons (in addition to the market crash). But once the market recovers, and he gets all those clients invested, he will be back where he was. He was also never much of a managed money guy (mostly stocks, bonds, funds), and I know he is looking to transition to fee-based. He was doing like 750K on 125mm I think. Anyway, I think this really speaks more to the market situation than the "transition" process. And this is not a normal bear market. In a normal bear market, many of your retired/conservative investors would probably be even or up a little, so not a big deal.