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Prudential Financial, Inc. Message Board

  • willie2call willie2call Apr 13, 2003 12:14 AM Flag

    pruseniorfa

    Wake Up! If you have not realized that this JV, merger,sale was executed for a few reasons and a few reasons alone than you are a fool. AR: Sell this crap, money losing franchise to whoever will take it. MR: OK but I will try to make as much money as possible while doing it. AR: No problem, but in doing so you better not screw this up. MR: No problem, this will get done.

    Wachovia will run this JV ( LOL) using their business model and all of you FA's better be prepared for that. If you can run your business showing product that is issued by other brokerage houses than you should stay. Otherwise, get paid and move to a real shop. END OF STORY! WASTE YOUR BULLSHIT COMMENTS ON OTHER TOPICS! THIS IS FACT! YOU WILL LOSE! MOVE ON! Take the 100% up front and move on! You want details? I will give them. I don't think you can handle the truth! If you are afraid of leaving say so! Otherwise MOVE THE F ON!

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    • stoxrup...here we go again. an fa's life was never meant to be spent managing managers, but i'll continue to try.
      1. you only wish you could uncover ss. step lightly, you're near an endangered species!
      2. where did you learn about banking? you obviously don't get it. this is a business! they would fully integrate the platform if it REALLY made sense. remember, wb is owned by the third or fourth largest bank in america, and is certainly in position to get better advice on banking than from you! get real.
      3. wb has built a strong culture dispite the mergers. through vision AND leadership. have you spoken with any wb fas lately? you surely make recruiting calls don't you? ohhh, i see. well try calling one and have a chat about how they like their culture and the wb philo. that would be like a "due diligence" call. {it's a good idea to do your homework, stox}.
      4. your numbers must be made up! we have that many failed branch managers?! how is it that so many proceeded you out the door?! do you think the firm likes to replace branch managers? i wonder if they would have been as indiscreet as you were in posting a list of branches showing turnover. whew, it's a good thing your on an anonymous message board. good judgement is a good thing, stox. {haven't i said that before?}
      5. jamie's record is history. he addressed our need for scale via a recruiting strategy. the br mgrs were challenged to bring in the best talent on wall st. and were equipped with the biggest fin package in history. the effort failed, the costs were left to mr to cover. where were you during this drama, stox? you didn't recruit any failing fas did you? let's see was that your fault or jamie's? geez, that's right, mr was to blame.
      but that's not really what your posts are all about, is it? it's the frustration isn't it?let me help with some {more} advice...
      stoxrup, you just have to get ahold of yourself! just look at you! given your keen mind, how is it that you haven't become a scion of our industry? why would some one with your keen insight be slithering around the board of a "loser" firm like this. how have you missed detection? by being truthful? naghhhh...too much risk in standing up, right stox? perhaps the blurs in your life, have turned you into a ghost, or an undefined mass that hasn't the nerve to risk detection by standing up for your beliefs. one would think that with our internal communication avenues and a bit of courage, you could actually influence the direction of this firm! what do you stand for other than the negative or the other side of any point you don't like? do you always stand on the sidelines and throw barbs at those who are in the arena? the anonymity of the board is your only outlet? did your mommy suppress your individuality when you were trying to grow up? stand up and be heard stoxrup, this firm needs you!
      but you know, our future leaders won't be chosen from the darkness of this message board. your greatness as a leader will only have a chance if you share publicly your "super" ideas. obviously, you won't.
      so look stox, my friend, why don't you go somewhere where everyone agrees on solutions; where all can do it their way; a place where you will find those who have left before you to find greener pastures; a place where it will be easier for you. go to a place where everyone will recognise your wisdom, and appreciate you as the great human being that you are. find a team you can give your heart to, everyone deserves that! just as a suggestion, try a fraternity, a church, a synagog or a mosque,...or maybe a charity.
      the life of a branch manager, just isn't your cup of tea. thank god you aren't my branch manager! i haven't the time to carry you!

    • and we all certainly know that suzanne sack has first hand knowledge of being in way over her head....and oh, BTW, she certainly has a loose grip on the truth, at best, herself....

      so tell us again exactly why it is you left smith barney??

    • Wow!! Where to start HMMMM�

      1. You said you were with MS. Based on that I would say you have been with PSI about 3-4 years. You see the firm was Dean Witter and anybody who was there knows that it wasn�t called MS until recently. Your comments about EFH were interesting!! Let�s see who was at Hutton then Shearson and is clueless enough to refer to DW as MS. Honestly this is a little obvious who you are. (SS not MR)
      2. The local bank idea only works where there is integration at the local level. The WB FA�s do not do this now, who is to say this will change
      3. WB is all about the client � Great. How did they get such a strong culture having been put together about 4 years ago from a collection of regionals (some not so great). How do you know about their culture anyway�.. How do you know who to trust at WB????? By the way WB FA�s do not want a thing to do with the �strategy of the month� system at PSI
      4. The Manager list had 9 of 54 branches where the manager was promoted the rest were moves as a result of terminations and resignations. (hold on to your hat more to come) How is that manager succession planning going???
      5. I am stunned you are trashing JP!!!! He put you where you are. !!!! You are right he was elevated well above his experience and skill level. Out of his league from day one. MR is no better and his loose grip on the truth calls him into question. People don�t change all that much his lack of integrity will cost him some day. The hope is it will not cost others too.

    • ok Mike

    • thank you for your moderative tone. it's a refreshing change.the jv positions us with a majority owner that really wants to be in our business. ar was clearly not enamored with brokerage. in my opinion...based on all i've gathered from my wb friends:
      1. wb accomplises this on an unbundled basis by creating four channels or segments for fas to operate within the banking structure. none of our competitors offer these alternatives, which gives the jv a real advantage delivering services to our clients. this suits me fine because i have no interest in small clients and very little exposure to clients with assets over $10 mil. if my business grows, i can opt for the profit formula which will give me an ability to get a higher payout and handle my own expenses. all the while i have the full range of specialized services the banking side can deliver my clients.
      one neat feature of the business "command-type" account is that the business client can deposit cash into their brokerage account at their local wachovia branch bank. none of our competitors can do this!
      2. all firms have their problems. it's their level of focus on their client that distinguishes them. wb is all about the fa/client relationship.
      3. i pride myself in keeping up with industry information. my view is long term. my clients have benefitted from this approach. the new "regime" including mr will need no defending from me. they now operate in an environment condusive to long term decision making. dl is a major plus, as is richmond.
      4. there is no firm with more communication channels than psi. need i list them? the difficulty is noone will ever make decisions everyone else will agree with. take heart though; decisions will be respectful of the client/fa relationship in the jv. that's the wb way of doing things. give it time. and stox, this is not a 34th floor message. just ask any wb fa!
      5. my clients are my job. the difference between us is, i do my homework, listen to those i trust at wb, and form a view of the future, not the past. i personally feel mr inherited difficulties, and had to tread water, until a better course could be charted. the jv is an ingenious solution. wb execs have the respect of their fas. i predict mr will grow in their shadow, and emerge a more respected leader.
      7. i do not agree with the many negative posts and am exercising the right to state my perspective. what confuses me sometimes is the utter disregard for the truth some claim they want to hear. anger overrules logic, and misinformation abounds. an example would be the list of br. mgr. changes over the past few years. if a mgr. were promoted {or fired or left}, and a mgr. was promoted to replace her, and another promoted to replace him, etc., what would be your real turnover? i've had too many managers in my career, but the turns can't all be a bad reflection on the firm. markets, compliance, supervision, promotion, disability, retirement, better offers, may each play a roll.
      another example is the assertion that we would have to "re-paper" all of our accounts. the recruiters have had a big time with this one, as have competing managers reading and posting on this board. i hear we will simply have negative consent letters go to our clients to accomplish the required purpose of gaining client approval to move accounts into the jv from psi.
      there are many more examples as you well know. that's where the mirror comes into play!
      8. jp, was the problem in my view and in the view of other posters because of the deal size which created a high water mark for the industry. mr was not in charge, but had to fix it.
      we agree the jv looks like a good idea.
      i hope your preoccupation with me as a manager, doesn't stand in the way of my points. i'm not in management, for the record, but the truth really isn't the sole property of fas or branch managers, as untruths are not owned solely by upper management. let's quit the name calling and work togeather. my clie

    • Porsche. in my opinion...
      Are typing on BOSS 2000??? What�s with the caps???

      I don�t believe you are getting the point here. (Sorry to nuts this may be a little long)
      1. The sale of the firm..errrrrrr joint venture is a good thing. It is a way to hopefully return to profitability and get away from a neglectful parent. I will say that this is not creating a new model or really adding anything other than scale. To fully integrate the bank brokerage model it has to combine private bankers, lending services, trust services, and investment services at a local site. This is not on the table so the firm goes from being owned by an insurance company to being owned by a bank, that�s pretty much it.

      2. Who cares if MER is better, they have their problems to get through

      3. It is clear that you are not an FA. I don�t really care. I guess that the frequency of posts from this message showing up on bulletin boards throughout the branch system is an irritant to the 34th floor so you decided to provide the other side. Fine. You are the information minister asked to do a difficult job defending the regime. No problem.

      4. The regime IS the problem. There is a reason that this message board is the busiest on yahoo, and virtually none of the post are about PRU they are about PSI. The reason is that this is the only forum for any honest debate about the firm. I should also state that I don�t blame anyone for being ambitious and wanting to rise in an organization. Let�s face it Porsche if you had stayed at your previous firm you would still be running training, now you have greater role. The thing is you guys have done miserable job and then to cover it you clamp down on free speech. The market is tough every where but no one is as screwed up as PSI and you know it.

      5. I don�t want to see the firm any worse than it is and I don�t want to see all the good people leave. If that is what it takes for Richmond to get the message and get rid of MR and crew then it has to happen. Sorry but they have to drain the swamp. The current team in NYC has no loyalty from the field; the only real loyalty to them seems to come from a small group of people, like you, who depend on them to keep their jobs.

      6. You speak of leadership, a lot. I realize that that has been the answer to every question ever asked. A failed initiative is poor leadership; a mediocre fund launch is a lack of leadership etc. Leadership much more complex than red dot/green dot and �just do it�. Good leadership yields positive results, therefore a sign of good leadership is loyalty among subordinates and confidence from the organizations a whole. Do you really think you guys have the confidence of the sales force? You yourself asked Jamie and Mike that at the 2001 meeting and got no real response. Do you really think there is loyalty from the FA�s or managers?? There needs to be a change and WB has to do it. The management corps was devastated when MR was named as the head of retail. The hope was he would go away or stay at PRU.

      7. What do you care if someone posts these messages, again if I am way off base everyone will see them as false and pay no attention. The fear is that the message board has given voice to those you guys have worked so hard to silence

      8. To sum up. WB/PSI overall good idea, Regime change needed, ASAP. If I am wrong then everybody knows it and I am a lunatic, Convince MR to go away for the good of the firm

    • right! i get it "positive", "different view", means loser. pruwac is a well chosen identity for you...wake up pruwac you have lots of time to screw up. everything is going to be ok.

    • Following you, all your clients would lose their money. You probably never had an original idea. Whatever you're fed, is probably the greatest thing u ever heard. We have seen and heard of losers like u many times.

    • You are a smart a#s, but really not sooo smart as you think, if you you think that is. With your attitude, U might be the only one leading and no one behind you (All Gone). If you dont like the opinions of the majority on this board, or at PRU, why dont U leave!

    • noone is in business to lose money. even you could have figured that one out. are you really an fa? how would you like your clients to see that feeble statement you made in your last post? grow up.

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