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Prudential Financial, Inc. Message Board

  • prublu2003 prublu2003 May 18, 2003 7:08 AM Flag

    Decline and Fall part 15

    Mike Rice was hired as Chief Administrative Officer at PSI. Many of us had hopes that in that position he would be able to listen to our gripes about the number of "stupid rules" at PSI which inhibited FA Productivity. He listened to these on many occasions and said he would get them changed. But I don't remember one single rule that he got changed until it became too late in 2001 when he became head of retail. I had brought to his attention on one occasion the stupid rule in place that required an FA to complete a trade correcton form when he/she had learned that someone had placed an order for them but did not put a discount or the proper discount on a ticket. On the same day, no form should have been required. The FA should have been able to just let the wire operator know what the proper commission should have been and they should have been able to just adjust the trade without needing a signed form. This rule has never been changed to this day. Back then it caused a lot of lost productivity. There were lots of these kind of stupid rules and there still are lots of them. Mike Rice just doesn't get it.

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    • well actually I agree that the numbers are the numbers and yes PSI brokers do have lower AUM and production than their peers - but I am not enraged by this.
      The same way I am not enraged if the broker the office over leaves early w/o doing any production.
      I never thought abouting letting this enrage me. How does this affect me?
      My numbers stack up well against my PSI peers and from what recruiters tell me the also stack up well against the competition.
      I believe management is here to make my job easier so that my clients can have a better experience and performance. My beef is that they have not lived up to their side of the bargain - and in fact made it more difficult.
      This is why my posts are aimed at them.
      How can I point the figure at myself when the issue is higher annual fees, new money market fees, getting rid of PruAdvisor, mandating a four question "financial plan" in Blue print.
      See the picture?
      I am not complaining about production or new assets. Actually I am asking for them to stay out of my way.
      But sr mgmts decisions have seemed to "push" many of us 1) to this board and or 2) to another firm.

      The firm missed a big opportunity - if PSI went for high quality across the board PSI would be in the cat birds seat now. MER, MSDW, SSB are all taking it on the chin with Spitzer - and it is PSI that is being sold errhh jointventured to a no name regional firm.

    • Angelawatch --

      You forgot the apology and admittance that I was and am right in my assessments. Please get going on this.

    • WERNOTFORSALE -

      We are enraged at different things. I am enraged at all three parts of the equation, failure of mgmt, ops, and FAs. Where as most of the PSI reps on this board and at the firm point the finger everywhere EXCEPT for the self.

      What I see here are they same types I used to have to put up with at my former branch and the other branches I had to frequent -- blame someone else for the world's problems.

      It is someone elses fault a rep doesnt' plan and profile in a professional manner, it is someone elses fault reps don't prospect enough, it is someone elses fault the reps are the least productive on the street it is someone elses fault the firm loses money...

      A lot of the grinders and Bache type that were at every branch I've ever been to at PSI, are also represented en mass here.

      That is the rage. Make sense?

      Sometimes harsh verbage needs to get it through the thick lazy skulls and I don't really care if it offends anyone.

    • "I am.... only enraged. Enraged that they had a golden opp and they blew it"
      This quote fairly characterizes what I and many posters feel here so why do you feel it necessary to attack anyone that posts something negative and label us/them as whiners and wimps?
      Forget that I asked actually - I'd rather not waste my time reading your response. I don't have any faith that you may say "umm maybe there is a point there I'll try not doing that anymore"
      Oh and I was mistaken and I apologize for my post over the weekend - I know you don't have a red sports car (to cover for your short comings) I thought about it some more and realized that you probably have a shiny red Mazda Miata - thats more your style - talk big drive small.
      For the rest of this board lets get back to the issues and lets stop debating sports, religion or even if someone is or is not a manager (I am guilty here).

    • Wow, that's funny.

      Because accepting orders so goes with my personality doesn't it?

    • Your Bear Stearns envy is showing, little piglet and I hope you enjoy answering the phone, "Hello, this is Charles Schwab. My name's nonuts. How may I help you? Would you like fries with that 100 share order, ma'am?"

    • So, you've been exposed as an unemployed, racially insenitive genralist, and you come back with BSC's earnings and an envy thing?

      I included BSC's figures so you wouldn't try and post something like "BSC only takes super huge brokers who do over $1 million because that's their minimum" - type of statement, and figured I'd cut you off at the path with some truch and fact - about the industry which you rarely provide.

      I am not envious of Bache only enraged. Enraged that they had a golden opp and they blew it (not the kind of blow you're used to).

      BSC and LEH had their earnings win fall due to fixed income trading and sales. Not a surprise and most intelligent form know it ain't going to be lasting. Once a bull market in equities starts again BSC will be a laggard and you know it.

    • I refer to Phil the shill Purcell of Stanley Morgan as "boy." Last time I checked, the boy was white.

      1st quarter earnings for BSC was $2.00 per share. Must be all those outperforming ADULT brokers BSC has. It's a real shame the retail wirehouses have so many immature nonperforming children (or had) on their (not they're or there) payroll, isn't it?

      Mikey Rice is a "boy," too. He's white. "Boys" are males who will NEVER grow up to be "men." They're like Peter Pan.

      So what's with the PRU-Bache and Bear Stearns envy with you and some of your adolescent friends who can't spell?

    • Ymh -

      Even after it was concluded by many that you are a racist and you kept doing the deny thing, you insist on using the phrase "boy" anytime you think you are dealing with or about a topic that has to do with a person of color.

      Why is that?

    • i'll second that opinion. there is a good rice with pru now working in chicago as sales mgr. he's a paine webber guy that came up from texas a few weeks ago as part of paine webber retaliatory replacement team. the old team from chicago went over to paine webber a few months ago.

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