Your math is correct. I never said that the average production that left was higher than the average at PSI. For any extended period of time like two months or more, that would never be the case with any firm. There are too many low enders and failures leaving all the time for that to happen. My manager, who was very good, and whose life was trashed by PSI for absurd reasons, was always giving us the line the company was telling him to give, namely, that yeah, this week another 14 FAs left PSI, but don't worry, their average production was lower than the remaining company FAs. Eventually, this below average exodus pierced the heart of the patient and the patient, thank heavens, died. I am a very positive person. I am very positive that I am glad that PSI is gone and I will be with new management for awhile anyway.
with 1-1 1/2% of revenues going to advertising, it won't take long to build brand recognition. hang in there wernotforsale, you may stumble onto something good here yet. the good news is, when you keep expecting nothing, and you begin receiving the best, you'll be surprised. i hope you find happiness somewhere, someday. it's not so much that you deserve it, it's just that maybe if mgt. gave you nothing to b.... about, maybe you'd stop whining.
cheer up! leave! life is too short...
You've got a valid point about lack of brand recognition of WB. It seems to me that name recognition is one of the perceived and real benefits for working for a major wirehouse. They appear to be making an effort at brand recognition advertising (as opposed to "problem - we've got the solution advertising). It also seems to me that in order to be effective, name recognition advertising should have a catchy tag line, like, "When E. F. Hutton talks,....". The Wachovia line I think says, "Uncommon Wisdom". I don't know if we should be hanging our shingle out on a line like that, because maybe its not true. And I don't know if I asked my clients do they remember the tag line for Wachovia, that any of them would say yes. I think I will give it a try just to test it out.
kudos on the Porshe opinion. Don't give Porshe's posts any weight he/she has been "outed" as management type several months back.
And oh did you ever notice that during the Iraqi invasion that Porshe's posts were less frequent? And even more interesting is that on the days that the Iraqi Minister of Information had a public meeting Porshe never posted on thse days!?
Or how about how similar these statements are: "The infidals are being defeated" and "PSI's demise is due to negative brokers and not senior management"
on a serious note PruBlue it may be true that WB has been better managed than PSI (and our competitors) but the fact is our clients do not know who WB is or that they have a brokerage dividion (outside of Richmond that is).
The first few posts I read from you porsche were interesting because they were so weirdly positive about PSI. Then I lost interest quickly because there was no, or very little substance in any of them. There were very few facts or statistics to back up any of your rose colored opinions. Without facts or statistics, your posts began to take on the same sort of exercise as reading a treatise on the relative beauty of the color green vs. the color orange. Your posts were pulp and drivel nonsense about the possibilities of giving the benefit of the doubt to senior management. In this latest post replying to stox, you at least make an attempt to state some statistics to back up your arguments. Remember, anyone can offer suggestions to call "someone" at WB to ask about their opinion of their firm. Such a call would yield no usable results because a one or two or three call analysis would be statistically invalid and subject to merely random results. In analyzing the stats that you gave, let's look at one: The average production of the FAs that left - $180,000. That means quite a few big producers left. In this market an average of $180,000 is large because numbers are way down. And remember, average production numbers are buoyed by the big producers. So, I would guess that maybe 60% of the $50MM that left was done by 25% of those FAs that left. That would mean approximately 65 producers doing $450,000 or more have left. If guesswork is right about the numbers, the damage would be substantial especially on a relative basis vs. other firms. Finally, if you are at all interested in truth, the look at post numbers 7678 and 7679, and use those as role models for your arguments regarding your opinions. There is no doubt in my mind at all, based on the track record for the last 10 years, that Wachovia Securities has been better managed than PSI. Whether they have been better managed vs. MER, SSB, MWD, or USB is a tougher call. There is the potential that they can pull off what Weill pulled off over time as he cobbled together a bunch of rag tag units and eventually made them a powerhouse. But words will not do the job, only actions and results.
Before I can compare the gross production of brokers from WB and PSI several factors would be helpful to make the analysis meaningful. WB reps do a larger percentage of their gross from annuity and mutual fund sales. I believe the gross payout from these products at WB is 25% more than at PSI. Rather than just compare average gross lets compare median production and gross production at different years of LOS. For example I know that PSI has 40% more brokers producing over one million in gross.
I don't know the answers to these questions but maybe I'll learn more after I go to Richmond.
well, well, well, stoxrup has shown his face once again! since i have little time for you, i'll be brief:
if your numbers were correct, 273 fas gone and $50,000,000.00 in revenues, that would mean we have lost an average producer of $180,000. gross. while $50 mil. is a lot of gross, how much do you really think will transfer??
as to your other points:
1. the richmond trip revealed that the average productivity difference between wb and psi is only about $6,000.00
2. 80% of wb managers are producers in much smaller branches than at psi. seems appropriate from a business standpoint.
3. last i heard, pru's client base demographically mirrors the industry. your numbers are high, but our clients are getting older.
4. wb/psi is spending 1% of revenues to build the brand through advertising, more than any of our competitors (as a % of revenue) and brand meyer says, "stands committed to a long term strategy of doing so". as danny ludeman keeps saying, the firm's client is the fa. that's a good basis for a winning culture! moreover, he accepts your challenge of "prove it", by saying, don't take me at my word, take me based on my deeds. ie. "watch me, stox".
5. those management types who don't buy into his cultural strategy, probably won't be around. he seems awfully intent on keeping his word! that is a good second step for the creation of a culture worth being part of.
6. i hope you are right on this one.
i am disappointed to see you are still waxing negative. i thought that my post #6838, got through to you, and you had come to your senses. wishful thinking i guess.
if you can only wait 6 mos. they may just make a believer out of you!
keep your chin up stox, things are going to get better! oh, and re-read #6838, it's worth your time.
I've been diigin your unique way of getting your mesage accross. Your point is clearly older Bache brokers have received many inherited accounts. Don't you think any older broker in this business from any firm has received more than their fair share of freebies?
2 other points or questions:
1) what is trading UITs - I don't even know what that entails
2) your last post was on Monday and you talk about "new account day" - on a Monday?