great insight drj1400, but there's just one observation i have in reading all this....
did we forget that this is not a sell out but a bail out..... in essense, WB is the sugar daddy here! and he would like to know when we are going to stop this incessant shopping for lingerie and start penny pinching! and the answer from PSI is,,,, garter belts are necessary for an enjoyable union but maybe the voyeurs (i.e. clients) could contribute to the kittie! although they would have to renounse any recollection of it in an ERS statement attatched to their new account paper work! sick isn't it?
Your clients can help you make that decision. Just ask them what they think of Pru. They'll point the way. The clients get the worst of all worlds by staying, they still stay with Pru yet they will likely have to move their accounts to another, unknown firm, and maybe get to repaper their accounts. If senior management says that the 30 bps has nothing to do with the giveaway--I mean sale--I mean JV--you can be sure that it does have a lot to do with it. Just like the ERS was just a little misunderstanding, they were just trying to comply with the Privacy Act.
"there is no winning and losing because the other side doesn't care."
So true it is hard to believe but they really don't care. I don't know if it makes my decision any easier but so true.
One more point about the extra .30 basis points - many clients have asked/pointed out about the apparent relationship between joint venture announcement and raising of fees. And because senior management is trying so hard to make us believe that there is no relationship - I am starting to again believe that it is related to jv - not just in the "money grab" fashion but in the "make the change now so the day the name changes on their statements is not the same day their fees rise"
I now believe that this extra fee will remain in NewCo.
No one can make that decision for you. It is important to realize, and please listen, there is no winning and losing because the other side doesn't care. Please believe that, they really don't. Pru is solely concerned about delivering enough to justify 38% of the new entity--and panicked about not doing it--no one is losing sleep over whether or not you stay, the $40 million in basis points is much more important. The original ERS language wasn't there because the firm really cared about you staying. Your local manager won't say so, but he or she lives their career every day on a bubble, particularly now, and they would most likely leave in a heartbeat if they had anywhere near the opportunity elsewhere. You do have opportunities elsewhere. That doesn't mean you should or shouldn't leave, but it does mean that you should be aware that you have the power to do so. It means that working under a dark, ominous cloud of a firm, always waiting for the next initiative that will embarass you with your clients, is not something you absolutely have to do. And, it is hard for many of us to remember, but there was a time that we worked for a firm we were proud of. It really is possible to be proud of the name on the front door--and that firm may actually care about you, as well as your clients.
Anyone that has any self doubt about leaving should remember why they are doubting themselves. Like a woman abused by her husband, you have to pack your stuff and run. Your company is killing you!!!!!! If you don't move for you, move for your kids, your spouse, your dog or who ever or whatever you love!!!!!!!!! If you are any thing like me, everyone in your house knows how much it sucks to work for PRU. When I left, there wasn't any one around me who I was proud of at the company. Most left are dinosaurs. I bet 50 percent of the population of PRU brokers are card carrying members of the AARP. The longer you stay, the worst your resume will look. My opinion. After all do you really think MER, UBS, Morgan, SB think of the 6000 series 6 licensed bank tellers as a threat? I am sure they are shaking at their boots. Then there are the dinosaurs who are 62 plus. What choice do they have but to tell you they are staying and that things could be worst.
The people who have and will jump ship are leaders. The ones who are left behind are SHEEP!!!!!!!!!!! Interestingly enough, if you were once a wolf, hanging with sheep for a while will convince you to be a sheep after a while.
Any way, time to go to the gym. My new Mercedes is waiting!!!!Ever since I left I have tons of energy.
I love working at my new shop. Everyone is focused on doing business. Last month was my best month ever!!!!!!!!!
Betting our careers and client's future experiences on "hope", "wishing" and "maybies"
seems to me not based on reality.
By saying, "...maybe Wachovia will listen" is putting way too much faith in an entity that to date hasn't stepped up and thus warrant our respect.
Bringing on much of PSI sr. mgmt and not stopping this .30 basis points fiasco are just some examples.
I don't blame you for using such language as I have also found myself there - I am just venting here. But it is sort of like holding on to a position after it just got cut in half and then "hoping" it comes back.
I actually feel trapped. All trust is lost in everything I hear about this joint venture from the talking heads. I sometimes doubt my own name afer listening to them after remembering their many lies.
Leave? I don't know. Not much is keeping me (retention), but I just don't want to do all the work of moving right now. This is just honest. Maybe I am lazy. Maybe I feel that if I leave they win - in that they forced my decision - I'd like to own my own decision and timing.
But maybe Wachovia knows this about most FAs and figures not many will actually move - thus the low retention offer. In this case if I stay they win.
I'm in limbo....but than again so has management been, so limbo has been getting pretty crowded!
The rest of the story
7. Of course the real reason for the posting came out when you said �whatever we do, let's at least tone down the level of negative dialog on this board, stop posting dirty laundry:� There is a chance I am crazy and everything is fine at psi. the leadership is great, the morale is high, the plan is sound the future is bright. The people are treated fairly. One question I have is that if I am crazy and I am ranting with no basis in reality then anyone in the branches would recognize this as such and completely discount these posts, why are you so and other so concerned about what i say? History has taught us that free speech is essential to a well run organization and when a different opinion is punished instead of listened to then the organization is weak. What are you afraid of, how could my ravings, so clearly wrong and misdirected as you have pointed out, be a problem? There is a chance that Porsche is not an FA, but instead is someone in the senior management cabal whom I have been somewhat hard on. Everyone knows that the posts on this board have made their way to many bulletin boards at many branches. They point a critical finger at senior management which has gone to extremes to suppress any honest feedback.. Porsche as you have said many time �at the end of the day� those who don�t agree can refute what is said or simply ignore them by not looking at them. Instead you post your side which is fine and I for one strongly support you doing so. That way we get an honest dialog, albeit maybe too emotional at times. That is better than the old formula of negative feedback equals reddot.
Whoever you are, a Porsche or an SS you know when you lay your head on the pillow at night that open discussion is better even if you don�t want to hear it or disagree with it..
Good luck and Good bye