AGE / Wach - Discussion of Options for Moving
For those that are ready to leave and want to focus on getting information about other firms to make a wise decision for the long term. Let's share useful information with each other.
Tell us about the firms you have researched or experienced, where you are thinking of moving to and why: culture, technology, financial planning capabilites, breadth of product offerings. Let's try and keep this a high level discussion. I look forward to your input. The EggmanOK, I’ll put in the first thread
I've done a fair amount of thinking, looking into FINET. Here's my take on the pros and cons... THE UPSIDE: * I can easily take most of my book without everybody back at the office trying to get my clients * I won't have to change all my clients investments * I can somewhat disassociate myself from wells / wach with a different branding * If I'm not happy after a year, I can still make the further leap to another indi or wirehouse. THE DOWNSIDE: * There will still be wach/wells branding, from what i understand, below my own brand on statments, confirms, etc. * the payout is lower than other indy firms, and you only get 75% the first year * there will be NO hiring bonus like I might get by going to another indi firm. Now - please don't vent about finet if you are po'd at Wach. It's unproductive. Just tell us what YOU are looking at and why...FINET is worth a serious look. Anybody have answers to a few basic questions…
Does the client benefit---are nickel/dime fees the same as WS, are commissions the same as WS, same statements, same web access? Does broker benefit---are we paid for tickets under $95, what about trails, and what about group health insurance?I was told ISG cannot go Finet. Anyone know if this is correct?
There are previous posts on this site that claim ISG cannot go Finet.
Anyone know if we keep the AGE/WS retention bonus if we go Finet?I’m at FiNet. It’s horrible. They nickel and dime you and you get the dead weight of America’s most bloated brokerage hanging on your neck every time you have to call the back office.
Yes there is group Health. Yes, its the same experience for the client. No, you do not have to have Wells Fargo Advisor Financial Network on your brand, just in the small print.
[quote=punkbynature] you get the dead weight of America’s most bloated brokerage hanging on your neck every time you have to call the back office.
[/quote]
…dude that is rich…
I am moving to Finet in a few weeks and am doing it for the ease of the move. I realize that they are more expensive than LPL and Ray Jay (the only others that I have investigated) but it is less disruptive to clients, etc. If they turn out to be as bad as some say, I can move on later. You do get to keep the retention bonus after moving to fiinet. One warning, for those investigating, the proforma I received from them was flawed. It indicated that I would probably get a payout of about 84% before local expenses. A more accurate number is closer to the mid 70s before local expenses. It is 15% lower the first year.
[quote=eggman]OK, I’ll put in the first thread
I've done a fair amount of thinking, looking into FINET. Here's my take on the pros and cons... THE UPSIDE: * I can easily take most of my book without everybody back at the office trying to get my clients * I won't have to change all my clients investments * I can somewhat disassociate myself from wells / wach with a different branding * If I'm not happy after a year, I can still make the further leap to another indi or wirehouse. THE DOWNSIDE: * There will still be wach/wells branding, from what i understand, below my own brand on statments, confirms, etc. * the payout is lower than other indy firms, and you only get 75% the first year * there will be NO hiring bonus like I might get by going to another indi firm. Now - please don't vent about finet if you are po'd at Wach. It's unproductive. Just tell us what YOU are looking at and why...[/quote] I have been at Finet for 5 years. Your payout will NOT get much passed 75% ANY year after the nickel and diming take their toll. Pay especially close attention to the impact of "fee-based admin fees". They like to claim that fee-based is a 90% payout but it is definitely NOT. Also a clarification on the branding. The only place you will be able to use YOUR brand with any prominence will be biz cards, stationary, envelopes and signage. ALL performance reports, confirms, statements and prospecti will show Wachovia Securities errr Wells Fargo Advisors, loud and proud. In the past I would have said there were a lot of positives to Finet, but I no longer have confidence in any part of the firm. That being said...I agree that it is a logical step to going completely indy down the road. Consider it a stepping stone. HOWEVER, IMO this crap they are trying to lay on us about 4front and Envision are designed to make the assets sticky and more difficult to move in the future.[quote=illinoisrep]I am moving to Finet in a few weeks and am doing it for the ease of the move. I realize that they are more expensive than LPL and Ray Jay (the only others that I have investigated) but it is less disruptive to clients, etc. If they turn out to be as bad as some say, I can move on later. You do get to keep the retention bonus after moving to fiinet. One warning, for those investigating, the proforma I received from them was flawed. It indicated that I would probably get a payout of about 84% before local expenses. A more accurate number is closer to the mid 70s before local expenses. It is 15% lower the first year.
[/quote] This does not surprise me. They have some inept people running these proformas. I will stop short of saying they do this on purpose.[quote=training wheels
I have been at Finet for 5 years. Your payout will NOT get much passed 75% ANY year after the nickel and diming take their toll. Pay especially close attention to the impact of "fee-based admin fees". They like to claim that fee-based is a 90% payout but it is definitely NOT. Also a clarification on the branding. The only place you will be able to use YOUR brand with any prominence will be biz cards, stationary, envelopes and signage. ALL performance reports, confirms, statements and prospecti will show Wachovia Securities errr Wells Fargo Advisors, loud and proud. In the past I would have said there were a lot of positives to Finet, but I no longer have confidence in any part of the firm. That being said...I agree that it is a logical step to going completely indy down the road. Consider it a stepping stone. HOWEVER, IMO this crap they are trying to lay on us about 4front and Envision are designed to make the assets sticky and more difficult to move in the future.[/quote] Wheels - are you sticking or looking?I moved from a wirehouse to a Finet independent practice last Oct. a couple of quick thoughts:
1. If you run the math, all the independents come out fairly equal in payout. There are ticket charges and admin fees on fee accounts at all platforms. There are tech, e&o, affiliation fees, etc at all platforms. Depending on your practice, there is maybe a 5% difference between all the reputable firms. So don't obsess on who has the "best" payout. 2. If you need seperation from the Wachovia brand, pay $1,000 upfront and $20/month and get your logo on all statements, confirms, etc. Looks quite sharp. The client has to look hard to see any mention of Wachovia. (However, in the era of Madof, et al, beware of unintended consequences. You may not like the Wachovia brand, but your clients may be comforted by seeing that name on their statements). 3. Support is very comparable to where I came from. My CA was able to be up and running in 2 weeks. The support may be different at LPL, RJ, but I doubt it is better. The only independent I looked at that I thought would have significantly better service was Commonwealth, but you do pay for that service in lower payout. 4. Culturally, I am very comfortable working within the WS framework, yet being independent. They have treated me well and the dedicated finet management team is, in my opinion, top notch. However, I came from a different wire and didn;t have the bitterness toward WS that many of you have. (I understand that bitterness. I have plenty for my former employer).If you can't let go of that bitterness, you might as well move away entirely from their presence to another wire or independent. 5. Do you really want to be a business owner, or are you just pissed at WS? Being a business owner is no joke. You have to want it. For me, after 6 months, no regrets at all about going independent or in using Finet as my platform. Hope this helps.Good discussion all. Does anybody know if there are ANY penalties / disincentives to move out of finet once you are in… say to use it as a transition to another independent? Is it TRULY your book at that point? Anything in the contract that says you have to stay with Finet for any certain period of time?
Why are you just looking inside WS to move? If a move is to get rid of the “brand name” or because you’re not happy with management, FINET does not address the underlying problem. You are still just an “A” number.
We are looking at several of the Regionals. They are the new upcoming brokerage service company because of all the headline news of the banks and the major wirehouses. Oddly enough, I was talking about one of them and the President wanted to talk to us but they were away on a Recognition Trip with their top advisors, not one article or media coverage about it in the news. It’s a publicly traded company as well. Meanwhile, I assuming all WS trips have been cancelled even though I have not received confirmation as of yet.
If it is truly the name that you despise to work for, the have enough confidence in yourself to make the leap of faith and move.
Its your book. There is no contractual obligation to stay with Finet for any length of time. However, if you receive a transition package or are already under a retention bonus from the AGE deal, you would be obligated to repay those amounts if you left prior to the forgiveness period expiring.Good discussion all. Does anybody know if there are ANY penalties / disincentives to move out of finet once you are in… say to use it as a transition to another independent? Is it TRULY your book at that point? Anything in the contract that says you have to stay with Finet for any certain period of time?
Hey eggman, be careful with the assumption that you can take your book to Finet without the guys at your former branch hitting on your clients. The clients must sign an agreement to go with you to Finet. Clients not moved within 30 days of your departure can be given to brokers in your former branch. There is no utopia!
[quote=BL6][quote=training wheels
I have been at Finet for 5 years. Your payout will NOT get much passed 75% ANY year after the nickel and diming take their toll. Pay especially close attention to the impact of "fee-based admin fees". They like to claim that fee-based is a 90% payout but it is definitely NOT. Also a clarification on the branding. The only place you will be able to use YOUR brand with any prominence will be biz cards, stationary, envelopes and signage. ALL performance reports, confirms, statements and prospecti will show Wachovia Securities errr Wells Fargo Advisors, loud and proud. In the past I would have said there were a lot of positives to Finet, but I no longer have confidence in any part of the firm. That being said...I agree that it is a logical step to going completely indy down the road. Consider it a stepping stone. HOWEVER, IMO this crap they are trying to lay on us about 4front and Envision are designed to make the assets sticky and more difficult to move in the future.[/quote] Wheels - are you sticking or looking? [/quote] We are investigating EVERY possible option right now. Best case scenario is staying indy somehow, but the fact is we have a capital problem due to the market. Need something to bridge the gap during this downturn. I am astounded that Finet didn't recognize this dilema. I can understand the position of not paying "retention" to Finet owners, but they could have offered a new set of working capital loans or something. This deal with 4front and envision is too far off to matter for us. What are your plans?I have heard a rumor that Wells Fargo has no interest in the independent channel and is shedding Finet division.
Hey moron! Are you even aware that they already have a quasi independant channel thru WFC?I have heard a rumor that Wells Fargo has no interest in the independent channel and is shedding Finet division.
That doesn't make sense from a profit standpoint but nothing would surprise me at this point. Nothing.I have heard a rumor that Wells Fargo has no interest in the independent channel and is shedding Finet division.
That is per the largest discount brokerage platform
Doesnt much matter…Wells will be a penny stock at the current rate of implosion within 2weeks. Have to find a good regional owned by an esop or one that has a boatload closely held. WS is currently run
(DL) by folks who like to buy other firms but dont have a clue how to run the b/d…this place sux
LPL blows away Finet in every catagory: Technology, payout, admin fees, but if we AGE reps give back our retention when will be break even. Who is to say Finet won't get better and the LPL will get worse. Finet is only six years old and WS is going through hell. Maybe DL will be fired? Has anyone told Wachovia/Wells to pound sand and kept the money? Is there a way to run those hypothetical numbers. Any comments would be appreciated. How about RJ are they a happy medium. Thanks
Has anyone talked to or researched Stifell (sp) ? I have heard that their philosophy, work environment and back office is what AGE used to be? I just dont know how much longer I can take the incompetence in the back office, when you can even get a human on the phone without being on hold for at least 15 mins, not to mention the “glitches” we keep running into on a daily basis with StupidStation. In order to even run an Envision report we have to spend at least 10 days cleaning up the household mess on StupidStation that WS created. I am normally a very happy go lucky person, but my anger levels and frustration levels keep growing day by day.
Legacy AGE....we moved at the beginning of the year and Stifel is awesome...better than AGE in some ways.Has anyone talked to or researched Stifell (sp) ? I have heard that their philosophy, work environment and back office is what AGE used to be? I just dont know how much longer I can take the incompetence in the back office, when you can even get a human on the phone without being on hold for at least 15 mins, not to mention the “glitches” we keep running into on a daily basis with StupidStation. In order to even run an Envision report we have to spend at least 10 days cleaning up the household mess on StupidStation that WS created. I am normally a very happy go lucky person, but my anger levels and frustration levels keep growing day by day.
That is comforting to hear…would you mind elaborating? In what respect are you happier…work environment, company philosophy, payouts, back office support, communication, technology? Is their computer system comparable to Client One/Brokervision…you left before the fiasco of SmartStation…How many of you left? All at the same time? Did you move to an existing branch or a new one? The whole idea of “moving” is pretty new to me…how are the “logistics” of moving a book handled so that it goes smoothly without too much interruption to the clients (not to mention my sanity). I do appreciate any input, especially from another legacy AGE person who feels my pain.
Nestegg,
I have a lot of PIM accounts and Asset Advisor - does Stifel's platform have something comparable? After trying to clean up households with this new 'contact management' system - I am about done.[quote=maddog] Nestegg,
I have a lot of PIM accounts and Asset Advisor - does Stifel’s platform have something comparable?
After trying to clean up households with this new ‘contact management’ system - I am about done.[/quote]
I am looking through their packet as I type. Yes, they have very similar platforms that we have. My partnership has a very good amount in Asset Advisor and FundSource. Also, there seems to be better analytic tools. Hopefully, I will find out more tomorrow during a conference call with them.
[quote=maddog]Nestegg,
I have a lot of PIM accounts and Asset Advisor - does Stifel's platform have something comparable? After trying to clean up households with this new 'contact management' system - I am about done.[/quote]Maddog are those the Wachovia names? I never got to familiar with the Wach terminology...lol I was legacy AGE
What type of accts are these....PFA, CAAP, or Select Advisor type accts?
We have fee in lieu of commission either discretionary or non discretionary. A boatload of Managed MF accts, Several types of managed ETF portfolios, some done by Stifel, others managed by Joe Battapaglia's group, or outside mgr's like Mark Keller's new firm Confluence. Plus access to all sorts of outside equity and fixed income SMA's. Lots more flexability on pricing as well. I have been very pleased with the platform. It is especially nice if transferring ETF CAAP accts...mr. & mrs. Client if you come with me to Stifel you will have the same manager that created these portfolios at AGE 10 years ago :)
UBS’s pmp is just like PIM
PIM = FA directed AA = client directed How is the benefit program? The rep expense accounts? Accont fees?
Maddog are those the Wachovia names? I never got to familiar with the Wach terminology…lol I was legacy AGE
What type of accts are these…PFA, CAAP, or Select Advisor type accts?
PIM = FA directed AA = client directed How is the benefit program? The rep expense accounts? Accont fees?[/quote][quote=nestegg]
Maddog are those the Wachovia names? I never got to familiar with the Wach terminology…lol I was legacy AGE
What type of accts are these…PFA, CAAP, or Select Advisor type accts?
Benefits are great..health, dental, vision, legal, HSA, Disability, LTC, 401k etc etc...all the usual stuff...pricing is similar to AGE, a little less than WS
Expense accts: you get 1.5% of your gross production for an advertising budget yearly if you do 250k or more. Of course you branch can still cover costs to depending what the mgr decides.
Things like state registration are picked up by the firm as long as you do at least enough gross to cover the cost...ex 100 fee needs 100 in gross to cover the cost...pretty simple eh!
No accoount fees on brokerage accts, free checkwriting with unlimited size of check and free debit card. Statements have cost basis on them. Can upgrade to a higher level for $60 per year....this adds travel rewards to the debit card and a few other niceties...but the basic acct is as good as a UAA/CMA at AGE/WS IMO for most clients.
IRA's have 40.00 yearly fee.
Oh yeah and you have the option of cash management choices....FDIC Bank deposit up to 1mm in coverage or General Money Market, Treasury MM, or Fed and State Tax Free Funds....all which automatically sweep...no manual buy, and no 5.00 charge lol.
N,
Brokervision comparable?? With the heavy inflow of new reps and new offices this past year - how has this affected their infrastructue? response times? are there any capacity issues? We may be interested in moving the entire branch.Capacity was a concern of mine, so far I have not seen any issues with service etc. I know they have been adding staff to the home office alot of Legacy AGE people so that helps. They also wont take on too many at a time. When we came over we had only a few choices of days to come because they plan all moves out in advance so licenses can move, and home office is prepared etc. It is actually very organized. The nice thing is the Home Office sends out all teh cleint ACAT paperwork and it all goes back there, so you dont get overwhelmed initally at the branch…they open the accts , and you can meet and talk to clients without being buried in paperwork…I think the acat process they used was great!
Downside…no brokervison…they do have a seperate system that links to Thompson called dashboard that has a contact mgmt system that links to outlook…but it isnt BV…unfortunately no one has anything comparable.
I have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?
[quote=maddog]I have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?[/quote]
I have seen some branches list all the reps others don’t…so not sure on that one.
I also found an external site that one rep had…with a seperate url…like www.retirementincome.com or something…looks like as long as it is approved they allow you to do things like that, or your own newsletters, seminars etc…they are much more open to things like that.
That's because they are the only ones in the branchI have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?
That's because they are the only ones in the branch[/quote] Not the case...my branch only shows the Mgr's and we have 15 or so FA's here[quote=maddog]I have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?
If you want to sell to a great independent as a cap gains transaction for both cash and equity, use your own firm name and offload all the ops, compliance, etc and maintain payouts - with assets custodied at fidelity and/or schwab…please send me a message.
I recruit to what I consider the Ritz-Carlton on Independent Firms. If you do 300-500 and want to join an office or more than 1.5mm and want to open an office PM me.
Looks like the upfront deals for bank channel advisers are done. ML and MS no longer offering upfront money to bank side FA’s. Now its a 1 yr salary, plus commissions and a backend component. The backend will be about 100 to 120% of current t-12 if you hit the hurdles over a 5 yr period.
Stifel will take you ShowMe…come on over!
NESTEGG…is the contact mgmt better or worse in your opinion than Brokervision? Does it have a calendar system for appts that link to clients accts or do you use the Outlook calendar? I think you left before SmartStation so you cant compare to that system, but take my word for it…it sucks !! What about the report system? Any good? Is the back office what AGE used to be, not on hold for 20 mins and then get an incompetent person who gives you an incorrect answer? Are you proud to say you work for Stifel, unlike me who is ashamed to say I work for Wachovia ? Also, does Stifel carry the Frank Russell Pathways program ? Is Stifel still paying brokers signing bonus? I think my team has conference call with them next week and I am trying to figure out my game plan too. As I previously posted, I am a CA and I need to consider how a possible move will affect me. Do you know if Stifel offers a CA anything to move or is that between me and my team? Will my team have to sign a contract if they move? If they are offered a signing deal, is that in cash upfront (so maybe I could get a share) or is it paid over time and with an offer of stock? Is 401K vested immediately? Company matching? I know I am asking a lot of questions…this environment is very scary right now (single mom of one small child) and I need options, these boards have helped me lots. The more information I have the better off I am. Thanks for any input and your patience, it is appreciated.
NESTEGG…is the contact mgmt better or worse in your opinion than Brokervision?
Definitely not BV, but then again nothing out there is. You access the Contact Mgnmt through a program called dashboard and it ties to Outlook.
Does it have a calendar system for appts that link to clients accts or do you use the Outlook calendar?
See above…I used outlook for appts at AGE so this wasnt a big deal for me.
I think you left before SmartStation so you cant compare to that system, but take my word for it…it sucks !!
Yeah I didnt have to deal with SS so I cant compare.
What about the report system? Any good?
Great, there are reports you can run off dashboard that are very nice, or you can print out things thrugh thompson.
Is the back office what AGE used to be, not on hold for 20 mins and then get an incompetent person who gives you an incorrect answer?
The back office has been great, you talk to a person!!! And they know what they are talking about and are actually happy to help!
Are you proud to say you work for Stifel, unlike me who is ashamed to say I work for Wachovia ?
I am very proud, we have one of the best stories out there right now!
Also, does Stifel carry the Frank Russell Pathways program ? Is Stifel still paying brokers signing bonus?
Yes we have Russell…there is nothing you can do at WS that you cant do at SF.
Yes Stifel pays,they dont pay as big as a wirehouse, but then again you dont have to deal with the BS…they dont need to pay…people want to come here.
I think my team has conference call with them next week and I am trying to figure out my game plan too. As I previously posted, I am a CA and I need to consider how a possible move will affect me. Do you know if Stifel offers a CA anything to move or is that between me and my team? Will my team have to sign a contract if they move? If they are offered a signing deal, is that in cash upfront (so maybe I could get a share) or is it paid over time and with an offer of stock?
Each deal may be structured differently figure on some upfront cash and stock, and back end bonuses if targets are hit.
Is 401K vested immediately?
401k Vests in 3 years I beleive?
Company matching?
Yes, not as great as the old AGE plan, but good. This is probably the weakest point in comparison to the old AGE. Good fund options but match is lower.
I know I am asking a lot of questions…this environment is very scary right now (single mom of one small child) and I need options, these boards have helped me lots. The more information I have the better off I am. Thanks for any input and your patience, it is appreciated.
No problem…I am happy to save more people from the evil empire!
nestegg........thanks very much for the info
That's because they are the only ones in the branch[/quote] Not the case...my branch only shows the Mgr's and we have 15 or so FA's here[/quote] nestegg, lots of accurate info from you. In Cali. they post all the people in the branch....some are just the MGR because they just opened. Not trying to start anything. However , some of their recent hires, not to mention names , but the initials are Paul Coffee make me nervous. Also, I just went to FL and met with Raymond James. Nice folks but not as impressed as I thought I would be after reading these posts for sometime. Really not impressed with the bond dept. or trust company. Mr. James had some great insight but is stepping down. I like what I see at finet so far.[quote=Redpen][quote=maddog]I have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?
That's because they are the only ones in the branch[/quote] Not the case...my branch only shows the Mgr's and we have 15 or so FA's here[/quote] nestegg, lots of accurate info from you. In Cali. they post all the people in the branch....some are just the MGR because they just opened. Not trying to start anything. However , some of their recent hires, not to mention names , but the initials are Paul Coffee make me nervous. Also, I just went to FL and met with Raymond James. Nice folks but not as impressed as I thought I would be after reading these posts for sometime. Really not impressed with the bond dept. or trust company. Mr. James had some great insight but is stepping down. I like what I see at finet so far.[/quote] Finet is not as good of an option as I thought. The Haircuts are the same at Wachovia and the attitude is the same. 27 dollar ticket charges ? The admin charges on fee based are charged......before the payout so reducing your " compensatable" gross buy about 10% if you have about 50% of your business in fees. No ACAT fees but the 15 % haircut the first year pays them back. They could care less if you join. Maybe that is what they are told to do .....so they do it and you should to or just leave ! You bank hater whiney ass entrepenuer, think for yourself , client loving , moral pain in the ass ![quote=nestegg][quote=Redpen][quote=maddog]I have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?
That's because they are the only ones in the branch[/quote] Not the case...my branch only shows the Mgr's and we have 15 or so FA's here[/quote] nestegg, lots of accurate info from you. In Cali. they post all the people in the branch....some are just the MGR because they just opened. Not trying to start anything. However , some of their recent hires, not to mention names , but the initials are Paul Coffee make me nervous. Also, I just went to FL and met with Raymond James. Nice folks but not as impressed as I thought I would be after reading these posts for sometime. Really not impressed with the bond dept. or trust company. Mr. James had some great insight but is stepping down. I like what I see at finet so far.[/quote] Finet is not as good of an option as I thought. The Haircuts are the same at Wachovia and the attitude is the same. 27 dollar ticket charges ? The admin charges on fee based are charged......before the payout so reducing your " compensatable" gross buy about 10% if you have about 50% of your business in fees. No ACAT fees but the 15 % haircut the first year pays them back. They could care less if you join. Maybe that is what they are told to do .....so they do it and you should to or just leave ! You bank hater whiney ass entrepenuer, think for yourself , client loving , moral pain in the ass ! [/quote] Redpen: Sorry to hear that you have discovered Finet is not all that it seems. We have been there several years and have become very frustrated. Good luck.[quote=Redpen][quote=nestegg][quote=Redpen][quote=maddog]I have pulled up a few branches - but, only see the manager listed. Are there not websites for the reps - or rep contact info on the sites?
Redpen, be thankful it only took you a day to figure out they don’t care if you come over…we left about a month ago, and it’s been anything but seamless.
the lack of having a consistant trainer (we've only had a few days of assistance by phone, with two different ones) assigned to my conversion, combined with having the wrong technology installed (i.e. all the wrong "versions" of docs) has caused all of our business for the last few weeks to get stuck in various stages of limbo.....and of course trying to find anyone there that can fix it is, well, you know the drill. they very well have updated the process at this point, and we knew it was a horrible time to go that close to conversion. We don't regret it at all, it's at the very least a logical first step to be able to use our own name and put theirs in the fine print. We took everyone we wanted, well over 90% of the book but I swear if things don't improve...that number won't either. I've already heard "I thought it would be better" enough for my comfort level. keep telling myself it will.Cutter, Thanks for the honest feedback . Are you from AGE ? I just wonder if they treat AGE different. It sounds like they are really busy and understaffed. I have thought like you. Once there , I can transition out to real indy . Did you use FP Transitions ?
I’m a senior FA at Wachovia - legacy Prudential. I’m somewhat interested in Finet. I saw a message here that said you have to get clients’ permission to move their accounts to Finet - is that really true? Do the clients get new account numbers? Will they get two 1099’s for the year I make the switch to Finet? I’m not worried about ticket charges - we do a considerable amount of business and the ticket charges are either a non-starter or just a minor annoyance. Someone else mentioned a 10% haircut on fee-based business - is that the case? We have a large percentage of our book in the PIM program and we take no haircut currently at WS. We have not contacted Finet directly since we don’t want branch management to know we are considering this option, and may yet decide to move to another firm, so most of what I know about Finet is second-hand or hearsay, which I have little confidence in.
Now for my reaction to the comments here from what appears to be disgruntled AGE reps. You have my sympathy - but not much of it. Most of you would never survive in a competitive wirehouse environment anyway, so why don’t you get on your horse and go somewhere else? You are a free agent, right? If you were dumb enough to not have sold the WB stock you got in exchange for your AGE, you have no one to blame but yourself. Sorry, but I’ve met a number of former AGE reps at meetings and I’ve never seen such bitterness and complaints in my 30+ years in this crazy business. Get over it and get on with your life.
Redpen, yeah I’m AGE, and I don’t think they treat us any different at all…they’re simply totally overwhelmed and understaffed is what it seems to us as well. We didn’t use Transitions, frankly were too busy coordinating the move that close to conversion on our side, all the more frustrating when the Finet team didn’t deliver on many issues they said they would. If you’re legacy WS, you would have picked up on some of their errors sooner than us, that’s it.
like I said, still worth it. just wanted to give our experience for others in transition or looking at itclient has to sign a consent form for every account, keep same account number and everything account related. Don't know about all programs but mine cuts fee business .35% to offset the higher payout. IMO, you gotta do this for more than money, as our total comp would have been higher at WS, but our local expenses are higher than most. Many AGE guys whine and complain too much, but many of those always did IMO. I did sell my AGE, and I don't want to disclose much so I'll just say that me and my +100MM I just took to Finet would have done just fine in the "competitive wirehouse environment" that I witnessed over the past year, so we "got on our horse" and completed step one of what becomes a two step process if they don't fix STL. I'm not complaining about what I've been offered, I'm saying they haven't delivered on it. Especially in regards to my conversionI’m a senior FA at Wachovia - legacy Prudential. I’m somewhat interested in Finet. I saw a message here that said you have to get clients’ permission to move their accounts to Finet - is that really true? Do the clients get new account numbers? Will they get two 1099’s for the year I make the switch to Finet? I’m not worried about ticket charges - we do a considerable amount of business and the ticket charges are either a non-starter or just a minor annoyance. Someone else mentioned a 10% haircut on fee-based business - is that the case? We have a large percentage of our book in the PIM program and we take no haircut currently at WS. We have not contacted Finet directly since we don’t want branch management to know we are considering this option, and may yet decide to move to another firm, so most of what I know about Finet is second-hand or hearsay, which I have little confidence in.
Now for my reaction to the comments here from what appears to be disgruntled AGE reps. You have my sympathy - but not much of it. Most of you would never survive in a competitive wirehouse environment anyway, so why don’t you get on your horse and go somewhere else? You are a free agent, right? If you were dumb enough to not have sold the WB stock you got in exchange for your AGE, you have no one to blame but yourself. Sorry, but I’ve met a number of former AGE reps at meetings and I’ve never seen such bitterness and complaints in my 30+ years in this crazy business. Get over it and get on with your life.
BrokerBill, your comments are ringing in my ear because my old edwards branch is about to move to a wachovia branch. When the take over happened AGE had about 7000 FC's. That number is down to about 4700. So it seems your advice has been taken by many. Those of us who have hung on believed the promoses that Danny et al made and now we know he ......well it did not happen the way he said it would. So, here is what i am saying. I know many of the Wach/Pru guys think we are sissys , so that will be a hostile place to work and I am not looking forward to it. Second , maybe, you and others think abuse is part of the game but it isn't. I think if you had spent your 30 years at AGE you and your clients would have been happier. By the way , I am leaving in August, so don't put me on the whinny list.I’m a senior FA at Wachovia - legacy Prudential. I’m somewhat interested in Finet. I saw a message here that said you have to get clients’ permission to move their accounts to Finet - is that really true? Do the clients get new account numbers? Will they get two 1099’s for the year I make the switch to Finet? I’m not worried about ticket charges - we do a considerable amount of business and the ticket charges are either a non-starter or just a minor annoyance. Someone else mentioned a 10% haircut on fee-based business - is that the case? We have a large percentage of our book in the PIM program and we take no haircut currently at WS. We have not contacted Finet directly since we don’t want branch management to know we are considering this option, and may yet decide to move to another firm, so most of what I know about Finet is second-hand or hearsay, which I have little confidence in.
Now for my reaction to the comments here from what appears to be disgruntled AGE reps. You have my sympathy - but not much of it. Most of you would never survive in a competitive wirehouse environment anyway, so why don’t you get on your horse and go somewhere else? You are a free agent, right? If you were dumb enough to not have sold the WB stock you got in exchange for your AGE, you have no one to blame but yourself. Sorry, but I’ve met a number of former AGE reps at meetings and I’ve never seen such bitterness and complaints in my 30+ years in this crazy business. Get over it and get on with your life.
BrokerBill, your comments are ringing in my ear because my old edwards branch is about to move to a wachovia branch. When the take over happened AGE had about 7000 FC's. That number is down to about 4700. So it seems your advice has been taken by many. Those of us who have hung on believed the promoses that Danny et al made and now we know he ......well it did not happen the way he said it would. So, here is what i am saying. I know many of the Wach/Pru guys think we are sissys , so that will be a hostile place to work and I am not looking forward to it. Second , maybe, you and others think abuse is part of the game but it isn't. I think if you had spent your 30 years at AGE you and your clients would have been happier. By the way , I am leaving in August, so don't put me on the whinny list.[/quote][quote=BrokerBill]I’m a senior FA at Wachovia - legacy Prudential. I’m somewhat interested in Finet. I saw a message here that said you have to get clients’ permission to move their accounts to Finet - is that really true? Do the clients get new account numbers? Will they get two 1099’s for the year I make the switch to Finet? I’m not worried about ticket charges - we do a considerable amount of business and the ticket charges are either a non-starter or just a minor annoyance. Someone else mentioned a 10% haircut on fee-based business - is that the case? We have a large percentage of our book in the PIM program and we take no haircut currently at WS. We have not contacted Finet directly since we don’t want branch management to know we are considering this option, and may yet decide to move to another firm, so most of what I know about Finet is second-hand or hearsay, which I have little confidence in.
Now for my reaction to the comments here from what appears to be disgruntled AGE reps. You have my sympathy - but not much of it. Most of you would never survive in a competitive wirehouse environment anyway, so why don’t you get on your horse and go somewhere else? You are a free agent, right? If you were dumb enough to not have sold the WB stock you got in exchange for your AGE, you have no one to blame but yourself. Sorry, but I’ve met a number of former AGE reps at meetings and I’ve never seen such bitterness and complaints in my 30+ years in this crazy business. Get over it and get on with your life.
If you are being consolidated into a WS office expect to be treated with respect as long as you treat others with respect. I know it's that way in mine. The WS associates will go out of there way to help you with the transition. No one is gonna ABUSE you Come on get real.
WS people will go out of their way to help ? !!Dude , what planet are you on? Please let me know so I can move there . That is what all us pussys are complaining about and you just put out a statement like that as if the sky has cleared and the sun shines every freakin day.
Hydeho, you have really helped me. Here is what I need to do right now. Never come to this site again. If I come back , I will only print news or information about the company I believe in and trust.Source URL:https://www.wealthmanagement.com/forums/whats-firms/age-wach-discussion-options-moving