WSJ Story: AG Edwards (AGE:NYSE)

ymX3, do you have the link?  Sorry, read the FT instead.

I get hard copy---will try to get you a link and send it to you via private e-mail.

I read FT, too.

thank you.

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October 10, 2006 8:50 p.m. EDT

A.G. Edwards Will Use
Referral Bonuses to Lure
High-Net-Worth Brokers

St. Louis brokerage A.G. Edwards Inc. is rolling out a referral program that will give its financial advisors a bonus of up to $50,000 for luring high-net-worth brokers to join the regional brokerage firm.

The plan, noted in a report released Monday by Bank of America analyst Michael Hecht, involves rewarding brokers who help recruit advisors who produce at least $300,000 in annual commissions and fees.

The bonuses will be scaled according to the productivity of the recruits. A.G. Edwards will pay out bonuses of $15,000 for recruits who produce at least $300,000 a year. The bonuses rise to $37,500 for those who produce at least $525,000 a year, and $50,000 for those who qualify for the Chairman's Club, who produce at least $800,000.

A.G. Edwards spokeswoman Margaret Welch confirmed the referral bonuses and said half will be paid in cash and half in restricted stock after a year, provided certain targets are met. "We believe this is a good way to energize our recruitment efforts," said Ms. Welch.

"Internal referrals are better hires -- they have more commitment to the firm since they know someone and are usually prescreened to be better candidates," added Andy Tasnady, a compensation consultant who deals with Wall Street firms. The brokerage units of Wachovia Corp. and Morgan Stanley also offer referral bonuses.

A.G. Edwards' move comes amid a continuing decline in its head count. The company not joined other Wall Street firms in offering huge upfront bonuses, sometimes up to 200% of a brokers' production, to entice brokers to move. Since January, the company has lost 158 brokers, or 2% of its work force of more than 6,600, Mr. Hecht's report said.

Aside from rolling out a referral program for brokers, A.G. Edwards also is looking to converting more branch managers into salaried employees instead of serving as financial advisors while also managing the branch. Around 10% of A.G. Edwards' branch managers are currently salaried, and the company expects an additional 5% will be added to the fold, particularly in large cities, Mr. Hecht said. A.G. Edwards has 744 branches in the U.S.

This has been a trend on Wall Street amid growing regulatory and supervisory requirements of branch managers who now oversee sales, recruitment and training, administrative, and compliance issues in a branch.

Write to Evelyn Juan at [email protected]

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Better read it while you can!

Good point, IH.  This link will be around about as long as Putsy’s latest identity.

UWEC86, thanks for posting that link/clip and paste for everyone. I get my WSJ hard copy (not on line).

It's typically true that internal referrals work better than someone placed by a recruiter. In late 2004 I referred a couple of $1MM plus producers to Bear out of Legg Mason. They happened to know another broker there (Rich Saperstein) and I told them, call Rich if you want. He's happy at Bear and I think you guys will be, too. They called him. He verified what I told them. They're happy, Bear's happy, and I might have to tell Jimmy what's on my "I have been a good girl and here's what I want Santa Jimmy to bring me for XMas!"

The rationale behind existing reps referring their friends being valuable is that most people won't refer bums. Their reputation is on the line and if they refer a bum, it damages their credibility.

FD: I am not a recruiter in this sector. I was a headhunter for a little over a year in my old sector. I do NOT work for Bear Stearns. I never worked for Bear Stearns and am NOT shilling for them (at least not very obviousLEH, that is).

I would have to agree that internal leads work very well.  Many external recruiters try to throw mud to the wall and hope that it sticks instead of focusing on the specific needs/desires and personalities that will fit in well within a company or specific branch.

Long term it pays to make sure it's a good fit. If you don't no one wins and no one will do biz with you anymore.

After 5 minutes on the phone with the senior Legg broker, I knew he had BSC written all over him. He happened to know Rich from his Oppenheimer (pre merger) days.

Both former Legg guys are happy they made the move to Bear and Bear's happy they came over. Legg's culture was one of semi-independence and they would not have done well at a MER, MS, SB, UBS, et al. They might have fit in okay at RJF.

[quote=ymh_ymh_ymh]

 Legg's culture was one of semi-independence and they would not have done well at a MER, MS, SB, UBS, et al. They might have fit in okay at RJF.

[/quote]

I really do find your input interesting ymh, but every so often you say things like the above, and since you have no personal experience in any of the firms you mentioned I wonder how you find a foundation for the claim. Seriously, where did you come up with the idea that MER, MS, SB, et al aren't "semi-independent" and have a different culture than Legg?

I have been a BSC client since 1988. I know that firm's culture inside out. I knew those 2 guys would like it there and they do.

I have many friends who are brokers---all firms. I do not think those Legg guys would have been happy in a wirehouse culture. I know MER, MS, SB are trying to change/adapt, but "culture" is hard to change, Mike. Some people fit in well and succeed at wirehouses and others don't.

On RJF, their culture is/was similar to Legg's.

[quote=ymh_ymh_ymh]

I have many friends who are brokers---all firms. [/quote]

That's true of most of us here, and we have the added benefit of having actually experienced it firsthand.

[quote=ymh_ymh_ymh]

I do not think those Legg guys would have been happy in a wirehouse culture. [/quote]

How about you start by defining that "wirehouse culture"? So far you've mentioned "semi independent", which seems to me to be a hallmark of every wirehouse. 

[quote=ymh_ymh_ymh]I know MER, MS, SB are trying to change/adapt, but "culture" is hard to change, Mike. Some people fit in well and succeed at wirehouses and others don't. [/quote]

My point is, having never been there yourself, you have no idea what the "culture" is in any of those firms, much less does it make sense to paint them with the same broad brush.

[quote=ymh_ymh_ymh]

On RJF, their culture is/was similar to Legg's.

[/quote]

I have friends who went from SB and MER to Legg when they first entered a nearby town. They'd tell you aside from the change of the business card nothing had changed in the daily work lives. Their firms HQ was now in Baltimore and not NYC, and the firm had fewer employees, but the "culture" was the same. You still had clients, an array of tools and a living to make.

I think you're relying on thrid hand accounts and dated stereotypes to make claims most people in the business would chuckle at.

[quote=mikebutler222][quote=ymh_ymh_ymh]

I have many friends who are brokers---all firms. [/quote]

That's true of most of us here, and we have the added benefit of having actually experienced it firsthand.

[quote=ymh_ymh_ymh]

I do not think those Legg guys would have been happy in a wirehouse culture. [/quote]

How about you start by defining that "wirehouse culture"? So far you've mentioned "semi independent", which seems to me to be a hallmark of every wirehouse. 

[quote=ymh_ymh_ymh]I know MER, MS, SB are trying to change/adapt, but "culture" is hard to change, Mike. Some people fit in well and succeed at wirehouses and others don't. [/quote]

My point is, having never been there yourself, you have no idea what the "culture" is in any of those firms, much less does it make sense to paint them with the same broad brush.

[quote=ymh_ymh_ymh]

On RJF, their culture is/was similar to Legg's.

[/quote]

I have friends who went from SB and MER to Legg when they first entered a nearby town. They'd tell you aside from the change of the business card nothing had changed in the daily work lives. Their firms HQ was now in Baltimore and not NYC, and the firm had fewer employees, but the "culture" was the same. You still had clients, an array of tools and a living to make.

I think you're relying on thrid hand accounts and dated stereotypes to make claims most people in the business would chuckle at.

[/quote]

I have to side with Mike on this one. He knows the culture of so many firms because he's left a lot of them.

Mike since your only "experience" is probably StanLEH Morgan what do you really know about ANY other firm to include other wirehouses such as Mother Merrill, Smith Blarney, or UB(e)S(tupid)?

Chuckle all you want, Mike Your boy, Gorman, would have given his left nut (if he still has one) to have snagged those 2 Legg guys. Some MS internal recruiter talked to them a few times. They wanted NO part of StanLEH Morgan or Mother Merrill for that matter.

[quote=My Inner Child][quote=mikebutler222][quote=ymh_ymh_ymh]

I have many friends who are brokers---all firms. [/quote]

That's true of most of us here, and we have the added benefit of having actually experienced it firsthand.

[quote=ymh_ymh_ymh]

I do not think those Legg guys would have been happy in a wirehouse culture. [/quote]

How about you start by defining that "wirehouse culture"? So far you've mentioned "semi independent", which seems to me to be a hallmark of every wirehouse. 

[quote=ymh_ymh_ymh]I know MER, MS, SB are trying to change/adapt, but "culture" is hard to change, Mike. Some people fit in well and succeed at wirehouses and others don't. [/quote]

My point is, having never been there yourself, you have no idea what the "culture" is in any of those firms, much less does it make sense to paint them with the same broad brush.

[quote=ymh_ymh_ymh]

On RJF, their culture is/was similar to Legg's.

[/quote]

I have friends who went from SB and MER to Legg when they first entered a nearby town. They'd tell you aside from the change of the business card nothing had changed in the daily work lives. Their firms HQ was now in Baltimore and not NYC, and the firm had fewer employees, but the "culture" was the same. You still had clients, an array of tools and a living to make.

I think you're relying on thrid hand accounts and dated stereotypes to make claims most people in the business would chuckle at.

[/quote]

I have to side with Mike on this one. He knows the culture of so many firms because he's left a lot of them.

[/quote]

You just have to respect funny when you see it...

[quote=ymh_ymh_ymh]

Mike since your only "experience" is probably StanLEH Morgan what do you really know about ANY other firm to include other wirehouses such as Mother Merrill, Smith Blarney, or UB(e)S(tupid)? [/quote]

Been there, done that, have the business card. Now, where have you ever hung your Series 7 license?

I'm not trying to attack you, ymh. Like I said, I find you very interesting on some subjects, but on this one, well....

[quote=ymh_ymh_ymh]

Chuckle all you want, Mike Your boy, Gorman, would have given his left nut (if he still has one) to have snagged those 2 Legg guys. [/quote]

I have no doubt that if they were good producers any wirehouse would love to have had them. I hope they're happy wherever they landed. However, that doesn't address my question to you, which was what do you know of the culture of a wirehouse?

Please define it for us.

[quote=ymh_ymh_ymh]

Mike since your only "experience" is probably StanLEH Morgan what do you really know about ANY other firm to include other wirehouses such as Mother Merrill, Smith Blarney, or UB(e)S(tupid)?

Chuckle all you want, Mike Your boy, Gorman, would have given his left nut (if he still has one) to have snagged those 2 Legg guys. Some MS internal recruiter talked to them a few times. They wanted NO part of StanLEH Morgan or Mother Merrill for that matter.

[/quote]

Do you really think that a lost opportunity to recruit two brokers has a material impact on a firm like MS? I imagine that they'll find a way to muddle through, somehow.

Wirehouse culture:

One where wirehouse brokers spend all day long on a chat forum like this wishing they worked for a real investment bank like Bear Stearns

No, 2 $1MM plus in production brokers probably won't make Jim Gorman (no Series 7 former McKinsey consultant) lose any sleep at night.

Have a nice day, gentlemen...try to find a couple of $1MM per year producers for Jim and he might reward you with a $100K finders' fee like old AGE is doing!

[quote=ymh_ymh_ymh]

Wirehouse culture:

One where wirehouse brokers spend all day long on a chat forum like this wishing they worked for a real investment bank like Bear Stearns

No, 2 $1MM plus in production brokers probably won't make Jim Gorman (no Series 7 former McKinsey consultant) lose any sleep at night.

Have a nice day, gentlemen...try to find a couple of $1MM per year producers for Jim and he might reward you with a $100K finders' fee like old AGE is doing!

[/quote]

You didn't have to waive a white flag like that, I really did assume you had a logical answer....

Mike, you realize the Grammar Police are going to sanction you for using the wrong homonym (waive) instead of wave, don't you?

No, for the record, I have never worked for a wirehouse and am proud to say so.

[quote=ymh_ymh_ymh] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Mike, you realize the Grammar Police are going to sanction you for using the wrong homonym (waive) instead of wave, don't you? [/quote]

I'm hoping I can get a waver from the grammar police  on that issue 

[quote=ymh_ymh_ymh]No, for the record, I have never worked for a wirehouse and am proud to say so. [/quote]

Well, your contempt for them is clear, as always, but you're yet to explain what you really know of them or their culture.

When you have a chance I look forward to reading your explanation.

Tomorrow before the open....

Glad we both beat the Grammar Police to the punch!

[quote=mikebutler222]

[quote=ymh_ymh_ymh] <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Mike, you realize the Grammar Police are going to sanction you for using the wrong homonym (waive) instead of wave, don't you? [/quote]

I'm hoping I can get a waver from the grammar police  on that issue 

[quote=ymh_ymh_ymh]No, for the record, I have never worked for a wirehouse and am proud to say so. [/quote]

Well, your contempt for them is clear, as always, but you're yet to explain what you really know of them or their culture.

When you have a chance I look forward to reading your explanation.[/quote]

I would have been willing to let it go if you had just put a period at the end of your sentence.  We're not looking for perfection here.

Never the less MikeButler222, falling asleep at the wheel can end up killing someone.  Take heed, this is no joke...how would you feel with someone elses blood on your hands just because you chose to be lazy.  It is not a good reflection on your character to let these issues slip by like dust in the wind. 

Bad communication can cause ugly results.  Just look at Keith Richards...can't understand a word he says.  Do you want to end up a burnt out washed up junkie MikeButler222?

Alright, enough sage wisdom for today.  I'm sure you're thanking me right now.

Back to work!

[quote=Grammar Police]

Bad communication can cause ugly results.  Just look at Keith Richards...can't understand a word he says.  Do you want to end up a burnt out washed up junkie MikeButler222?[/quote]

Gee, GP, I was with you until you mentioned Keith. Would I like to be like him? Yes, oh yes indeed, if/when I reach his age I'd love to be having as much fun and spending as much cash as he is.

Does that mean I don't get the waver?

You would want to be a burnt out washed up junkie MikeButler222. 

Come on now, you don't want to end up like Donald Trump do you?  A big mouthed, self promoting, ignoramous.  Money doesn't buy intelligence, or good looks for that matter.

Glad I can be of help in giving you direction in life MikeButler222.

[quote=Grammar Police]

You would want to be a burnt out washed up junkie MikeButler222. 

Come on now, you don't want to end up like Donald Trump do you?  A big mouthed, self promoting, ignoramous.  Money doesn't buy intelligence, or good looks for that matter.

Glad I can be of help in giving you direction in life MikeButler222.

[quote=mikebutler222][quote=ymh_ymh_ymh]

Mike since your only "experience" is probably StanLEH Morgan what do you really know about ANY other firm to include other wirehouses such as Mother Merrill, Smith Blarney, or UB(e)S(tupid)? [/quote]

Been there, done that, have the business card. Now, where have you ever hung your Series 7 license?

I'm not trying to attack you, ymh. Like I said, I find you very interesting on some subjects, but on this one, well....

[quote=ymh_ymh_ymh]

Chuckle all you want, Mike Your boy, Gorman, would have given his left nut (if he still has one) to have snagged those 2 Legg guys. [/quote]

I have no doubt that if they were good producers any wirehouse would love to have had them. I hope they're happy wherever they landed. However, that doesn't address my question to you, which was what do you know of the culture of a wirehouse?

Please define it for us.

You spelled 'too' wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[quote=Grammar Police]Trump do you?  A big mouthed, self promoting, ignoramous.  Money doesn't buy intelligence, or good looks for that matter.[/quote]

Apparently it can buy a young, good-looking wife, though.

[quote=Grammar Police]

You spelled ‘too’ wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[quote=joedabrkr] Ok I'll bite: waste-lots of waste-on useless middle managers, product VP's, and ineffective advertising. [/quote]

Interesting, I get paid for production, not yapping with them, so I don’t.

[quote=joedabrkr] A culture that generally stifles risk taking and innovation, [/quote]

Absolutely not...

[quote=joedabrkr]..and a compliance department that does the same. [/quote]

Oh please tell me compliance departments are different at regionals or GS, et al...

[quote=joedabrkr]Rampant conflicts of interest created by highly profitable but mediocre proprietary produts. [/quote]

Now you're talking history. People are paid the same for proprietary and non...

[quote=joedabrkr]Expensive training programs yet less than 10% of all trainees succeed, ...[/quote]

What's the success rate at regionals, GS, et al?

[quote=joedabrkr] Big quotas and high sales pressure. "How many shares of the new closed end fund are you gonna do this month?" [/quote]

I've never seen that, not once, anywhere. It might have been your office’s culture, but that’s not a fair or accurate portrayal of the biz.

[quote=joedabrkr]Overpaid branch managers who love to pull your chain when business is slow, but have little to offer when you need help. [/quote]

If you let some production washout of a manager jerk your chain it's your problem, at a wirehouse OR a regional.

[quote=joedabrkr]Underpaid and poorly motivated support staff. [/quote]

A grain of truth, but it's biz-wide. We shouldn’t have to kick-in on their pay, but we do. Say, who pays your assistant?

[quote=joedabrkr]Huge account fees for anyone but the largest clients. [/quote]

You mean small clients aren't profitable? Agreed, you can have them all, and give them free checking accounts and debit cards too, and spend countless hours with them.

[quote=joedabrkr]Mutual Fund trading scandals and breakpoint problems. [/quote]

Do you really want to talk scandals? You really think they're just at wirehouses? Would you like me to produce a short list of NASD actions against Indies? Really? Oh, and if you sell mutual funds, you don't have to pay attention to breakpoints?

[quote=joedabrkr]"me-too" hedge funds that don't really work to well. [/quote]

Couldn't say I know what you're talking about there...

[quote=joedabrkr] Mandatory suit and tie every day going to work in pretty class-A office space, ...[/quote]

You mean you have to dress like a professional? Guilty...

[quote=joedabrkr]but how many of them really know how to put together a good portfolio, analyze a stock, bond, or even a mutual fund, and how many of them even really CARE if their clients make money? [/quote]

We're not really going to play the "only indies know or care" game are we?

[quote=joedabrkr]

That's the wirehouse culture.

How did I do?
[/quote]

You sucked, my friend, but you knew that

[quote=joedabrkr] [quote=Grammar Police]

You spelled 'too' wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[/quote]

Can you be a little more specific as to what you're talking about?
[/quote]

Reading comprehension is obviously lost on you.  If you can't identify who the sucker is in the room....the sucker is you.

Help me out here Joe, I'm having a hard time comprehending how someone could be so egregiously and uncompromisingly retarded.  When you get up in the morning....I mean afternoon, how do you gather the energy to face your wasted life?  I mean after the Bloody Mary and bong hit, how do you do it? 

Your story would be an inspiration to us all.

This recruitment effort might work in a large metropolitan area, where there are plenty of prospects. However, in small to medium-size areas, the referring broker might be shooting themselves in the foot.

For example, at $800,000 gross per year (Chairman's Club), an assumed velocity rate of 1%, and an average of $250,000 in invested assets per client; that works out to be 320 clients totaling $80,000,000 in assets.

No doubt, many of those clients are the prospects of the referring A.G. Edwards broker. However, by bringing-in this outside broker, 320 prime prospects have just been taken off the table.

Oh sure, you could argue that the broker is $50,000 richer for making the referral, but let's look at the numbers, again. In order to match the referral fee, the A.G. Edwards broker would only have to acat just 20 of the 320 prospects. That's only 6% of this other broker's book. PLUS, that leaves the remaining 300 prospects for possible future acats.

In essence, by obtaining a one time maximum referral fee of $50,000 now, you're eliminating the possibility of earning an additional $800,000 annually, for the rest of your life!!!!!!

So, if I worked at A.G. Edwards, I'd pass on making any referrals.

Just sayin'....

Wow, great insight.  It's so easy, I'll start right now on that.

How much marketing could you do with that $50,000 Einstein?

How many accounts do you think you could earn from a $50,000 marketing budget?

Please don't think or answer that question.  It was hard enough reading your incomprehensible rectal dribble.  Someone get this man some Depends!  He's talking out his a*s and it's getting all over the place!

I wouldn't say my opinion of wirehouses is one of contempt. That's a strong word.

Do I respect wirehouses? Nope, not one bit. That's not saying I don't respect "select" brokers who work for a wirehouse, however.

Is my lack of respect the same for each and every wirehouse? Pretty much.

Do Merrill or Morgan Stanley senior management respect their own wirehouse brokers? I don't think so, look at who's "leading" them now:

Merrill Lynch---Bobby McCann (former equity trader)

When's the last time a broker was head honcho at Merrill Lynch? February 13th, 2000 to my recollection. The 14th is when Stan O'Neal took over for Launny Steffens. Grammar Police, did I spell his name correctly?

Morgan Stanley---Jim Gorman (former McKinsey consultant)

It's hard to respect wirehouses when firms such as Merrill and Morgan Stanley don't respect themselves enough to have a former broker in charge of their private client divisions. Do you think the US Marines would follow a former Campfire Girl into battle just because she once pitched a tent?

Payouts? Is the business model really fair and equitable?

Absolutely not. Let's look at fixed versus variable costs geographically:

Fixed costs are much higher for a broker in a major metro area such as NYC over a semi-rural area such as Overland, KS or maybe Fargo, ND (think office leasing rates here). Variable costs are also a little higher in major metro areas versus semi-rural areas (utilities, staff support salaries, et al).

So if that's the case (which it is) why aren't payouts higher percentage wise for a broker producing $500K in Overland, KS versus one producing the same in NYC? The wirehouses "net" much more from a broker producing $500K in Overland, KS than one producing the same in NYC metro.

On the mutual fund scandals of the recent past, I have some very funny stories to tell about certain wirehouses but I will leave that for another time.

Are the clients of a wirehouse better served by a wirehouse or an independent rep?

That pretty much depends on the rep as an individual in my opinion.

[quote=Grammar Police][quote=joedabrkr] [quote=Grammar Police]

You spelled 'too' wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[/quote]

Can you be a little more specific as to what you're talking about?
[/quote]

Reading comprehension is obviously lost on you.  If you can't identify who the sucker is in the room....the sucker is you.

Help me out here Joe, I'm having a hard time comprehending how someone could be so egregiously and uncompromisingly retarded.  When you get up in the morning....I mean afternoon, how do you gather the energy to face your wasted life?  I mean after the Bloody Mary and bong hit, how do you do it? 

Your story would be an inspiration to us all.

[quote=Grammar Police]How much marketing could you do with that $50,000 Einstein?

How many accounts do you think you could earn from a $50,000 marketing budget?[/quote]

I do have to agree that that is a great point.  I think there are two sides to the equation and other variables will come into play as far as the market, client niche, etc.  Many firms are starting to offer their advisors marketing budgets/expense accounts that have been approved by management, but it is sometimes difficult to run something like that up the flagpole for approval.  There are numerous strategies that can be employed with a $50k marketing budget and, depending on the size of the practice or geographical region, could last for quite some time to adequately help an advisor get over their next production hurdle.

[quote=joedabrkr] [quote=Grammar Police][quote=joedabrkr] [quote=Grammar Police]

You spelled 'too' wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[/quote]

Can you be a little more specific as to what you're talking about?
[/quote]

Reading comprehension is obviously lost on you.  If you can't identify who the sucker is in the room....the sucker is you.

Help me out here Joe, I'm having a hard time comprehending how someone could be so egregiously and uncompromisingly retarded.  When you get up in the morning....I mean afternoon, how do you gather the energy to face your wasted life?  I mean after the Bloody Mary and bong hit, how do you do it? 

Your story would be an inspiration to us all.

[/quote]

Actually before I pointed out to everyone what a horse's ass you are, I simply wanted to clarify what you were talking about.

My life is quite fine, thank you.

Oh, and I never have a Bloody Mary before lunch, except at the rare holiday brunch.  ;-)
[/quote]

Yeah, I should have guessed that the bong hit would do you fine. 

I may be a stud, but a horse's ass I am not.  Now, there are parts of me that resemble other areas of a horse's anatomy.

[quote=dude][quote=joedabrkr] [quote=Grammar Police][quote=joedabrkr] [quote=Grammar Police]

You spelled 'too' wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[/quote]

Can you be a little more specific as to what you're talking about?
[/quote]

Reading comprehension is obviously lost on you.  If you can't identify who the sucker is in the room....the sucker is you.

Help me out here Joe, I'm having a hard time comprehending how someone could be so egregiously and uncompromisingly retarded.  When you get up in the morning....I mean afternoon, how do you gather the energy to face your wasted life?  I mean after the Bloody Mary and bong hit, how do you do it? 

Your story would be an inspiration to us all.

[/quote]

Actually before I pointed out to everyone what a horse's ass you are, I simply wanted to clarify what you were talking about.

My life is quite fine, thank you.

Oh, and I never have a Bloody Mary before lunch, except at the rare holiday brunch.  ;-)
[/quote]

Yeah, I should have guessed that the bong hit would do you fine. 

I may be a stud, but a horse's ass I am not.  Now, there are parts of me that resemble other areas of a horse's anatomy.

[/quote]

Having fun guys????!!!!  My tribute to all the forum trolls is done....I couldn't continue with the over the top asshole persona anymore....although I didn't get to post my 'crayon' paystub on the site indyone mentioned to prove that Grammar Police was a million dollar producer.  God, I really suck at the multiple persona thing, I was really hoping to get 'egregiously' ridiculous with GP's comments.

Anyway, sorry if I pissed anyone off sincerely....I was hoping to make it so stupidly over the top that it was an obvious spoof.  No harm intended to all the folks I truly respect on this forum (that includes you JoeDa).

Also…I’m definitely not NASDy Newbie, although he was obviously inspirational for GP’s character.

[quote=dude][quote=dude][quote=joedabrkr] [quote=Grammar Police][quote=joedabrkr] [quote=Grammar Police]

You spelled 'too' wrong.  I appreciate your proactive inquiry, it demonstrates a willingness to grow.

Pissants take note.

[/quote]

Can you be a little more specific as to what you're talking about?
[/quote]

Reading comprehension is obviously lost on you.  If you can't identify who the sucker is in the room....the sucker is you.

Help me out here Joe, I'm having a hard time comprehending how someone could be so egregiously and uncompromisingly retarded.  When you get up in the morning....I mean afternoon, how do you gather the energy to face your wasted life?  I mean after the Bloody Mary and bong hit, how do you do it? 

Your story would be an inspiration to us all.

[/quote]

Actually before I pointed out to everyone what a horse's ass you are, I simply wanted to clarify what you were talking about.

My life is quite fine, thank you.

Oh, and I never have a Bloody Mary before lunch, except at the rare holiday brunch.  ;-)
[/quote]

Yeah, I should have guessed that the bong hit would do you fine. 

I may be a stud, but a horse's ass I am not.  Now, there are parts of me that resemble other areas of a horse's anatomy.

[/quote]

Having fun guys????!!!!  My tribute to all the forum trolls is done....I couldn't continue with the over the top asshole persona anymore....although I didn't get to post my 'crayon' paystub on the site indyone mentioned to prove that Grammar Police was a million dollar producer.  God, I really suck at the multiple persona thing, I was really hoping to get 'egregiously' ridiculous with GP's comments.

Anyway, sorry if I pissed anyone off sincerely....I was hoping to make it so stupidly over the top that it was an obvious spoof.  No harm intended to all the folks I truly respect on this forum (that includes you JoeDa).

You forgot to capitalize no.

.....nevermind.

[quote=ymh_ymh_ymh]

Is my lack of respect the same for each and every wirehouse? Pretty much.

It's hard to respect wirehouses when firms such as Merrill and Morgan Stanley don't respect themselves enough to have a former broker in charge of their private client divisions. [/quote]

I think it would be nifty to have a former broker as the head of PC, otoh, I don't have any hostility towards GE just because Jeff Immelt never worked a production line...

Was Cayne at BCS ever a broker? I couldn't tell you. I'm not sure why ML put Gorman where they had him, but I'm certain why MS put him where he is, and that "ML-transfusion" he's doing is exactly what's needed. Could a fomer broker, much less one who came to age as a DW broker do that? I doubt it.

[quote=ymh_ymh_ymh]

Payouts? Is the business model really fair and equitable?

Absolutely not. Let's look at fixed versus variable costs geographically:[/quote]

Am I to assume that BCS pays their people differently based on where they’re based?

Somehow I doubt it….

[quote=ymh_ymh_ymh]

On the mutual fund scandals of the recent past, I have some very funny stories to tell about certain wirehouses but I will leave that for another time. [/quote]

Knock yourself out, there have been plenty of scandals in this industry and no one has had a monopoly on them.