AG Edwards

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Jun 16, 2005 7:18 pm

Can anyone offer an opinion about AG Edwards? How is their training program? Culture? etc...


I am scheduled to interview with them this week...


Thanks!

Jun 16, 2005 7:26 pm

search the site.  from what i have read they are a good alt to high priced brokers like merril and schwab.  ohh wait that was a commercial. never mind

Jun 16, 2005 7:51 pm

Yeah AGE is a good firm.



That commercial is for TD Waterhouse.  The thing I never
understood about that commercial is that it says "high priced brokers
like merrill and schwab" but Charles Schwab is a discount broker! 
And TD wants to pretend it knows the brokerage industry?!!?

Jun 16, 2005 7:57 pm
Scorpio:

Yeah AGE is a good firm.



That commercial is for TD Waterhouse.  The thing I never
understood about that commercial is that it says "high priced brokers
like merrill and schwab" but Charles Schwab is a discount broker! 
And TD wants to pretend it knows the brokerage industry?!!?





Could it be possible--JUST POSSIBLE--that the message in the
commericial is an attempt to link Schwab with Merrill as being high
priced?

Jun 16, 2005 8:14 pm

Anything's POSSIBLE, Put.



But anyone who knows ANYTHING about the industry knows that Schwab and
Merrill are at complete opposite ends of the spectrum.  Who are
they fooling, 'ol Jim Bob down on the farm?  Does he have any
money to invest?

Jun 16, 2005 8:32 pm
Scorpio:

Anything's POSSIBLE, Put.



But anyone who knows ANYTHING about the industry knows that Schwab and
Merrill are at complete opposite ends of the spectrum.  Who are
they fooling, 'ol Jim Bob down on the farm?  Does he have any
money to invest?





As a matter of fact "Ole Jim Bob" is probably a multi millionaire.



As for the Merrill Schwab dynamic--Schwab's commission structure is closer to Merrill's than it is Waterhouse.



There used to be an ad that showed J. Paul Getty rocking on the front
porch of a mansion.  The camera zooms in and he glances up and
says, "Thank you PaineWebber."



That was not his mansion, and in the fine print it said, "Mr. Getty was
paid for this endorsement.  He does not have first hand experience
with PaineWebber, Inc."



If you had been better educated--again, not your fault--you'd have been
taught that the point of advertising is to create images.


Jun 16, 2005 9:04 pm

A new ad for "Kaufmann's" that I just saw reads:  "Kaufmann's -
The alternative to higher priced clothing stores like Saks Fifth Avenue
and The Men's Wearhouse."



I guess you're right, Put.  The point of advertising IS to create
images.  That ad isn't rediculous at all now that you have
explained it to me.  You have taught me so much...




Jun 16, 2005 9:17 pm

Can we get back to opinions of AGE?


Jun 16, 2005 9:46 pm
nfs411:

Can we get back to opinions of AGE?






If you don't know the reputation of AGE you have no business even contemplating becoming associated with them.

Jun 17, 2005 3:39 am

nfs411


Sorry for getting everyone off track with the joke about TDW's commercial. It just felt so right.


Search the site for AGE.  there is plenty of information on them.  basically from the site they are better than EJ and have not teamed up with a bank at this point.  they also seem to have good benefits.  no real sales quotas and give good support. Overall Put said it best that if you have an interview with them you should at least have gotten as far as to research them. 


There is also a board on financial-planning.com that is just ok compared to this one.  look there also.


Good luck with the interview at AGE.

Jun 17, 2005 9:25 am

For someone who is just starting out, or transferring from another career . . . the important thing is training.


Make sure you find out about their training program.  At RJ we have tons of face to face training and an e learning library of classes that is impressive.  I feel very prepared to do the best for my customers.  Honestly, the computer systems and back office support here is first class.


At the end of my interview process, I was down to either AGE or RJ.  Good luck.

Jun 17, 2005 12:10 pm
maybeeeeeeee:

For someone who is just starting out, or transferring from another career . . . the important thing is training.


Make sure you find out about their training program.  At RJ we have tons of face to face training and an e learning library of classes that is impressive.  I feel very prepared to do the best for my customers.  Honestly, the computer systems and back office support here is first class.


At the end of my interview process, I was down to either AGE or RJ.  Good luck.




AGE has a great training program.

Jun 17, 2005 1:19 pm

What level of production is expected out of a first year FC?


What is the average compensation paid out to a first year FC?

Jun 17, 2005 1:20 pm
maybeeeeeeee:

For someone who is just starting out, or transferring from another career . . . the important thing is training.


Make sure you find out about their training program.  At RJ we have tons of face to face training and an e learning library of classes that is impressive.  I feel very prepared to do the best for my customers.  Honestly, the computer systems and back office support here is first class.


At the end of my interview process, I was down to either AGE or RJ.  Good luck.

Jun 17, 2005 1:21 pm

Maybeeee...


What firm did you go with AGE or RJ and why?

Jun 21, 2005 11:33 pm
Mario:

nfs411


Sorry for getting everyone off track with the joke about TDW's commercial. It just felt so right.


Search the site for AGE.  there is plenty of information on them.  basically from the site they are better than EJ and have not teamed up with a bank at this point.  they also seem to have good benefits.  no real sales quotas and give good support. Overall Put said it best that if you have an interview with them you should at least have gotten as far as to research them. 


There is also a board on financial-planning.com that is just ok compared to this one.  look there also.


Good luck with the interview at AGE.




The new regime has implemented sales quotas which aren't that bad but they reduce payout by 5% if you don't hit half of "Crest Club" after your fifth year or something equivalent if you're a transfer. 


Plus the new "Beta" system has the whole firm in a complete quandary as the software has difficulty interfacing with itself and positions in accounts are completely different depending on which interface you are using.


The firm will miss earnings estimates by a wide mark this quarter unless IBanking is doing ok because half the firm still isn't trading bonds due to the Bond One software being completely limp.



It's a nice firm, but it's cheap.  If you reduce your commissions but still do a high gross don't expect to be compensated at the 40% they quote you in the interview.  You're lucky to get 30.


There's no salary per se, after training they bump you off whatever you negotiated 25% a quarter and lop off your payout% at the same time.  If you do alright the branch manager will never see you again and you can go about your business however you see fit.  If you do not so good, then he will tell you to sign on the dotted line that you're about due for a firing.  That shouldn't be a problem though because half of the Edwards brokers are jumping ship and taking up front money to go to UBS/Morgan Stanley right now and you can inherit a chunk of assets, and if you're lucky they're not all in b-share products.

Jun 22, 2005 9:02 am

Thanks alot for your input. Have you worked for AGE in the past? You seem to be very knowledgeable about the firm...

Jul 15, 2005 9:39 am
goingnaked:
Mario:

nfs411


Sorry for getting everyone off track with the joke about TDW's commercial. It just felt so right.


Search the site for AGE.  there is plenty of information on
them.  basically from the site they are better than EJ and have
not teamed up with a bank at this point.  they also seem to have
good benefits.  no real sales quotas and give good
support. Overall Put said it best that if you have an interview
with them you should at least have gotten as far as to research
them. 


There is also a board on financial-planning.com that is just ok compared to this one.  look there also.


Good luck with the interview at AGE.



The new regime has implemented sales quotas which aren't that bad
but they reduce payout by 5% if you don't hit half of "Crest Club"
after your fifth year or something equivalent if you're a
transfer. 


Plus the new "Beta" system has the whole firm in a complete quandary
as the software has difficulty interfacing with itself and positions in
accounts are completely different depending on which interface you are
using.


The firm will miss earnings estimates by a wide mark this quarter
unless IBanking is doing ok because half the firm still isn't trading
bonds due to the Bond One software being completely limp.



It's a nice firm, but it's cheap.  If you reduce your
commissions but still do a high gross don't expect to be compensated at
the 40% they quote you in the interview.  You're lucky to get 30.


There's no salary per se, after training they bump you off whatever
you negotiated 25% a quarter and lop off your payout% at the same
time.  If you do alright the branch manager will never see you
again and you can go about your business however you see fit.  If
you do not so good, then he will tell you to sign on the dotted
line that you're about due for a firing.  That shouldn't be a
problem though because half of the Edwards brokers are jumping ship and
taking up front money to go to UBS/Morgan Stanley right now and
you can inherit a chunk of assets, and if you're lucky they're not all
in b-share products.





Going,



I was tols by the recruiter at AGE's home office that they paid a
salary for the first two years of training/employment. Commission was
on top of salary.



Was he right?

Jul 15, 2005 9:47 am

Get somebody to explain what is meant by the term "Red Ink Draw" and how it relates to commissions earned.



Also go back and read what Scorpio had to say in this vein--the post
started with the great line, "No contract, this is not the NBA."

Jul 15, 2005 10:52 am
Put Trader:

Get somebody to explain what is meant by the term "Red Ink Draw" and how it relates to commissions earned.


Poor ol' puttyndacrack is very familiar with "red ink." It is how he lives his life.