AGE Bot. By Wachovia

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May 31, 2007 7:16 am

$89 per share, can't argue with that


STL losses another large corp. HQ


Brokerage to be run out of STL


Lots of jobs lost


A few transfered to Charlotte



May 31, 2007 7:21 am

And just what does this moronic jibberish mean?

May 31, 2007 8:47 am
Philo Kvetch:

And just what does this moronic jibberish mean?



It means A.G. Edwards, RIP.

May 31, 2007 9:01 am
mikebutler222:
Philo Kvetch:

And just what does this

moronic jibberish mean?





It means A.G. Edwards, RIP.





Ah, so you speak moronic jibberish.



Thank you.

May 31, 2007 9:30 am
Philo Kvetch:
mikebutler222:
Philo Kvetch:

And just what does this
moronic jibberish mean?





It means A.G. Edwards, RIP.




Ah, so you speak moronic jibberish.

Thank you.



At the conversational level, nothing to brag about. I picked it up here. 

May 31, 2007 9:38 am
mikebutler222:
Philo Kvetch:
mikebutler222:
Philo Kvetch:

And just what does this
moronic jibberish mean?





It means A.G. Edwards, RIP.




Ah, so you speak moronic jibberish.

Thank you.



At the conversational level, nothing to brag about. I picked it up here. 



I didn't know that you could be funny.

May 31, 2007 9:45 am

Wow...I can honestly say that I never expected this to happen.  It will be VERY interesting to see how Wachovia does in retaining advisors from AGE.

May 31, 2007 9:54 am

Why not? Most AGE brokers have been expecting this for years.



May 31, 2007 10:38 am

wow. any AGE people out there?

May 31, 2007 10:56 am

There's a conference call at 11am with Wachovia's head dude and Bagby (AGE's head dude)...rumors are running rampant.


Wachovia claims it will be able to retain 97% of all brokers. they are going to offer 6yr retention packages.


They are going to close down 230 out of the 700 age offices


I'll sit tight and see how things shake out in the coming months & of course do allot of homework on LPL & RJF. One thing I won't do is sign a deal handcuffing me to WB for 6 years....if that's my only choice...indy...here I come.

May 31, 2007 10:56 am
aldo63:

wow. any AGE people out there?


I'm with AGE...I can tell you the people at my branch are in shock.  This is very disconcerting...I think most of us thought A.G. Edwards honestly was a different kind of firm...not in an arrogent/delusional way like EJ...but much more personalized then say a Merrill Lynch or MSDW. More midwestern.


Just hard top believe...I guess we should have saw it coming.  The recruiterws are definetly calling this morning.  Hopefully Wachovia does the right things and its' a place we want to stay...if not, I'll be looking at the Indy channel.


I think most of us are taking a wait and see attitude (and grieving).



May 31, 2007 11:12 am

I am willing to bet they will ease into this thing.  I am sure AGE made sure of it (not that I have a real clue, just my gut instinct).  I have heard WB has a pretty good platform.  I would be mroe concerned if I were a home-office employee.

May 31, 2007 11:48 am

I don't think they will "ease" into Wachovia's payout grid.  That will move quickly.

May 31, 2007 12:11 pm
Broker Fee:

I'll sit tight and see how things shake out in
the coming months & of course do allot of homework on LPL &
RJF. One thing I won't do is sign a deal handcuffing me to WB for 6
years....if that's my only choice...indy...here I come.





They will also kill AGE's decent research department.

May 31, 2007 12:39 pm

It seems to me to be a major ups for Wachovia (and a big ups for AGE as well).


The fact that they both use the Thompson/Beta system will make the integration of the firms much smoother than any other two firm's consolidations (from the broker POV).


WB's PF(Profit Formula) paradigm will appeal to all $1MM+ producers in that they get indie style payouts while staying within the Branch system. It is my feeling that this will become an industry norm over time, especially since the (now) number two player is running with it. Other firms will eventually compete by dropping the production limit ("we'll let you do PF at $500,000!") not to say that this is the be all and end all and that the firms don't have wide lattitude to charge back premium rates for realestate (for example).


If you're looking at the Indy paradigm, then WachoviaFinet seems to be your best home these days. Let's say you don't private brand your shop and instead call it Wachovia Finet. Think of all the advertising that will be coming your way as Wachovia continues to introduce itself into new markets (before they bought Golden West, WB had no real presence on the west coast, they're still a miniscule market participant in the North east (at least at the bank branch level) so there'll be more buying and more branding.)


"Hi! I'm Pete da Broker, and I own Pete's brokerage! I clear through LPL, you've heard of them right? They're the biggest bunch of Indies out there!" Uhh NO! Never heard of them.


Vs.


"Hi! I'm Whom, I'm President of Whom's Concerns a local Wachovia Finet branch. You're familiar with Wachovia aren't you?" Why, yes, I see your ads all over the place!


Not to mention, WB's integration of it's channels is phenomenal! Your client (with a CAP checking account) can walk into any WB bank (or brick and mortar branch) and make a deposit into his account at your branch! It sounds like a little, but it's really pretty huge (from a client POV).


So to all you AGE guys. Dudes, I been there I hired on to Shearson Lehman Brothers (just missed Shearson American Express) and got bought and sold like a sack of onions. I'm not a Koolaide kid, but I'll tell you this, worse things could have happened to you!


If they give you an opportunity to go indie in the Finet system, TAKE IT, if only to keep that option open to you. Lock it in because they'll probably shut it back down later so that they don't have guys taking the big upfront and then jumping to the Indy side before the firm made their money back.

May 31, 2007 1:59 pm

There is something definitely to be said on coasting on a brand name's national advertising campaign    verus hanging your own name out there as top billing.


After you've been out a while, it won't matter to your clients, but there are many prospects who will chose the brand name over your own.

May 31, 2007 2:33 pm
Dust Bunny:

There is something definitely to be said on coasting on a brand name's national advertising campaign    verus hanging your own name out there as top billing.


After you've been out a while, it won't matter to your clients, but there are many prospects who will chose the brand name over your own.



"Most of our clients are people who have their accounts at these large firms and are ready to graduate to the next level."

May 31, 2007 2:41 pm

I am a recruiter working exclusively for MS nationwide. If interested, call me on my direct line at (713) 523-1828.

May 31, 2007 2:59 pm

Well, let's see, I have my own brand name and I've been out for four years and I still have a major brand name that I'm "coasting" on...


Meanwhile, when I recruit new brokers to come work for me in my office, it REALLY helps that I have the big name for them to use when bringing over their book.

May 31, 2007 3:51 pm
anabuhabkuss:

Why not? Most AGE brokers have been expecting this for years.





Hold on....how long have you been with AGE?