[quote=Broker010]I suspect that the AGE culture and most of the management will be replaced over time in the not-too-distant future. That's what I'm planning for, at least. Another huge question is local logistics. How many AGE branch offices will be closed/consolidated? Will AGE branch mangers be retained or replaced? We have two half-full offices within 10 miles of each other in SW Florida. I can't imagine that will remain the same. [/quote]

Hey Broker...we're in the same region.

I heard some analyst last week predict 250 offices would be closed but who knows, I agree there will be fallouts. Have you ever did an office seach on AGE-Net? Just take a look at financial consultants staffing the large offices in our region...I find that most of them are not at capacity. Especially in our region

Hey, Fee. I’m in Cape Coral, to be exact. We have another large, half-empty branch in Ft. Myers. In fact, we moved 2 years ago into an office twice the size of our old one, during the “grow your branch at all cost” push. Shortly after moving, the marching orders were changed to, “remember that “grow your branch” idea, well, forget about that for now”, so we’re stuck with twice the overhead and half the production. Can’t imagine Wachovia will continue with that strategy.

I did a head count in my branch (sarasota area)...25 offices & guess how many are empty?....Answer = 12. There's a WS branch office nearby, I've been told that they have 20-22 brokers...& they have additional office space they can lease on their floor. Guess which office will be closing?

Remember the last national conference & how bagby & peter miller vowed to keep us as an independent national firm, then they went on about how we would be in the market to acquire a bank or mortgage company because we needed to grow our services? 

Well they did it...only difference is they didn't tell use we were the ones that would be bought.

The part that kills me is that when we switched to Beta, it was just a coincidence that Wachovia used Beta, When we hired Carmichael to start advertising, it was just to attract clients, not suitors; all the while we’re “committed” to staying independent, then, when the deal is finally done, they don’t have a package to present to the brokers, nor any real info to share with clients. I guess they were so excited to be doing M&A that they forgot to actually make any plans. On the bright side, the AGE culture was dying anyway. At least now we’ll be able to change wholesale instead of being consumed bit-by-bit like the frog in the pot of heating water.

I say the ag brokers are in a whole lot of trouble. The bank owns you now boys, and that means you’re screwed from the get go.

[quote=ezmoney]I say the ag brokers are in a whole lot of trouble. The bank owns you now boys, and that means you're screwed from the get go.[/quote]

if the bank wants to write me a 700K check, then I'm their b!tch.  sounds like you are jealous.

EZ, Hardly. AGE has no contracts with any of its brokers. We are free to compete and take our clients anywhere we wish without any consequences. No one owns me or my clients except me. Don’t know where you’re a broker, but I promise we are less encumbered than you.

I seem to recall that EZ is some burned out ex-Bank of America broker. After peddling tons of fixed annuities to 90yr old ladies the bank cut his payout and he ended up on this board crying like B!tch about how horrible the bank environment is. All you have to do is say the word “bank” and I guarantee you he will chime in everytime…

I’m just finishing up in the new AGE training program, class 08A. Don’t really know how this will effect me but I’m thinking the non compete with teeth is worthless. I got the training and now have options. I wonder what WB was thinking about doing with us newbies if we even were worth a thought at all.

The successful AGE producers are going to LOVE working for a big bank...it'll be a bureaucratic nightmare that they will regret and will definitely go indy.

Gaddock, Being a trainee in this business is a big challenge no matter what firm you’re with. I have no insight as to how this will affect the trainee contract but my guess is that you may want to stick with the new firm simply because the last thing one needs that early in the game is a legal battle or hefty re-comp. payment. Perhaps you should spin this as a positive, since you’re so new to the system you don’t really have a culture to miss. You’ll be expected to produce no matter where you are, so try to concentrate on that for now. Just my two cents’ worth. Good luck, Gaddock.

AGE brokers who will gladly sell their business for the 6 yr retention. You is insane....EZ is right and Ferris is IGNANT of what is going to happen over the next 36 months. If you stay past 6 months you are forfeiting your career. Count on this.

WAC will slowly infect you like virus and begin to brand you away from those precious clients you worked hard to build and retain. First you will be forced to open Wachovia bank accounts or I should say "encouraged" to take advantage of all of the new banking and lending products that Wachovia has to offer to your clients. Then when your clients have consolidated their banking and lending with Wachovia and connected all of the investment accounts to auto bill pay and direct deposit of income and divs to Wachovia, you will find that it will be twice as hard to move those clients to another firm. You will lose a third to 50% of those clients once they are tentacled to WAC with those other relationships.

If you are going to move you should move in the next 3-6 months.

Good luck staying independent. I did it and it was the best move ever made..... 

Broker010,

Thanks for the thoughts. I have a great relationship with my manager. He said he would see I was taken care of one way or the other. I'm just going to keep working as hard as I can and cross my fingers. Even though I have not been there long I was PROUD to be an AGE broker. I dont know how I feel about W beyond recently moving my personal account for poor service.

If you day trade like you spell ...I pitty da fool who be yo client!!!!

Gad, having a great manger is something I can relate to. It’s the future of that relationship that would scare me the most. Keep your chin up. Those feelings of pride you have should continue. Work hard and NEVER screw your clients and you’ll do fine.

[quote=Gaddock]

Broker010,

Thanks for the thoughts. I have a great relationship with my manager. He said he would see I was taken care of one way or the other. I'm just going to keep working as hard as I can and cross my fingers. Even though I have not been there long I was PROUD to be an AGE broker. I dont know how I feel about W beyond recently moving my personal account for poor service.

[/quote]

I'm in the same boat as you.  Not sure if we have to sign a new contract or not but I didn't notice a transfer clause in it.  I'd make sure to consult a lawyer before I did anything since state laws vary widely on employment contracts.  I do know that WS requires trainees to sign a mobility clause which allows WS to place a broker anywhere after training, not sure if our new contact would include that(I can't sign that, I have a family and I don't want to move).  It's one pronouced difference in culture as WS is more company wide managed as opposed to AGE's branch management focus.

This just sucks no matter how I look at it.  I honestly can't find good in any of this LOL.

[quote=daytradah]

AGE brokers who will gladly sell their business for the 6 yr retention. You is insane....EZ is right and Ferris is IGNANT of what is going to happen over the next 36 months. If you stay past 6 months you are forfeiting your career. Count on this.

WAC will slowly infect you like virus and begin to brand you away from those precious clients you worked hard to build and retain. First you will be forced to open Wachovia bank accounts or I should say "encouraged" to take advantage of all of the new banking and lending products that Wachovia has to offer to your clients. Then when your clients have consolidated their banking and lending with Wachovia and connected all of the investment accounts to auto bill pay and direct deposit of income and divs to Wachovia, you will find that it will be twice as hard to move those clients to another firm. You will lose a third to 50% of those clients once they are tentacled to WAC with those other relationships.

If you are going to move you should move in the next 3-6 months.

Good luck staying independent. I did it and it was the best move ever made..... 

[/quote]

I don't think anyone can argue with this post, WS has a very detailed history (6 takeovers) which displays exactly what they do with new brokerages.  The come in, cut cut cut cut support jobs, cut commissions of brokers less than 300k production and move to their next victim. 

[quote=daytradah]

AGE brokers who will gladly sell their business for the 6 yr retention. You is insane....EZ is right and Ferris is IGNANT of what is going to happen over the next 36 months. If you stay past 6 months you are forfeiting your career. Count on this.

WAC will slowly infect you like virus and begin to brand you away from those precious clients you worked hard to build and retain. First you will be forced to open Wachovia bank accounts or I should say "encouraged" to take advantage of all of the new banking and lending products that Wachovia has to offer to your clients. Then when your clients have consolidated their banking and lending with Wachovia and connected all of the investment accounts to auto bill pay and direct deposit of income and divs to Wachovia, you will find that it will be twice as hard to move those clients to another firm. You will lose a third to 50% of those clients once they are tentacled to WAC with those other relationships.

If you are going to move you should move in the next 3-6 months.

Good luck staying independent. I did it and it was the best move ever made..... 

[/quote]

So what's your angle?  Why do you care so much?

Maybe you're a head hunter hoping for new business. Are you a failed AGE broker, trying to get back.   Perhaps you are one of the sub 300K Pru brokers that got walked for being a piker.  Sounds like you have an ax to grind and that we should discount everything you say.  You're an internet troll, trying to fan the flames.

Ag brokers no longer own their book, the bank does. Do you think Wac is going to honor that little agreement you had at AG after paying a premium for your assets. Come on!

EZ, Again, no one owns our books except us. No one has been paid a cent my Wachovia for anything at this point. Are you even in the business? You strike me as a used car salesman who alway “meant” to get into the borkerage business. Your ignorance of this deal is striking.