AGE change probably not for the better
Like many AG Edwards Brokers yesterday I heard the fate of the company that I had grown to love with a lot of sadness. I could work at many different firms but I choose AGE for a few specific reasons. I understand we need to take a "wait and see" approach right now. But do we really? I would prefer to send a message to Wachovia! I want to remind them that they Bought Brick and Mortar in St. Louis but they did not buy me , my clients, or the assets I manage on my clients behalf.
This deal is not done yet! What if we send a message to Wachovia Loud and Clear that we don't want this change. It was always said that if AG Edwards were bought that its fcs could move and hang their shingle over another door. If we make it clear that the FCS are not part of the sale is it possible they will reconsider? Don't wait and see!
THE FCS AT AGE CAN STOP THIS DEAL DEAD IF WE COULD COMMUNICATE THAT WE ARE NOT PART OF THE DEAL AND THERE WILL BE MASS LEAVINGS
I think there is a strong possibility Wachovia will lose over 70% of the fcs but I don't think they believe this when they saythey hope to retain 97%. YEAH, good luck.
Over the next weeks. I am going to wear a red tie to work everyday so I can silently display my disatisfaction. Sedona red if you will. Please do the same, pass this along and maybe the message will be sent quietly and effectively to the top.
No dog in the race..but...why do you believe this will be a bad thing? If all they do is MAYBE change the name on the building and offer more products...Why is this bad?
Waaa waa waaa.
Get over yourself! You are a drone in a hive that was taken over by a bigger, better, stronger hive! You could have protected yourself from this long ago by becoming your own company, but you didn't!
You didn't have the nads then and you don't have them now! Sit down and shut up, drone!
WTF are you gonna do? take a check and go... where? to someplace with a worse management and a worse payout? I hear they're hiring over at Barney's. Mother Merrill will take you... talk about a shoe that will pinch your feet though!
Congratulations, you just joined the big leagues in the investment world. So what are you gonna do now? Go from a position of stability as Wachovia continues to expand? or go join a firm that faces a newly uncertain future as the wire house game has just been dramatically altered?
So go ahead, sit in your cubicle with your red tie and tell all of your clients that this is a devastating blow to your corporate culture. Plant those seeds of uncertainty deep in your client's psyche. But then don't come crying to me when they decide that they ought to be looking to put their money with someone who doesn't have the attitude of gloom and doom that you do.
"This is great Mr. Jones! We are now the number two sales force in the nation. We have the devotion and capital of one of the nation's largest banks backing us through good times and bad. They could have bought anybody, they bought the best! That goes to show you that they are one smart management! Corporate culture? Please! Mr. Jones, you and I know that it doesn't really matter whose name is over the front door, it only matters whom's name is on the desk! I've always done what's right for you and I always will! That's OUR culture!"
I am an executive recruiter out of Houston working exclusively for MS nationwide. If you would like to explore your options with them, call me on my direct line, (713) 523-1828. I am generally in the office 7:45 AM - 4:30 PM Central Time.
Tell us Shamanball, what is out there?
What is MS offering a 300,000 broker?
What is their payout like compared to the Wachovia grid?
What is the availability of offices?
What kind of assistant can a 500,000 producer expect?
What are the asset boogies for a full check?
How does the "corporate culture" compare with AGE's?
What kind of deal can you offer the $1MM+ broker? How is it better than the WB Profit Formula program?
Can their brokers decide to go "indy" and open their own branch under the MS paradigm?
You're a recruiter, tell us something that we can use. Put it out there. Or else take a hike!
Whomitmay, Man you are sure a toughguy!! It's amazing someone as successful and knowledgable as you has the time to post multiple, lengthy posts on a web chat.
I'm not at AGE, but I have to think that alot of the FAs have mixed feeling on the deal, but I would guess they are leaning towards "Yeah baby!!"...for two reasons...
1) Premium on the stock they hold (16%). Not too shabby running up to the announcement either!
2) Retention $$$ 30-50% whatever and no moving your book....
Take your stock and move to MS for 1x-2x that works..Cash your stock and move to another regional (RBC, RJS....that works too..)..Win/Win/Win? Am I wrong? Is the broker in Philadelphia that broken up about "St. Louis" culture yada yada...I doubt it...Although the working for the bank thing stings a bit I know...Good luck to AGE'ers. Tough to fee sorry for you though...
You could have been working for the Swiss!!
UBS was on AGE's trail, Thats why WB stepped in.
Do yourself a favor and don't make a snap judgement on WB until you have had the chance to lay eyes on Danny and his group and ask questions. I think you will be surprised. I don't believe the cultrure is as different as you might think. The bank pretty much stays out of the brokerages way, so it not like working for a bank. I bet WB can help you move to the next level without pressuring you to change your type of businees.
I'm an AGE advisor. Like everyone I can only imagine how this will play out.
It may be an excellent opportunity or it may be time for me to move on. I'm not really sure. Prior to moving to AGE I was with Merrill. At Merrill it was like having a drill sergeant on your ass every day. Sell this today and make me money or get out.
At AGE I found it to be the complete opposite. There are guys sitting at their desks picking their nose all day and no one cares. I remember thinking to myself that if Merrill where to buy AGE and combine the company into one with great name recognition, deep product selection and support, with an environment that put the client first and did not pressure the reps to sell specific products it would be great. Maybe this is it. We'll see.
I must admit my production is not stellar and assume that I will not be given an opportunity to stay. Can anyone tell me what to expect as far as reduction in brokers? Will they pick a production level and say anyone below the line is out automatically? Will it be a left for the current branch manager to decide you stays or goes. Do they look at at an individual's potential?
P.S. I'm leaving my red tie in the closet.
Changing culture is like moving a mountain. It doesn't change overnight. People who weren't interested in busting their butts to achieve 750k+ production/year aren't going to start doing it because there's a name change on the door or somehow they start fearing for their job. They are only willing to do the work to produce 300k/year, they'll just find another option that will allow them that workstyle/load if WS won't. There's a finite number of people who are willing to make the sacrifices to produce $1m/year, implementing sales quotas will work for a bit, but ultimately the individual has to want to do it.
What's the saying? you can work me long but you can't work me hard?