AGE Inside Information
My contention is that if you have been in the business under 2 years and you post $175K trailing 12 months your ahead of the curve. Why would you risk losing that producer? If the regional guys have a say in this it certainly would help preserve the rookie quality...
I have come to the conclusion that we have no control over this situation and therefore we will all have to suffer and wait till next week, at least. Time to quit speculating and try to make this a good month and for obvious reasons. Come next week, month, quarter, whatever time frame, we can make educated decisions based upon the info in front of us. The bottom line is that we are crazy to not stick around and see what the next few months bring. 100% 50%, nothing....we'll know soon enuf. Doesn't mean that you shouldn't at least do your due diligence.
Don't think that the #'s of "retained" brokers hasn't been baked into the Bagby pie. Read the news release again closely....WB says they figure to only lose 3% "of the advisors we want to keep". Enuf said.
Advisor. I don’t think a trainee (especially under 2 years) will be included in the umbrella deal. This is just my gut. I suspect that trainees will get a revised offer of some kind. This is based purely on my gut. Nothing more.
Shredder. You’re absolutely right on. All I need to do is to be able to stop thinking about the future of my career. Until I know, I’m afraid I’m stuck surfing web-sites, google searching and anything else I can think of in hopes of getting these questions answered. Call it a character flaw.
We’ll all know next week for sure…Just be sure to make your mind up within 7-10 days.
The UBS/Piper retention offer was given a 30 day look. I expect a similar timeline. Again, my damned gut.
Adv28...1. that's y u should do your DD now 2. It doesn't really matter, I can always sign the deal, leave and give the $ back.
When I read these post it makes it seem like a 200K producer is a turd. Granted it's not much gross but in my office there are some guys who have pensions from prior employment with a paid off house, driving a buick (possibly a ford pinto) who are fat and happy.
AGE pays 35% of 200K plus pension income (from prior career) and possibly social security. Not bad for taking it easy and enjoying your life. No need to sell something you don't believe in life is good.
As far as the manager what's he to do? He comes shows up in the morning and he's looking at six empty offices and would rather have 200K than nothing. The company won't pay anything up front so he can't attract producers so he'll take the gross he can get and run his own book.
Some guys are trying hard but just can't get it going. They eat up time and money and do not produce. It's these 200K brokers which should be the first to go. It's probably best for them anyway.
The change will be interesting to watch.
7877, At any other firm in America, a $200k producer is a step below a turd. AGE was a bastion for guys like that who could make a living at those level. This merger signals the end of that era.
28, If the WS offer isn’t acceptable to you, don’t forget that AGE will no longer exist. Who is your clients’ loyalty with, you or WS (or no one). Assuming you’ve treated them right, You should have their full support if you need to move.
[quote=Broker010]Ferris, My gut tells me that $500+ guys will get 100% T12. They deserve every penny and can get it elsewhere and WB knows this. [/quote]
And I would love nothing more than getting 100% of my T12. My suggestion earlier was a best of all world scenario. I get paid well and the sub 350 group gets something. At least that way our firm can stay intact.
If this is truly a MERGER and they want to retain the AGE culture, expect something for the sub 350 group. If it's a pure asset takeover, expect nothing. I guess we'll know next week what it really is. Based on Bagby's actions, I suspect the later.
[quote=advisor28] My contention is that if you have been in the business under 2 years and you post $175K trailing 12 months your ahead of the curve. Why would you risk losing that producer? If the regional guys have a say in this it certainly would help preserve the rookie quality...[/quote]
Most compensation packages are blanket grids, but I agree with you. Someone who is ramping up should be considered. Maybe they will have a side scale for producers with less than 5 years experience. That would be fair.
Ferris, Amen on all counts. If they make an offer like 0% 0-$350k and 40% 350-$550, they stand to lose literally the majority of the AGE sales force. I’m a moron and if I know this those MENSA superstars in the big chairs must know this. Ergo, why would they pay a @$10 premium for AGE stock knowing that over half those producers are potential attrition?? Once again, this all my damned gut talking.
Broker - I agree but what about the guy doing 500K that's been spoon fed assets his whole career. My experience is that there is a very uneven allocation of reassigned accounts.
What if I am given 30 mil and you don't get sh*t? Is it fair that I should be given a check now and you're fired? The average turn is 65 bps at the firm so if I'm average and get reassigned 30 mil my gross goes up by 200K.
The stats in this industry are b.s. What if we each bring in 500k in new assets and I invest in a V.A. at 5% - Nice day - But you wrap it at 1% - etc
Ultimately the higher producers should be given more. But the stats in the brokerage industry and similar to government reporting. Not everything is as it seems.
7877, My point was just that every other firm in the country is far more cut-throat that AGE was. Now no one’s neck is safe in this business. I’m not saying it’s fair, it the nature of the beast.
Shredder - the contract would have to have a clause(s) stating that AGE/
Wachovia will let you change your mind at any time during the 6 years
and just give the money back, plus I’m sure they’d expect Centennial
Money Market Trust compounded interest rates.
If it were as easy as chaging your mind in business/with contracts and
giving back the money, every broker with a brain would invest his sum for
max risk-adjusted growth, give back the money if a better offer came
along, and pocket the investment gains. Not gonna happen.
I would have your lawyer/a great lawyer read and re-read that contract. If
I were a 200K producer, there’s no way I’d take the retention bonus, pay
taxes on it and bind myself to a bnak who’s going to no doubt get rid of
two-faced good 'ol country boy Bagby, and cut, cut, cut commissionsl.
The days of the up to 44 percent AGE payout will be looong gone! Minus
the big guys, only greedy and lazy mofos will take the bait and enslave
Let’s see how many different AGE magnetic jacket pins we can get on
(6.05 - this article references the Day in 2005 AGE put itself up for sale!!!
You’d have to be an idiot not to plow through the BS about not renewing
the posion pill for corporate goverance reasons…yada yada…that’s about
what babgy sound like when he talks, which is why they are letting
Ludeman do the talking )
(Who misses Ben’s combover?)
( I think the dog looks more attractive than stout little pug Bagby)
(Caught red handed - like the stain on the shirt, what’s in his hand).
Here’s the correct link to the 2005 Bagby lie –