I suggest anyone getting the boot or considering moving consult with an attorney. I have seen too many bkrs wait to consult with me until it was too late. If you need help I would be happy to assist, as I love going after these firms  for the little guy .

Regards,
Stuart

www.stockesq.com

Atty, What, exactly, would you plan on “going after” AGE/WB for? We have no contracts currently and haven’t been presented with any future contract or offer of any kind yet? Unitl we’re presented with something that could be binding, I don’t see anything any lawyer could do for anyone yet and, even when we have the new offer, what are you going to sue for, offering a contract???

[quote=shredder]fyi -let's see if Insider has any good contacts....deal out soon...you should recieve the retention pkg  no later thatn Mon/Tues. Have not heard #'s.[/quote]

Yup most brokers will see their package on Monday. WB initially said it would be 2 weeks but have had to scramble to get them out because the internal heat was getting too hot.

As far as the numbers I'm hearing...let's just say somebody on this forum nailed it.

Fee, so…what numbers are you hearing? There’s been a lot of them posted here.

Listening to the AGE confernce call just now, I almost believe that they don’t even have a broker retention package together yet. How scary is that?

They have it.  You won’t like it.  Please grab a glass of Koolaid.

Baller. Let’s have it then, why be coy? Here’s your chance to be a star.

Instead of trying to hop around and move either Indy or to another firm, it may be in the best interests of the FC’s, FA’s in individual AGE branches to just negotiate a deal with someone like MS, MER, Dain, Ray J, Wall Street Securities, LPL,or whomever to move the entire office at one time to another firm, if FC’s are not happy. This would scare the hell out of Sr. Management at AGE/WB and would really make them wake up to the seriousness of this sale, not merger. It’s just easier to change the name on the building to another firm and have new cards printed. I am sure that the AGE FC would retain 100% of the client base. Something to seriously think about, but needs the support and coordination of the entire AGE office. Noty sure if this is viable, but certainly a thought. The power to succeed stands with the masses.

It could be done. I remember hearing aobut entire offices at Advest that did that when the Merrill deal went down…

[quote=Broker010]Fee, so...what numbers are you hearing? There's been a lot of them posted here.[/quote]

Ok ...just fininishing up the conference call, and they DID reveal some interesting points.

As far as the comp deals are concerened...don't expect a mass exodus as some have predicted. Nearly every core member of the field will receive some kind of offer.  Now wheather they take it or not is another question.

Fee, If it’s the rumored package that starts with 40% $0-$350k T12, then I expect you’re right, that there won’t be mass exodous. I expect that would be compelling for most, for better or worse.

A Core FA at WB is someone doing 300k+…0-300k is not a core FA…

How do you know that a mass exodus isn’t already built into the price of the deal?

Well, I guess that’s that. There is not nor has there ever been any AGE Inside Info on this thread and I guess the outside speculation has played itself out. Too bad, I almost believed a couple of you when you said you knew things I don’t about the merger/retention package.

They had the package together before they announced the “takeover”.  FC salaries and benefits are the single biggest expense for AGE by far.  It’s like buying a gas station and trying to say you have no idea how much gas costs but you’ll figure it out later.  Either you’ll fail miserably in business or you’re lying.

[quote=Broker010]Fee, If it's the rumored package that starts with 40% $0-$350k T12, then I expect you're right, that there won't be mass exodous. I expect that would be compelling for most, for better or worse.[/quote]

350k x 0.4 / 6(years) = $23,333/year

350k x 0.075 (AGE company 401k contributions) = $26,250/year

I may be a noob, but I see a pattern here.  I'd make sure I got 401k contributions locked in, at least in a range, before I signed anything.

"Due to unexpected costs associated with the merger, we're sorry to inform all FC's that Wachovia will not be able to make any additional contributions to employee 401k's this year" 

"We would also like to remind all FC's of their contract they signed"  /evil grin

222, If you do any legwork at all, it’s easy to find that Wachovia Securities has a 6% 401(k) “match” policy already in place. I bow to your superior math skills, but my gut tells me that the 401(k) employer contributions won’t be slashed.

222, Also, the AGE 401(k) employer contribution is based on an FC’s INCOME, NOT his GROSS PRODUCTION. Other than that, you make a lot of good points.

[quote=Broker010]222, Also, the AGE 401(k) employer contribution is based on an FC's INCOME, NOT his GROSS PRODUCTION. Other than that, you make a lot of good points. [/quote]

Good points.  I just don't see how they're going to pay for everything and still make their profit goals in the years ahead.  Something has to give, either less support and less money for FC's on the same $$ produced, more production from FC's (on same expense $$) or a combination of the 2.

According to the WS slide presentation, they have some pretty aggressive profit goals for the merged company.

Agreed. I just keep hoping for some real insight. It’s apparent there isn’t any in here. I’m just frustrated.