Cross that bridge if/when it gets here, and that wont be for a year a the soonest…IF it is the case…they would be nuts to implement that overnight anyway

Word is we will adopt the Wachovia compensation package on Jan 1st. It includes the ticket charges and anyone under 400k that actually does stock/option business on a transactional basis will be getting porked on their payout. I’m so glad Danny is keeping everyone so well informed. If they don’t start providing answers soon we’ll all be working for RBC or Stifel

Brokermike99,



Danny came through my town a few months ago during the WS “Roadshow.” One point that he reiterated several times was that payouts will not change for any of us for a year. Has that changed?

FC compensation will remain unchanged through 2008

That’s smart on Wachovia’s part.  With the current unrest, it would be unwise to throw too many adverse changes at AGE reps too soon.  Better to get them settled into the Wachovia platform and hope that a change to a different firm later would be viewed as too much upheaval by AGE reps and their clients.

[quote=Indyone]That’s smart on Wachovia’s part.  With the current unrest, it would be unwise to throw too many adverse changes at AGE reps too soon.  Better to get them settled into the Wachovia platform and hope that a change to a different firm later would be viewed as too much upheaval by AGE reps and their clients.[/quote]

Ever hear the one about how to boil a frog?

Word is we will adopt the Wachovia compensation package on Jan 1st. It includes the ticket charges and anyone under 400k that actually does stock/option business on a transactional basis will be getting porked on their payout. I’m so glad Danny is keeping everyone so well informed. If they don’t start providing answers soon we’ll all be working for RBC or Stifel

[quote=shredder]FC compensation will remain unchanged through 2008[/quote]
Yeah that is one thing that has been repeated ad nauseum lol…in emails, age net and on conf calls

Does anyone have the latest numbers on retention?  My old AGE office is now HALF empty versus 6 months ago when the merger was announced.

As of the end of November we were down 8.0% from the end of May. I did not check the December numbers yet. Two Presidents level guys left today for Merrill from a nearby office.

AGE started 7/1/07 w/ about 6500 FC's.  Last #'s (as of Nov) were about 6000.  That's close to the mentioned 8%.  Only 3 FC departures in our rather large area and they were "not missed departures." I would note that average production/FC has increased since July.  Say what you will, but I think that indicates that the attrition has been along the "regretable" lines.  i.e: lower end producers.

thanks.

I think the attrition is very different by region, in the Southeast where I am and Wachovia is well known, clients are not worried about the merger, and the brokers dont seem to be either. In the midewest where people dont know Wachovia I think they are jumping more readily

there was a newer fc who left friday in the southeast. ML will pay him an ok monthly guaranteed amount but he had to sign a multi year deal I hear. Realistically, something is better than nothing for newer guys in the biz. 

[quote=Gordon Gekko]

[quote=Broker Fee]

Does anyone have the latest numbers on retention?  My old AGE office is now HALF empty versus 6 months ago when the merger was announced.

Here are the numbers. May 31 = 6536, December 31 =5968. A decline of 8.7%. Wachovia did a better job of keeping reps on board than I would have predicted.

Actually those numbers don’t tell the entire story. Remember that those are net FC numbers and INCLUDE new hires & trainees.

In my opinion, I think there will be more defections coming up.  Several middle of the road guys that I know are right under $300k were sticking around until Dec31 to get the last AGE profit sharing.  They are not eligible for the production bonus and 2 of them have told me they are "seriously" looking now.