AGE Training Agreement

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Jun 10, 2007 12:14 am

I've been with AGE coming up on 4 years. Like every new FC I signed a 5
year training agreement stating that I would have to pay them back $50K
if I leave within 5 years. With the Wachovia takeover (sorry merger) is
there any legal ground that this agreement is no longer valid given the
change in control? My plan is to go indy so I'm curious about what to
expect. Also curious if 401K employer $ vest under a merger?



Thanks!

Jun 10, 2007 12:18 am

I hope you are in my branch, I can always use some new assets.

Jun 10, 2007 10:00 am
INDY2BE:

I've been with AGE coming up on 4 years. Like every new FC I signed a 5 year training agreement stating that I would have to pay them back $50K if I leave within 5 years. With the Wachovia takeover (sorry merger) is there any legal ground that this agreement is no longer valid given the change in control? My plan is to go indy so I'm curious about what to expect. Also curious if 401K employer $ vest under a merger?

Thanks!


Look at Paragraph 15. My contract may be different than yours. Mine clearly states it is fully transferable in case of “merger” etc.

Jun 10, 2007 10:16 am

Yes the agreement states that it will inure to AG Edwards side but I'm still curious on how these things actually go when push comes to shove. I've been told that the firm typically settles for a lower amount depending on how long you've been w/ them (a pro-rata approach). The closer to 5 years the lower the amount. I'm just curious if an attorney could make a strong enough argument about the validity of the agreement under the current situation.

Jun 10, 2007 10:48 am
Ferris Bueller:

I hope you are in my branch, I can always use some

new assets.





Isn't it fun when someone leaves? They always have these grand ideas about

how many assets they are going to take with them. The last guy in our

branch went to the bank. We managed to keep 60% of the accounts and the

best part is that I got a big chunk!!!

Jun 10, 2007 11:43 pm
Ferris Bueller:

I hope you are in my branch, I can always use some new assets.


Learn to prospect and you won't need to bottom-feed on someone else's abandoned accounts.

Jun 11, 2007 12:21 am
Indyone:
Ferris Bueller:

I hope you are in my branch, I can always use some new assets.


Learn to prospect and you won't need to bottom-feed on someone else's abandoned accounts.



I have several CPA's and trust attorney's that throw business to me and my clients refer their friends.  I'll out-prospect you any day of the week.  Scooping up accounts that someone is trying to acat away takes balls and talent.  It's like one on one wrestling.  In one corner you've got the leaving broker.  He has an established relationship and his survival depends on the client going with him.  In the other corner is the underdog.  Called in to relief pitch by the BOM, he calls to quickly establish a relationship, cause doubt in their mind, and save the game.  It's prospecting in its most raw form.  Call it whatever you want, you don't have the BALLS to do it.

Jun 11, 2007 11:57 am

This would depend on what changes with respect to supporting you in doing you business (as well as the actual terms of your upfront compensation).

Contact me if you have other questions.

Stuart
www.stockesq.com

Jun 11, 2007 12:06 pm
Ferris Bueller:
Indyone:
Ferris Bueller:

I hope you are in my branch, I can always use some new assets.

Learn to prospect and you won't need to bottom-feed on someone else's abandoned accounts.


I have several CPA's and trust attorney's that throw business to me and my clients refer their friends.  I'll out-prospect you any day of the week.  Scooping up accounts that someone is trying to acat away takes balls and talent.  It's like one on one wrestling.  In one corner you've got the leaving broker.  He has an established relationship and his survival depends on the client going with him.  In the other corner is the underdog.  Called in to relief pitch by the BOM, he calls to quickly establish a relationship, cause doubt in their mind, and save the game.  It's prospecting in its most raw form.  Call it whatever you want, you don't have the BALLS to do it.


Say what you want, you wouldn't take any of my clients from me.  Furthermore, I don't need to prospect...I'm kept quite busy with referral activity.  As far as having balls, I think you're beat here too...I'm not the one still sucking the corporate tit for a paycheck.


You talk a big game and sometimes, your posts are pretty entertaining, but I'm sorry...I don't have much respect for someone who builds his business on the prospecting efforts of failed brokers.  That's where you and I will have to just agree to disagree.

Jun 11, 2007 12:40 pm

I want to be just like you Indyone.

Jun 11, 2007 7:55 pm
Baller:

I want to be just like you Indyone.



Well if that's the case you'll have to become a business owner instead of a bank EMPLOYEE!

Jun 12, 2007 10:10 am

That's ok.  My total compensation is about 60% and that's fine with me.  I'd rather not have to hire/fire and buy reams of copy paper.  I just want to produce and not have the hassle. My firm gets the liability too and that's worth a ton.  I'm sure your payout is huge, but what do you really take in after the electric bill, staff, and other stuff is paid.  Probably more like 70% right?


For 10% you can have it.

Jun 12, 2007 11:28 am

My total compensation is about 60% and that's fine with me


I don't believe you.

Jun 12, 2007 11:35 am
Dust Bunny:

My total compensation is about 60% and that's fine with me


I don't believe you.




If I add up: Normal Payout, Managers bonus, Firm 401K contribution, Restricted stock, excess profit sharing, Sales bonus, & award trip/gifts.


"This is your last chance. After this, there is no turning back. You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes."

Jun 12, 2007 11:36 am
Baller:

That's ok.  My total compensation is about 60% and that's fine with me.  I'd rather not have to hire/fire and buy reams of copy paper.  I just want to produce and not have the hassle. My firm gets the liability too and that's worth a ton.  I'm sure your payout is huge, but what do you really take in after the electric bill, staff, and other stuff is paid.  Probably more like 70% right?


For 10% you can have it.



I bought a couple of reams of paper for $8 at office depot, in March. I'll probably have to do it again in a couple of months.

Jun 12, 2007 1:08 pm
Baller:
Dust Bunny:

My total compensation is about 60% and that's fine with me

I don't believe you.

If I add up: Normal Payout, Managers bonus, Firm 401K contribution, Restricted stock, excess profit sharing, Sales bonus, & award trip/gifts.[/quote]


Having dealt with management myself, I don't believe you either.  Let's say you're making 50% of your production, which is probably being generous...


I net about 68%, but this is after full medical and $25K in a solo(K).  It also is after paying several bills that would have been previously undeductible or at the very least, subject to a 2% of AGI floor on schedule A.  I also have social security tax advantages you can only dream of.  My B/D also provides some nice trips for production, so that's covered...and...I own 100% of my company stock...UNrestricted and currently worth at least $300K less than 2 years after creation.


Beyond the money is the freedom which is priceless.  You sound fairly young and new to this business (my first clue is your username) and If you like having someone else in control of how you do your business, be my guest, but you're a long way from being just like me...

Jun 12, 2007 1:21 pm

You didn't read what I wrote.  There's a couple items in my compensation that would tip you off to the fact that I'm not young and new to this business.  It is 60% and it matters not to me if you believe it or not.  For a 10% jump it's not worth the liability.  And as for ownership, I was just offered 200% T12 to move which is in the low 7 figures.  To each his own.

Jun 12, 2007 3:22 pm

oui...chacun à son goût...glad you're happy...me too.

Jun 12, 2007 6:50 pm

Getting back on topic ... I had a VX today. It appears those in training are on the back burner when it comes to the new contracts. Those in the training dept. were preaching the SOS but seemed nervous (that was my impression). Having met the ‘sprint’ goal they are still putting us through the CRPC. I was told in confidence to not go to St. Louis without meeting the goal as there is a minimum as well. At least they are not seemingly pulling the plug on training. That’s at least positive from my perspective.

Jun 12, 2007 7:17 pm

Something that caught my ear was when speaking of the new contract, the usual “WE” and “US” turned to “THEM" and “THEY”    ‘It’s doubtful "they" would reduce your contract … it would no be in “THEIR” best interest. <?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

The word ‘prostrate’ came to mind.