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AGE/WB Defection--not rumor

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Aug 28, 2007 2:25 pm

You are right the defections are increasing.  I left AGE after a long tenure with the firm.  I would rather been there for life because it used to be a really good firm. How can anyone stay when you can't believe a word anyone says in upper management!  I don't know if this is true but I have been told that Wach only expects to keep about 40% of the current force.

Aug 28, 2007 3:07 pm

we have got few AGE people at ferris baker watts in the last few weeks

Aug 28, 2007 11:04 pm

I think speculation about anything (fc retention, payouts, etc.) is a joke seeing that nothing is changing for another year. If things stink at that point, the FBW/RJF alternative will still be there.

Thinking that AGE was the only client-first culture out there is misguided. Fc's, regardless of employer/top-management, will follow their instincts (client first or yield to broker).

Aug 28, 2007 11:34 pm

Exactly Gordon…I am w you…another year to build business/prepare clinets if things dont got well…pick up assets from those that jumped early, and if things dont suck guess what we didnt jump from the frying pan into the fire like these guys are now…if they do we can still leave…whats the rush? Havent had a single person in my 15 person office leave as of yet

Aug 29, 2007 12:24 am

Havent had a single person in my 15 person office leave as of yet.

Get back to us on Tuesday. With the long Holiday weekend approaching I have a feeling that a lot of FA's, regardless of the firm, are going to be cashing massive checks and changing the address on their business cards...

Aug 29, 2007 12:30 am

In case anyone cares (All together now, “We don’t!!”) I plan to leave by February, '08. This will give a chance to build out a killer office space and find top notch support staff and not rush. It will also get me out before WB can have any money to hold over my head (I am forgoing the Loan Bonus option). Perhaps others have a similar time line in mind. So there may be a lull in attrition for a few months. Again, I’m sure you all care…

Aug 29, 2007 1:33 am

I am considering moving myself and have an interest in sharing my circumstance for feedback. Been with AGE for 6 years.. Now I am 30 yrs old and forced to look at my next 30 years with a Major Wirehouse. By default WB, or by choice considering ML. Just because it is pertinant : I will do 500M+ this year w/ 60MM in assets and I am struggling with the "stay or go" delema. Main reason for the consideration is , I am having trouble with the WB brand. After polling clients over the past weeks it is evident that they do too. Will our clients understand the difference between Wach Sec..and the WB broker who tried to sell Mom the annuity when she went in to renew her CD??  While I understand that clients do business with their advisor in most cases because of the advisor. However, I believe a strong brand certainly helps at least initially.

I know the guys at ML are not working any harder or any smarter. But their numbers speak for themselves. On average a ML FA has more assets, revenue, gross, avg acct size..the list goes on.. Trying to keep the ENORMOUS amount of their offer from clouding my judgement.  However, given my circumstances the move is really looking good..I can't imagine a better time.. Any opinions? Understand indy is not for me..  I spend too much time outside the office, hate dealing with the details and like the leverage of an office environment.

Also where do look for info on how to move the right way?

Aug 29, 2007 4:19 am

I left AGE after many years in large part because of the self-enriching act of betrayal by Bagby, who was complicit in (if not the architect of) the sellout to a bank-controlled enterprise.  The retention plan, especially the "they'll-never-have-to-pay-most-of-it" deferred element, wasn't an incentive to me.  I'd rather do business in a pleasant and competent environment with less ambiguity (and with a larger recruitment bonus) than in a setting of operational and compensation cloudiness (with a retention plan that was trumpeted as industry-leading prior to its unveiling only to be revealed as a minimal effort upon its actual disclosure).

I've retained virtually all of my A and B clients who I wanted to retain.  They do business with the FC and not the firm.  Believe it or not, many if not most were unaware of the merger.  (They have their own lives to worry about and probably don't ever read those statement inserts or keep up with M&A developments.)  What did I tell my clients?  By noting that the AGE name would be going away, that a bank and its agenda would ultimately be the controlling parent of the new firm, that Ben Edwards was given a standing ovation at the shareholders meeting after voicing his displeasure with the merger, and that, acting in what I felt were my clients' and family's best interests, I had chosen to transition my practice to a firm that in my view provided a level of visibility, cultural comfort and professional capability that was important to THEIR advisor, clients UNDERSTOOD.  After all, as many of you know, a good percentage of households in any book have experienced a job change in the past seven years.  To members of those households, I joked that I was jealous of that they had changed jobs and that I hadn't -- and they offered their congratulations just as I offered mine to them in the past.

Be not afraid.  There is life after AGE.  Talk to other firms to assess whether they offer you a good professional fit.  Take the time to prepare your spreadsheets according to the protocol agreement.  It's a time-consuming effort, but well worth it.  (This is a spreadsheet you can take with you that lists your clients' names, addresses, phone numbers and account titles/types (but not account numbers).  Your new B/D will provide further details on the do's and don't's.  Find out what transition services your new B/D can offer.  Ensure that they cover (reimburse) transfer and termination fees.  It's powerful to let clients know that they won't have to incur a charge just because you decided to change firms.  AGE will send out a strong-toned letter promising various charges should the client choose to leave.  DOZENS of clients have commented how unprofessional / intimidating the letter came across.   Also, it's important to let clients know that their accounts can transfer over in-kind.  Many don't understand what in-kind means, so I explain that they won't have to sell their investments and then re-buy them -- that everything just transfers over as-is.  The "what happens to my investments" questions is perhaps their most important concern.

Good luck to all.  Some believe that by staying they'll pick up assets from departing FCs.  After seeing their treasure of assigned accounts ACAT themselves away after spending the better part of an unproductive week trying to retain those assets, some will "get" that their clients will be just as loyal as those of the departed FC.

Hint:  Leave later in the day on a Friday, preferably before a long weekend, to minimize the chance that your accounts can be called or have a mailing sent to them the same day.  You can only call your accounts one at a time.  If your AGE accounts are divided up among a half dozen or so FCs, your asset-hungry former colleagues can cover more ground more quickly.  You want your "new firm" announcements and account transfer forms to be in the mail on Friday afternoon for Saturday delivery -- and plan to call late on Friday and all day Saturday to advise your valued clients of your move.  Then make sure your clients fill out and return their forms right away -- or preferably come in to have you assist them with the paperwork.  Shoot for a 75% paperwork-received rate three weeks after you move with the remainder that you want coming over within the next month. 

Also, consider the timing of your move with the payment of trails and fees.  AGE brokers might prefer to depart in a month when such payments are minimal.  Consider, too, the timing of your ACAT submissions.  Accounts will be frozen for a few days.  Try to time the ACATs so as not to disrupt monthly payouts, MAPs or other automated processes.  Clients will appreciate your effort to minimize disruptions to their routines.

Hope this has been beneficial to those considering a transition.

Aug 29, 2007 10:44 am

That was a very helpful post FL Broker I agree with all you said.

25% have left my former AGE office, I know for sure that a 500k  producer will be leaving tomorrow prior to the long weekend. I suspect more will follow in the coming months.

Aug 29, 2007 11:33 am

I concur with Ferris - I am not leaving now but that is a great guideline if I do.

Aug 29, 2007 12:11 pm

Kudos FL Broker. Thanks for the time it took to share that. To all you AGE stalwarts, don’t count on sitting back and picking up new A & B clients when one of us leaves. Those who leave prepared will leave only the dregs, to whom you are more than welcome. You’ll want to brush up on when all those C client dividend checks go out, because they’ll be calling you EVERY dividend period asking where the check is the day BEFORE it is supposed to be paid. 

Aug 29, 2007 3:48 pm

YHYW -

yep.

Aug 29, 2007 4:51 pm

FL Broker- where did you go if you feel comfortable mentioning it?

Aug 29, 2007 6:32 pm

2 Brokers in Richmond AGE Left last Friday.  Went to Keegan.

Aug 29, 2007 7:55 pm

[quote=Rusty]

2 Brokers in Richmond AGE Left last Friday.  Went to Keegan.

[/quote]

Morgan Keegan appears to be busting out, growth-wise. They just absorbed a Smith Barney office that closed, in my general area. They appear to be a decent lot.

Aug 29, 2007 10:12 pm

Morgan Keegan in Richmond is a step up (small) form

Anderson and Strudwick. LOL!

Aug 29, 2007 10:21 pm

[/quote]

Morgan Keegan appears to be busting out, growth-wise. They just absorbed a Smith Barney office that closed, in my general area. They appear to be a decent lot.

[/quote]

Add them to the list of "soon to be acquired." Go there and you'll just be going thru this ordeal again in 2 yrs

Aug 29, 2007 10:22 pm

As long as you're laughing why not tell us what is wrong with Anderson Strudwick?

How about Scott and Stringfellow--do they suck too?

Davenport and Company?

What makes you qualified to make statements like the one above?

Aug 29, 2007 10:25 pm

[QUOTE]

Morgan Keegan appears to be busting out, growth-wise. They just absorbed a Smith Barney office that closed, in my general area. They appear to be a decent lot.

[QUOTE]

Add them to the list of "soon to be acquired." Go there and you'll just be going thru this ordeal again in 2 yrs

[/quote][/quote]

Who do you think owns Morgan Keegan now?

Aug 29, 2007 10:42 pm

Lady’s Choice (Isn’t that a tampon brand??),
 Didn’t admin just boot you AGAIN today and ask us to “out” you to admin. if you show up again? I have no desire to do so, but it seems odd that you’re so desperate to post here.