the market market is just one of the differences, not a reason.  And it will be a pain to drop a ticket for every account over $250 in cash when you have over 500 accounts like most good sized reps. 

Trades are not written up on tickets. Entered on Smartstation. Tickets are so ..well..yesterday

The 72 who left AGE in July was from one of our inside publications.  

Do we even bother having the monthly meetings with Bob any more? I don’t even pay attention.

Per an article today in Investment News, it's up to 150 now (headhunter the source of that number). Be advised headhunters do have a bit of an agenda to "fan the flames." They get paid if they manage to persuade brokers to jump ship.

I don't wish to violate RR's TOS policies by posting links to competitors' articles. There are also comments about the John and Jim Lee departure but nothing about the TRO filed against John. Also no other brokers/advisors mentioned by name.

[quote=Hydeho]

the market market is just one of the differences, not a reason.  And it will be a pain to drop a ticket for every account over $250 in cash when you have over 500 accounts like most good sized reps. 

Trades are not written up on tickets. Entered on Smartstation. Tickets are so ..well..yesterday

As one of those brokers who left in July (600m +) I should point out something no one has talked about yet. Due to this merger all of the institutional types are “Dead Meat”. Their clients very well may have Wach accounts as well, who do you think will win a turf battle as to whose accounts they are.  As you know you can not have more than one broker at AGE.  As soon as the merger is finalized, or just before, they will lhave to leave in mass.

You can have as many brokers at AGE as you want. I have clients that use me for bonds and another old friend of theirs in Fl for stocks.

In addition I think that the 72 "defections" is not accurate as many are also failures from training and retirees, not to mention a few older guys that dropped dead last month.

[quote]

As one of those brokers who left in July (600m +) I should point out something no one has talked about yet. Due to this merger all of the institutional types are "Dead Meat". Their clients very well may have Wach accounts as well, who do you think will win a turf battle as to whose accounts they are.  As you know you can not have more than one broker at AGE.  As soon as the merger is finalized, or just before, they will lhave to leave in mass.

[/quote]

I think that is backwards.  AGE was a very well established and respected firm--Wachovia was less respected.

I bet that the institutional clients will chose their AGE broker as their favored broker in the combined firm.

For those clients who really do not have a preference the two reps can establish a rep number that splits the income the account generates into any percentage they would like to use.

This is a merger that has the less respected firm buy the more respected firm and the lessons of the past do not apply.

This is a merger that has the less respected firm buy the more respected firm and the lessons of the past do not apply.

 This is a post written to a respected FA by an completely disreputable poser moron. The lessons he (the latter) attempts to impart do not apply.

I suggest that you actually talk to an institutional broker and then reconsider your opinion. I have talked to many and I don’t know of a one who is not at least looking if not in the final stage of leaving.

wow - you go away for a weekend and it all breaks loose here. Didn't anyone just go out and enjoy the three day weekend with their families?

Okay back to business. I was with AGE for 20 years, left in May (pre-merger) Don't remember the last time I didn't make President's or Chairman's and was a BOM for nearly a decade. That being said I don't traffic in rumor or inuendo. What the merger has done is force a lot of folks to re-examine their business model and take control of it. Second largest means nothing to 100% of my clients. My folks want to know how they will be treated by me and the firm I affiliate with, period.

So the following is directly from inside from a trusted friend intimately involved in the merger.

1) Technically it may be a merger; but Home Office folks feel like its more of a takeover. (re:back office job losses)

2) Best practices so far has meant WS wins all ties. To date not a single AGE policy has taken precedence over a WS. (don't expect the same generous 401(k) contribution you've grown accustomed to.)

3) Since the date of the merger announcement 270 FCs have left. On average 30-35 a week.

4) Regional Management re-alignment is coming in the next 45 days, perhaps as early as Sept. 15th. Who stays and who goes should be very interesting. Current AGE Regionals are particularly vulnerable because WS/AGE is not going to sit around and wait for another John Lee event. It only makes sense  that they would want their folks in place to mind the store in the coming weeks and months.

5) The other shoe drops - in the coming weeks there will be some other big name defections regardless of the action taken against John Lee. (okay so that kinda borders on rumor - I'd like to say more but don't want to potentially injure those planning to leave)

6) If I were still there, I would be biding my time,  collecting two more fee-based months of production, my manager's bonus, and my FC sales bonus, and whatever 401(k) contribution they grant  - while putting together my exit strategy for March of '08. Time is your ally in a move such as this and who knows maybe you will like the new company - I wouldn't have.

 I could not be happier that I left when I did. My move was certainly of the 80/20 variety and we've kept over 90% of our revenue base. Having spent nearly my entire career there, it was tough to go, but if I had the choice I would absolutely do it exactly the same way again.

Best wishes to those who stay or decide to leave. Tough to go wrong if your client is foremost in your decision-making process.

Rj hired 2 big AGE Reps.  The first was an AGE rep from the Houson area with 425mm in assets.  The second began his career at AGE in 1977 and has over 150mm in assets.

When this all started WB stated they would not loose more than 3% of AGE reps.  Here we are 90 DAYS after the announcement and AGE has lost about 4%+-.

Here is another idea.  If I were to leave my firm today for WB the would ask me to sign a 7 year contract and pay me about 120% package.  Why would someone at AGE "sign" an 11 year contract for 1/2 of that???????????

If you are at AGE and not currently at least TALKING to area branch managers from MS, UBS, ML, RJ or whoemever you are an idiot.

Hey Tarpon, an idiot is someone who spells lose "loose". Also, I think the exact wording was 3% "regrettable" attrition. And no, I don't have a big kool-aid moustache.

I am not talking to these bozo recruiters/managers until I want to move. How are they going to differentiate themselves other than the upfront bonus money%?

The thing about using the term “regrettable attrition” is you can define it any

way you want. I have seen several departures from AGE in the STL area in

recent weeks and only one was below club level.

Hey, if I leave WB, they would probably not regret my attrition.  However, I am sticking.

Dudes, I am just bored and am interested to hear what other AGE guys are saying. It's funny how WB fc's could give a flying you-know-what about all of this. I think the guy who posted something to the effect of "do what's right for the client" said it best. To jump now, how do you know if A is better than B (stolen from a prominent AGE FC course).

GG,
 As you may recall, I’m an AGE guy who is not staying. I plan to go indy very early next year. WB may well be a good fit for many AGE brokers. I think those for whom it will be the best fit are those who have more of a wirehouse mentality to begin with. Wachovia Securities is now a wirehouse. Any debate on this subject is semantic at best.  I’m sure you’ll prosper at WB if your heart is in it. I, personally, can’t get behind the idea of a pay cut (at my production level (@$310 T12 midway through year 6), indy-sized ticket charges, and almost double minimum ticket amount for payout.

[quote=Gordon Gekko]

Hey, if I leave WB, they would probably not regret my attrition.  However, I am sticking.

Dudes, I am just bored and am interested to hear what other AGE guys are saying. It's funny how WB fc's could give a flying you-know-what about all of this. I think the guy who posted something to the effect of "do what's right for the client" said it best. To jump now, how do you know if A is better than B (stolen from a prominent AGE FC course).

[quote=shredder][quote=Gordon Gekko]

Hey, if I leave WB, they would probably not regret my attrition.  However, I am sticking.

Dudes, I am just bored and am interested to hear what other AGE guys are saying. It's funny how WB fc's could give a flying you-know-what about all of this. I think the guy who posted something to the effect of "do what's right for the client" said it best. To jump now, how do you know if A is better than B (stolen from a prominent AGE FC course).

[/quote] [/quote]

Sorry about previous message, operator error. Couldn't agree more.  We have until Feb 2009 to make an INFORMED decision. One not based on opinion and innuedo.