Another View from an AGE Broker

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Jun 2, 2007 11:38 pm

There seems to be the assumption that if an FC is producing at $300K or less, he or she must not be serious about the business.  Having entered the business at AGE right before 9-11, concurrent with the advent and proliferation of the no-call list, and having built a $30 million AUM book over the past six years (which included the recession of 2002), I would hope any package that is constructed takes into account one's production as well as AUM and time in the business.  I'm sure I would not be alone in feeling shafted if offered 10% or less in the hope that I, as an "underachiever," would leave the business -- and leave my accounts to generate income for those who are "worthy enough" to be paid to stay.

Jun 2, 2007 11:57 pm

Amen.

There's a big difference between 30mm 300k in 6 years and a guy 10 yrs in the bus squeezing 300k out of 20mm.

I was at Morgan Stanley as a trainee before and one of the reasons bigger producers were big was that they were fed accounts of those leaving and had the support (read spending cash) of management.

Jun 3, 2007 2:06 am
FL Broker:

There seems to be the assumption that if an FC is producing at $300K or less, he or she must not be serious about the business.  Having entered the business at AGE right before 9-11, concurrent with the advent and proliferation of the no-call list, and having built a $30 million AUM book over the past six years (which included the recession of 2002), I would hope any package that is constructed takes into account one's production as well as AUM and time in the business.  I'm sure I would not be alone in feeling shafted if offered 10% or less in the hope that I, as an "underachiever," would leave the business -- and leave my accounts to generate income for those who are "worthy enough" to be paid to stay.



Sorry bro but producers under 300k aren't going to get any deals.  I may be wrong, but that seems to be the consensus.  I've been here over 7 years and have over 100MM under management and 700K trailing 12 so grinding out a great business during a recession is possible.

Jun 3, 2007 10:19 am

I would say that is not very impressive. You may want to check out their indy channel, you sound like that type.

Jun 3, 2007 7:00 pm

Ferris: Good for you.  If what you claim is true, you've done a nice job building your practice quickly.  My point -- as one whose practice is in a blue-collar town -- is that I feel I've built a nice business despite the challenges of the no-call lists, 9-11 and the recession.  Compared to my training-class peers, I'm doing much better than most.


Bankrep: If you're a bank rep as your handle implies, the challenges associated with gathering assets may be less of a concern than for those of us outside of an in-house referral network.  (And that's not intended as a slam, so please don't take it as such.  It is what it is.)  For my part, all but $500K of the $30 million in my book was self-gathered.  So it may be "not very impressive" to you, but I'll settle for just plain ol' vanilla flavored "impressive" given the circumstances.

Jun 3, 2007 7:05 pm

That means you have averaged about 400K per month in new assets. I stand by my original recommendation that you should check out going indy. I worked in a wire and gathered 8 million in 11 months, then I figured out a better way. Last month I brought in 3 million in new assets.

Jun 3, 2007 9:07 pm

FL Broker,
 I am also an AGE broker in FL. I have noticed that most of these posts tend to slide into personal attacks which do no one any good other than those who need their ego stroked anonymously. I will try to be productive. I am likewise a @$300k producer who built his business during the bursting bubble. Realistically, there is probably not much chance of a lucrative cash offer to us from Wachovia. If this turns out to be the case, take your book somewhere else. You've built a profitable business (regardless of what others may tell you). Don't let someone else  reap the profit you've sown.

Jun 3, 2007 9:20 pm
bankrep1:

That means you have averaged about 400K per month in new assets. I stand by my original recommendation that you should check out going indy. I worked in a wire and gathered 8 million in 11 months, then I figured out a better way. Last month I brought in 3 million in new assets.


Liar.

Jun 3, 2007 9:39 pm
bankrep1:

That means you have averaged about 400K per month in new assets. I stand by my original recommendation that you should check out going indy. I worked in a wire and gathered 8 million in 11 months, then I figured out a better way. Last month I brought in 3 million in new assets.



What is your "better way?"  Do you bring in chocolate doughnuts for all the fat bank tellers so they will refer business to you.

Jun 4, 2007 12:24 am
FL Broker:

Ferris: Good for you.  If what you claim is true, you've done a nice job building your practice quickly.  My point -- as one whose practice is in a blue-collar town -- is that I feel I've built a nice business despite the challenges of the no-call lists, 9-11 and the recession.  Compared to my training-class peers, I'm doing much better than most.


Bankrep: If you're a bank rep as your handle implies, the challenges associated with gathering assets may be less of a concern than for those of us outside of an in-house referral network.  (And that's not intended as a slam, so please don't take it as such.  It is what it is.)  For my part, all but $500K of the $30 million in my book was self-gathered.  So it may be "not very impressive" to you, but I'll settle for just plain ol' vanilla flavored "impressive" given the circumstances.



Careful about using the term "plain vanilla"...you'll end up being sent to St. Louis for sensitivity training.

Jun 4, 2007 8:22 am
BILLYBOB:
bankrep1:

That means you have averaged about 400K per month in new assets. I stand by my original recommendation that you should check out going indy. I worked in a wire and gathered 8 million in 11 months, then I figured out a better way. Last month I brought in 3 million in new assets.

What is your "better way?" Do you bring in chocolate doughnuts for all the fat bank tellers so they will refer business to you.





Yeah donuts is how I gather 2-3 Million per month