Good-bye to all that

or Register to post new content in the forum

34 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jul 1, 2007 8:25 pm

I have been lurking on this site since a few days after the news of the AGE/WB merger.  I suppose I was looking for any little shred of information regarding the merger since at that time almost no information was coming from St Louis.
Today I registered because I wanted to open a topic. I thought it would be useful for any AGE employees to express what their plans are,  if any,  regarding their futures.
For myself, depending on what day it is, I resolve, to drink the Kool Aid and stick it out, quit and go to another wire-house  (a nine freaking year  committment), quit and go independent, and finally,  quit and retire.
My apologies in advance to any non-AGE regular posters for taking up your time.
 

Jul 1, 2007 8:39 pm

I think any AGE person has considered almost all of the above. I have not drank the Kool-aid but I am inclined to see what's around the corner. The indy route is attractive but looks like too much work. The wirehouse route is just indentured servitude. Believe me, there is a reason that they have to pay you so much upfront.  Friends at WS are very happy and say we'll benefit from the merger. I'll just take the  check, bank it and see how things go. If it is intolerable, I'll leave and give the money back. Simple plan.

Jul 1, 2007 9:20 pm

Saw this coming a few years back and started researching all options then.  Leaning towards "going indy".  View this as a good opportunity to make a change for the better (all options are good).  This thread is interesting since it seems much of the "leaving talk" is picking up a bit.  But haven't heard of much activity yet.  

Jul 4, 2007 8:52 pm

Shredder,

Can you expand on your WS friends' comments that the merger between AGE and WS would be good for AGE brokers?  Do you think it odd that WS is also providing retention for the WS  brokers?    Are there any WS FAs on this forum who wish to comment?

GBTAT

Jul 4, 2007 10:46 pm

researching careeerfield: just curious, why 9 yr committment?  Isn't working at wirehouse just being an employee?  Do you sign an agreement to work there 9 years?


Jul 4, 2007 11:36 pm
WYSIWYG:

researching careeerfield: just curious, why 9 yr committment?  Isn't working at wirehouse just being an employee?  Do you sign an agreement to work there 9 years?




Flamingo.  Give it up. 

Jul 4, 2007 11:36 pm
WYSIWYG:

researching careeerfield: just curious, why 9 yr committment?  Isn't working at wirehouse just being an employee?  Do you sign an agreement to work there 9 years?




That's nthe upfront money, he's talking about.  Take 120% of T12 and sign a 9 year deal.

Jul 4, 2007 11:55 pm

And I thought marriage was a longterm committment. Thanks Ferris.

Jul 5, 2007 7:51 am

I have been researching what to do over the past few weeks also. 
Been with AGE almost 6 years and planned to be here for the next
twenty.  MS offered 200% deal with nine year commitment, but I got
the impression that could be negotiated down to six or seven.  I
think that if I did anything, the indy route would be it.  I also
think that everyone in the branch is talking to everyone.  My
guess is that about one third of the AGE reps nationwide will
leave.  Anyone care to offer another guess?

Jul 5, 2007 8:00 am
illinoisrep:

My guess is that about one third of the AGE reps nationwide will leave.  Anyone care to offer another guess?


Wachovia estimated that 3-5% of the AGE advisors would walk. I could see it being a little higher but one third? How do you arrive at a figure that high and are you including AGE reps that go over to Finet in that guess?

Jul 5, 2007 10:25 am

They havent even had time to build the firm yet. If indeed they do take the best of both firms and create one - it could very well be the best place on the street. The best firm and you're paid for doing nothing but sticking it out and approaching change with an open mind. I'm in no rush on this one.   

Jul 5, 2007 11:49 am

I agree with Bache, I think that this firm in the number two spot is going to change the face of the industry (this and the fact that the current No. 2 is imploding embarassingly).


I am ambivalent in re. EZMoney's take on the situation (that being that since there is a bank involved there is bound to be a pole probing in your future's past). OT1H, yes, banks have a long and distinguished history of blowing themselves into tiny bits (Remember First Union which was the big fish swallowed by the smaller fish Wachovia?) And there have been scores of the seemingly dumbest mo fos in pinstripes at the tops of banks?


OTOH, Smith Barney's troubles began long before the Citi was taken over by Sandy's Weild men. Maybe they should have listened to Sandy and tossed Robinson at AmEx back in the day. And then there's Bache, didn't they have to run into the arms of Pru when they had allowed the Hunt brothers to over leverage themselves when they were trying to corner Silver in the early '80s? (answer is yes). George Ball (of both Pru AND EFHutton) didn't need a bank to destroy two companies (not to mention the careers of thousands of otherwise perfectly good salesmen). Point being that there are plenty of brains spattered on sidewalks far away from the banking section of Wall Street.


9 year lockups? Egads... Well, the truth of that is that this is the last time you are going to get paid to move. The next jump bonus will go to paying off the note you still carry from the last firm. It won't really matter to the firms because they'll all have a stream of on jumpers and off jumpers that will offset each other. It's really pretty ridiculous, always has been. We used to say in the wirehouse, if they just spent that $250,000 in advertising CD rates, we'd all make more money for everybody than the puke Merrill broker they bought will ever make them! (but they made the Merrill puke "Sales Manager" and so where was your reasoning going to go then?)

Jul 5, 2007 2:27 pm

The big fish (First Union) is still out there.  It just calls itself a smaller fish (Wachovia).  I remember this deal well because SunTrust was calling at the same time with a better deal for the stockholders.  I just hope they do better than they did with The Moneystore and Core States.  See article: http://www.cavalierdaily.com/CVArticle.asp?ID=8496&pid=7 23 

Jul 5, 2007 7:25 pm

I am going to Janney Next Month. 150k up front vs. 60 with some good

back end incentives. F off Bagby.

Jul 5, 2007 8:04 pm
Goodbytoallthat:

Shredder,

Can you expand on your WS friends' comments that the merger between AGE and WS would be good for AGE brokers?  Do you think it odd that WS is also providing retention for the WS  brokers?    Are there any WS FAs on this forum who wish to comment?

GBTAT


These FC's are all experianced transfers to WS, one from AGE. In a nutshell: 1. great fee based platform 2. better technology 3. Envision is excellant. 4. Strong regional management 5. THEY WILL LEAVE YOU ALONE!


That is the 30 sec version. Is it odd they are giving WS brokers a ret. pkg? NO, they are moving their HQ to St Louis, that blew away some of those reps. Things are going to change for them also.  As far as 1/3 of AGE reps leaving, that's crazy.  Everyone will talk to other BD's, most won't leave, it's too much effort. Will WS keep all the AGE FC's - NO. They probably don't want the bottom 20%. Good bye- good luck besides what kind of a "deal" can they really get? If you are in the business over 10 yrs and doing under $300k, might want to explore your options, but that was more than likely going to happen under a Bagby regime anyways, it was going down that road.


I agree with Bache, might be worth sticking around for, those deals will always be out there for good producers.

Jul 5, 2007 10:07 pm

Not sure about the better tech at WS.  Sat down and compared at a buddy's WS office and was not impressed.  Envision is a step up, but very wordy and really an average presentation.  It was the only step up in technology I noticed.  Most was the same, a few things worse.

Jul 5, 2007 11:57 pm
brokerman:

I am going to Janney Next Month. 150k up front vs. 60 with some good

back end incentives. F off Bagby.



Bman,
Was there anything else about the new firm that mattered to you, other than the money?  Did you compare their offer to other companys'  offers?
I was talking last week with a large producer who left AGE after the new pay schedule was imposed 11 months ago.  He was a transactional guy, and the new "3 percent" cut affected him  by 10 percent.    He claims he loves the new company and his decision to leave.   He said he used a spread sheet to  compare over 30  variables for the many companies he analyzed.  Is advice to me was look hard before you leap.

Jul 6, 2007 12:23 am
brokerman:

I am going to Janney Next Month. 150k up front vs. 60 with some good
back end incentives. F off Bagby.



That's the spirit, you're really going to teach Bagby a lesson!


GOD I hope you're in my branch, but I don't think so.  Either way the other brokers in your branch are going to have some fun.

Jul 6, 2007 5:17 pm

1)  Take the check 2) Wait and see ............ Easy short term decision.  The conditions ask for $ back, There appears to be no sign of a "no solicit" or "no compete".  Nothing to do until all details of merger are in place.


No offense to Brokerman but your production doesn't warrant a leave on the basis of such a small sum of money, however you could be very new to the biz.


Jul 6, 2007 6:21 pm
advisor28:

1)  Take the check 2) Wait and see ............ Easy short term decision.  The conditions ask for $ back, There appears to be no sign of a "no solicit" or "no compete".  Nothing to do until all details of merger are in place.


No offense to Brokerman but your production doesn't warrant a leave on the basis of such a small sum of money, however you could be very new to the biz.



Agreed, besides brokerman will be in the sam boat 2-4 yrs from now when JMS is bought out.


There does appears to be a non-solicit but if u give the $$ back when u leave there ar eno hand cuffs.