How did the retention bonus for AGE/WS?

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Oct 13, 2008 10:36 pm

I am trying to get a handle on how the retention bonus for AGE brokers worked when WS bought the firm. Was the bonus paid in one lump sum? Was it broken up? Any input would be helpful.

 
Thanks.
Oct 13, 2008 10:37 pm

I meant to ask..."How did the retention bonus for AGE/WS work?"



Sorry.
Oct 13, 2008 10:49 pm

why?

Oct 13, 2008 10:59 pm

I do not work for WFC. However, I believe the new package may by very similar to the AGE/WS package with adjustments for the AGE people who already have a package. I heard that they are calling it a "Capital Infusion" and not a retention package...


Thanks for the sarcasm though...
 
Any real answers?
Oct 13, 2008 11:01 pm

So if you dont work for WFC or WS/AGE why do you care?

Oct 13, 2008 11:04 pm

Such hostility. Make sure you take care of yourself in these difficult time as it seems to wear a broker's patience thin.

Oct 13, 2008 11:13 pm

Guess we will all see soon. Hope you get a big fat check...lots of buying opportunities out there these days.

Oct 13, 2008 11:14 pm
punkbynature:

Such hostility. Make sure you take care of yourself in these difficult time as it seems to wear a broker's patience thin.


No hostility, I was just wondering why it matters. I don't care what MER reps are getting because I dont work there, so it is odd that someone would be so concerned..maybe you are just bored.
BTW a search of this forum will answer all your questions.

Oct 14, 2008 8:38 am

To say that AGE advisors have been thru more is simply not a factual statement.  I sympathize with the fact that you guys have now gone thru multiple name changes in a short amount of time, but I would wager what some of us have gone thru, being DIRECTLY on the front lines is comparable, if not worse.  In regards to the packages that AGE got, I have no idea, and really don't care, it is none of my business.  What I am curious about is the package that WS brokers will get going forward.  I agree that it should be uniform across the board, and the idea of upfront money sounds just fine by me, although I fear it won't be.  Speaking from my personal point of view, I had expectations of doing 700K this year in a flat market, the reality is I will now do 600K this year (hopefully), and everything else being equal, I would consider myself fortunate to do 500K next year.  Just my 2 cents.

Oct 14, 2008 7:49 pm

I had expectations of doing 700K this year in a flat market, the reality is I will now do 600K this year (hopefully), and everything else being equal, I would consider myself fortunate to do 500K next year.  Just my 2 cents.





One of the first times I have ever seen anyone forecast a drop off in gross on this board.  Your numbers about 30% higher than mine, am I too am wondering how in the hell next year is not going to a rude awakening.  If I look in the mirror, I can only say that CD's and treasuries are going to be the place to be for awhile, but tough to keep the gross coming that way.


Oct 14, 2008 8:07 pm

I am getting a rollover in the next week and at best I will get the client to dca into some funds over the next year plus buy some cds. I have little confidence in VA's these days, especially given the cdsc's and the fact that nobody knows who will be around down the road.

Oct 14, 2008 9:51 pm

To say that the former AGE brokers have not been through a shittier previous 16 months than the WB brokers is a crock of Bob Bagby.  You cant possibly be an AGE broker.  You have no clue of the explaining to clients that we have had to do to justify why the firm is now always in the news with negative publicity, the decline in our stock price, the new merger with WFC, and the golden parachutes our CEO's have gotten which includes what Bob Steel is going to get for putting the WFC deal together.  I have lost assets, clients, and goodwill simply due to the Wachovia name, because my clients have feared this name for a while now.  I calmed their fears to a point, but it boiled over when the Wachovia name was the next one predicted to fall to the FDIC.  It does not matter if you have FDIC, SIPC, NCUA...  If the clients have fear, they will run to what they feel is a safer place.  My clients did not choose to be with WB before AGE was bought, that is why they were with me and not a WB broker.  If we were still AGE, we would only have had Bob Bagby to deal with and not all of the WB bullshit.  That being said, you bet your ass the AGE brokers deserve a little more incentive to stick around with the firm at this point.  If it don't happen, there will be a lot of very good brokers leaving and I am talking about the crest++ level producers.  WB does not care anything about the below crest level producers, these guys are going to be pushed out of the company anyway because they are considered deadweight in the firm.  It has already been mentioned by mid-level managers at WB that they are not going to tolerate these lower brokers as AGE had done in the past.  If you are in this category and have a good offer elsewhere, you better get serious about taking it...

Oct 14, 2008 10:33 pm
Bud Fox:

To say that the former AGE brokers have not been through a shittier previous 16 months than the WB brokers is a crock of Bob Bagby.  You cant possibly be an AGE broker.  You have no clue of the explaining to clients that we have had to do to justify why the firm is now always in the news with negative publicity, the decline in our stock price, the new merger with WFC, and the golden parachutes our CEO's have gotten which includes what Bob Steel is going to get for putting the WFC deal together.  I have lost assets, clients, and goodwill simply due to the Wachovia name, because my clients have feared this name for a while now.  I calmed their fears to a point, but it boiled over when the Wachovia name was the next one predicted to fall to the FDIC.  It does not matter if you have FDIC, SIPC, NCUA...  If the clients have fear, they will run to what they feel is a safer place.  My clients did not choose to be with WB before AGE was bought, that is why they were with me and not a WB broker.  If we were still AGE, we would only have had Bob Bagby to deal with and not all of the WB bullshit.  That being said, you bet your ass the AGE brokers deserve a little more incentive to stick around with the firm at this point.  If it don't happen, there will be a lot of very good brokers leaving and I am talking about the crest++ level producers.  WB does not care anything about the below crest level producers, these guys are going to be pushed out of the company anyway because they are considered deadweight in the firm.  It has already been mentioned by mid-level managers at WB that they are not going to tolerate these lower brokers as AGE had done in the past.  If you are in this category and have a good offer elsewhere, you better get serious about taking it...

Wow! Good vent! Feel the exact same way.  Here is the bottom line and I think most "legacy AGE"people feel the same way:
1. Danny and Sr. Management have no credibility. That's 0.  Who can beleive a single stutering umm that comes out of his mouth.  Even the WS FA's I know are feed up w/ the constant spin and corp line of BS.  He knows as much as we do = nothing. So quit pretending that "this is what you dream of"....
2. We need to take back this firm and it's soul.  Stop listening to this "Universal Bank Model" BS.  Let WFC management know we are fed up with the Danny crap and will walk if he and Sr. Management continue to run the show.  They need to be kicked to the side walk.  Go back to the roots of both AGE and Wheat, that means put the client first and foremost.  We don't need to be a "power house" to accomplish what has worked for over 125 years.
3. Listen to what your top producing FA's are telling you. Don't just pay lip service, listen and then do what you say you are going to do.  Stop the spin, we have seen thru it already.
4.  Understand that all AGE FA's have now sat in the same chair for the past 17 mo's and in effect undergone 3 name changes and story lines. I am not even going to include our 4 days of "independance under the safe harbour" BS.  Clients are asking us when we are leaving!  WS FA's have one less on us and I also feel their pain.
5. Let me do my job w/o all the outside distractions. Leave me alone.  Don't tell me that you know what's best for my clients. Pay me a far % and get the h#ll out of the way.  You already get 60%, leave me alone. 
6. And don't you dare take away my incentive trips! (WS has cxl'd a recent PR trip for purely PR  reasons) And if you dare to cxl it, I'll sick the wife on you and god bless your soul, she likes the trips.  By the way, I earned it and it has always been part of or comp pkg so if you get rid of it, I want to be fairly compensated. First class all the way....besides, this was the last true AGE trip and we were all looking forward to the last hurrah.  At least let us have our trips.....
7. And since all our grants are worth next to nothing.... Hey, maybe all those things should be reloaded too, yeh, that's the ticket.
Vent complete...... 
Oct 14, 2008 11:17 pm

Oct 15, 2008 12:13 am
Bud Fox:

To say that the former AGE brokers have not been through a shittier previous 16 months than the WB brokers is a crock of Bob Bagby.  You cant possibly be an AGE broker.  You have no clue of the explaining to clients that we have had to do to justify why the firm is now always in the news with negative publicity, the decline in our stock price, the new merger with WFC, and the golden parachutes our CEO's have gotten which includes what Bob Steel is going to get for putting the WFC deal together.  I have lost assets, clients, and goodwill simply due to the Wachovia name, because my clients have feared this name for a while now.  I calmed their fears to a point, but it boiled over when the Wachovia name was the next one predicted to fall to the FDIC.  It does not matter if you have FDIC, SIPC, NCUA...  If the clients have fear, they will run to what they feel is a safer place.  My clients did not choose to be with WB before AGE was bought, that is why they were with me and not a WB broker.  If we were still AGE, we would only have had Bob Bagby to deal with and not all of the WB bullshit.  That being said, you bet your ass the AGE brokers deserve a little more incentive to stick around with the firm at this point.  If it don't happen, there will be a lot of very good brokers leaving and I am talking about the crest++ level producers.  WB does not care anything about the below crest level producers, these guys are going to be pushed out of the company anyway because they are considered deadweight in the firm.  It has already been mentioned by mid-level managers at WB that they are not going to tolerate these lower brokers as AGE had done in the past.  If you are in this category and have a good offer elsewhere, you better get serious about taking it...


I understand your frustration, Bud, I really do, but let's be frank.  You have made it clear in earlier posts that you are not willing to take the risk of actually leaving AGE or WB or Citi or WF or whoever takes you over next.  And you are in very good company.  Methinks he does protest too much.

Good thing the water temperature in the pot is increasing so slowly, otherwise the frogs would have all jumped out of the pot by now. 

It isn't all that complicated.  Either accept whatever crap comes your way or leave. 

Oct 15, 2008 12:20 am

Well said Bud and Shred!

Oct 15, 2008 6:43 am
I was a lifelong AGE guy when Bagby sold us down the river in May of 07...
By October 07 I was on board with RJ.
I have very little empathy for any rep that continues to stay on board that rat infested ship with leaders you know you cannot trust.  It is obvious that Danny has repeatedly sold you guys a line of corp BS & he does NOT have you or your clients best interest at heart.  I have yet to hear one valid reason what WFC has done or will do to earn your loyalty and 60% of your commissions? You Legacy guys simply seem to have developed a sense of helplessness thats a shame. There are options available to you, you simply have to do your homework & do whats best for your clients and your family.
 
I have been in your shoes and your choices are clear either leave or pass the vaseline, bend over & grab your ankles...no screaming or crying allowed...take it like a man.
Oct 15, 2008 8:46 am

Couple of points.....the origin of this thread was "How did the retention bonus for AGE/WS??".  Some/Most/None of us think the package will be similar this time with WFC as it was with AGE/WS.  I think all that was being assked was, was it upfront money with a amortization schedule, or was it all deferred, did it include stock??  I think this is a very foar question, seeing as how I work for WS, and would be curious what to possibly look forward to.  For those of you who are going to bombard me with long winded responses about how I should do what is in the best inerest of the client.  To that point, I say, how is me making sure I am doing the proper thing for me financially in the wrong??  I can service my clients on virtually any platform that facilitates managed money, assuming they are not a super small boutique shop.  I would advise any of my clients to do the same thing that I am doing, and that is; entertain any and all viable offers.

 
If I am an AGE guy, and I can move my business, I would be doing it.  Why not??  Many of you complain that it is not the same as it was before, so why wait around?? I know there are a lot of you with "loans" outstanding, but the deals are so big, it has to still be worth it.
 
Finally, I work in affiliation with the bank branches (ISG), so to tell me that things have been tougher on you old school AGE guys is a tough pill to swallow.  Has it been tough on all of us?? WITHOUT A DOUBT!!! 
 
So, in an effort to not let the question get washed out with all the other BS, what was the package like for the AGE guys??
 
I look forward to the open-minded responses.
Oct 15, 2008 9:09 am

a % upfront in cash, with forgivable loan over 6 years and a % in defered comp w/ 10 year vest.  YOur payout was determined by your gross.  I am sure you can find those data points in these threds or Infomax.

Oct 15, 2008 11:33 am
Morphius:

[quote=Bud Fox]
It isn't all that complicated.  Either accept whatever crap comes your way or leave. 

 

 
With respect to what AGE FA's have been through the last year and a half, you've had plenty of time to see Wachovia's "Best Practices" and all of the rest of the bull you were fed from the day 1. If you don't have the guts (or sense, some may say) to be seriously considering other avenues at this point, then you deserve everything you (don't) get.  
 
I didn't stick around one more minute than I had to, and I haven't looked back since.
 
By the way, has anyone heard from Bagby since he sold out for $90/share ($90/share!!!) ?