SB Retention
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Bodysurf,
The contract you are referring to is the partners award ( a loan on the next 5 years LOS Bonus). It is simply a loan and not a bonus. It is not the retention contract. These contracts are not out. If your buddy is entitled to a retention payment, this LOS award is repaid from the proceeds and the contract is finished. I would suspect that the retention package would have similar language as the retenetion package is a very long 9 year loan, that is forgivable 1/9 for each year that goes by. If your buddy plans on retiring, he simply makes sure he does not spend those $$ and repays them when he leaves. If he does it right he will get a nice payout from an FC who he trust to sell his book to anyway.I don’t think he’s going to stay anyhow. In 2001 he came over from Morgan Stanley on a 7-year deal. But he and a few dozen others in our region were offered an addendum to their contract, which extended his promissory note to 9 years. He read the addendum to me over the phone, and said there was nothing about extending his CONTRACT for another two years, just the term of the loan forgiveness. The manager told him that he would have an additional $44,000 taken out of his retention package paid out next January, because he’s still under contract for 2008 and 2009.
He went crazy, said that wasn’t the deal, even called up his former manager to ask him what he’d been told. I think he’s walking. He’s got an offer from Wachovia for 1.5x, and he’s also thinking about going indy.
Body, do you know if the 1.5x he’s offered is all upfront? Can you possibly get me any details on that? Wach is presenting my offer tomorrow and I’d love to know if I’m getting all I can get or not. I’d be happy with 1.5x
No, he’s getting half up front, and half on the backend. In order to qualify for the back end bonus, he has to grow his business 25% before the end of 2011. 2010 maybe? 2011 I think.
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You guys do know quite a bit. But if I can shed any light out there let me know. Registered Rep has called as I am a great source.
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