Wachovia/AG Edwards one month later

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Jul 8, 2007 12:40 pm

I've noticed the calls from recruiters drying up and the general atmosphere being one of business as ususal.  I've been told there have only been a few defections up north. Any confirmation of those numbers?

Jul 8, 2007 12:54 pm

And those defections were planned prior to the merger announcement.



I've heard the same thing.  Non event.

Jul 8, 2007 1:24 pm

My impression is that even though most fc's felt betrayed at the outset, the retention numbers were enough to appease most. I've done the math and it makes financial sense to move elsewhere.

Jul 8, 2007 3:52 pm
Reggin:

And those defections were planned prior to the merger announcement.



I've heard the same thing.  Non event.



How much of that is due to intertia and the normal human tendency to avoid dramatic change?

Just playing devil's advocate.

Also-to evaluate options and plan a move properly takes more than one month.  This could be the calm before the storm.

Jul 8, 2007 6:13 pm

Heard of about 15+ so far and more to come late summer and early fall.  If going indy, it takes time to take down space, shop for furniture, etc. so maybe a lot are laying low for the time being.   Would be dumb to rustle feathers if not ready to leave or still deciding which firm. 

Jul 9, 2007 5:39 pm

Any idea how long it takes to prepare to move a large book of business? I used a transfer broker service to move 100+ million book from the koolaid stand company and it took months to properly prepare. Its not like you just unplug the coffee maker and walk.    

Jul 9, 2007 6:52 pm

I've already had five defectiond from my TRAINING class. I think what bothers me most is the full court sales pitch from Bagby, Ludeman & Co. What they don't realize is that we are salespeople and recognize when the phrase "our cultures are rooted in a common client first approach" has been repeated ad nauseum. Just received the letter today giving the road show cities, can't wait for more lipstick to be applied to the proverbial pig

Jul 9, 2007 8:34 pm
nyhavn17:

I've already had five defectiond from my TRAINING class. I think what bothers me most is the full court sales pitch from Bagby, Ludeman & Co. What they don't realize is that we are salespeople and recognize when the phrase "our cultures are rooted in a common client first approach" has been repeated ad nauseum. Just received the letter today giving the road show cities, can't wait for more lipstick to be applied to the proverbial pig


Training class defections?? Those don't really count. I know people that put the training class photo on the back of their door and X'd out people's faces as they left. Normally about 5 out of 30 are left in 3 yrs.


Lipstick, kool-aid, KY, whatever. You have nothing but time on your side to make any decision.


Jul 9, 2007 9:59 pm
shredder:
nyhavn17:

I've already had five defectiond from my TRAINING class. I think what bothers me most is the full court sales pitch from Bagby, Ludeman & Co. What they don't realize is that we are salespeople and recognize when the phrase "our cultures are rooted in a common client first approach" has been repeated ad nauseum. Just received the letter today giving the road show cities, can't wait for more lipstick to be applied to the proverbial pig


Training class defections?? Those don't really count. I know people that put the training class photo on the back of their door and X'd out people's faces as they left. Normally about 5 out of 30 are left in 3 yrs.


Lipstick, kool-aid, KY, whatever. You have nothing but time on your side to make any decision.



My # was 12 out of 75 lol at teh 5 year mark...most gone in the first 3.

Jul 9, 2007 10:35 pm

Yes - Hull - They are in a gang

Jul 9, 2007 11:09 pm

a.g.e.lians.. tell me why u would not  sit tight?.. collect another generous 401k contribution for current year.. your sales bonus on current year production  and then 1/6 of your fy 2006 in cash and TRY  wb for 1 yr and be employed on 3/1/09 and see how it will pan out.. we as a group,  the higher producing profitable revenue fc's control our destiny and the direction the firms can go.. SIGN NOTHING..god willing your production will increase say 10% minimum.. if wb becomes less accommondating or banklike we leave.. LOGIC OVER EMOTION.. my plan fwiw 

Jul 10, 2007 12:02 am
[email protected]:

a.g.e.lians.. tell me why u would not  sit tight?.. collect another generous 401k contribution for current year.. your sales bonus on current year production  and then 1/6 of your fy 2006 in cash and TRY  wb for 1 yr and be employed on 3/1/09 and see how it will pan out.. we as a group,  the higher producing profitable revenue fc's control our destiny and the direction the firms can go.. SIGN NOTHING..god willing your production will increase say 10% minimum.. if wb becomes less accommondating or banklike we leave.. LOGIC OVER EMOTION.. my plan fwiw 




You may write like a retard, but I agree with you.

Jul 10, 2007 12:16 am
Jul 10, 2007 12:19 am

Do you realize what a huge effort it is to move a book?  Or you could just sit there, do what you've been doing, and just collect some free money.

Jul 10, 2007 1:01 am
skbroker:



If i were you I woudl choose MS..I hope lots of AGE reps do lol...our office could use some pruning, and I wont mind the assisting your clients that stay at Wachovia/AGE So you get more money to move than stay...thats a no brainer..you should..but what are you moving to? Less freedom, much lower quality workstations, and a name w good and bad rep. There is a reason they are paying so much for mediocre producers dont ya think..two guys I know moved there in the last few years and are hapy for teh $$ but say they arent sure they would do it again

Jul 10, 2007 1:20 am

no matter what  it will be a different firm.  It either wachovia or other firm.  I could possibly make 800k over the next 3 years with morgan compared to 140k with wach basedon retention package.  How do you what kind of environment wach will be once all the dust have been settled.   Wachovia isn't any different than other wirehouses that are based in new york from word on the street and I am going to do what is best for me and my clients.  No more AGE

Jul 10, 2007 1:23 am
Ferris Bueller:

Do you realize what a huge effort it is to move a book?  Or you could just sit there, do what you've been doing, and just collect some free money.



Ferris this guy is a moron, save your breath.  He's willing to sign on to a 5-9 year contract without knowing what he's leaving nor considering what he could make as an indy with his own business.  Let him jump to Morgan he gets what he deserves!

Jul 10, 2007 1:45 am
Jul 10, 2007 2:00 am
skbroker:



I left a long time ago, you illiterate retard!  Now I own my own firm and I don't need to make up lies about my production to prove to you how good my life is.  Thank god, it's pretty good!

Go to Morgan....you deserve it!  It's so great how you have it all figured out even with your tiny little brain!

Jul 10, 2007 10:10 am

Seriously. Just leave.  Do not pass GO.  Pack up your book and move it to MS or whomever will pay you the biggest upfront money.  We're tired of hearing about how you are bitter.  Yadda Yadda Yadda.


But DO come back in 6 months.  I can't wait to hear how this turns out.