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Wachovia/AG Edwards one month later

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Jul 10, 2007 2:52 pm

I guess ferris is your boyfriend.  For someone who owns his own firm you sure do spend alot of time talking about issues that does pertain to you.  you are a lonely loser who waits on the computer waiting for responses on the last post.  get a life.     

Jul 11, 2007 1:47 am

The topic was about AGE/WB but again quickly denigrates into a name calling contest. It is hard to believe that SOME of you are professionals entrusted to manage other peoples money.

Jul 12, 2007 1:58 am

Mine is bigger than yours! No its not…Yes it is…Fella’s…I can appreciate your overachievements.  I wouldnt leave for 300% not knowing the payout grid and product line up, and from experience when I moved my book from Edward Jones to AG Edwards I certainly wasn’t expecting to be bought.  However it has gone very well and now I got the enhanced payout and getting a check with the ability to walk again if need be, but won’t happen…this merger is going to work out well.  SK Broker I retained 72% of a $56mill book at 5 yrs in the biz however not without the many challenges of move and it took 3 months total of working 7am-8pm to do it, prepare yourself and your family if you consider a change.

Jul 12, 2007 4:12 am

Well said advisor28.  Unfortunately he’s hell bent on teaching Bagby a lesson so let him learn the hard way.

Jul 12, 2007 4:30 am

Jul 12, 2007 12:52 pm

Good point Joe. It may take years for Wach to really 'boil the frog'. May look good in year one, year two...May take years to really look like its worth moving away from. In the meantime we get 1/6th of the retention for each year we wait and see. That also allows time to see how the other firms are changing in this period of consolidation.

I'll tell you my real fear. I move to another firm and that firm merges with Edward Jones. In that case... just throw the frog under a fast moving truck!  

Jul 12, 2007 8:39 pm

joe

do you ever work?

Jul 12, 2007 8:41 pm

[quote=skbroker]

joe

do you ever work?

[/quote]

Shouldn't you be packing up your things for the big move?  Bagby will be stunned.

Jul 13, 2007 1:45 am

been looking at all options for last few years.  this may be the perfect opportunity to go indy.  Every adviser who is worth their weight in my office is considering all options.  I’m still waiting for bagby to call me with my offer from his 15 million discretionary checkbook given to him from danny for “key” people to make this merger run smoothly.  of course, i’m not holding my breath. 

Jul 13, 2007 11:40 am

Did anyone really think AGE FA’s would bail before collecting their checks for fee based business August 10th?

Jul 13, 2007 11:50 am

[quote=liquid]Did anyone really think AGE FA's would bail before collecting their checks for fee based business August 10th?[/quote]

There's even bigger money down the road: 401k/excessive profit sharing and sales bonus. The only people leaving between now and then are those that had been planning this for a while and the merger has given them "the perfect reason" or the lower end producers that think it's greener on the other side and they are in for a MAJOR wake-up call.

Jul 13, 2007 9:43 pm

Anyone leaving before February when the 1/6 option pays would miss the 401k/sales bonus anyway.  Anyone who stays past 401k/sales bonuses in Mid March would have to give the 1/6th money back. 

Also, don’t forget AGE’s crazy rule in the 401k about them keeping half of the firm match account money in the plan for 2 december 31st’s.  Why do you think they sent the retirement plan docs to everyone in an email 2 weeks back as a subtle reminder.  For those waiting till 08, you won’t be completely rolled over till jan 2010. Look it up. Maybe they’ll be nice, but this happened to someone I know who left. 

Jul 13, 2007 11:05 pm

[quote=GoingIndy???]Anyone leaving before February when the 1/6 option pays would miss the 401k/sales bonus anyway.  Anyone who stays past 401k/sales bonuses in Mid March would have to give the 1/6th money back. 

Also, don’t forget AGE’s crazy rule in the 401k about them keeping half of the firm match account money in the plan for 2 december 31st’s.  Why do you think they sent the retirement plan docs to everyone in an email 2 weeks back as a subtle reminder.  For those waiting till 08, you won’t be completely rolled over till jan 2010. Look it up. Maybe they’ll be nice, but this happened to someone I know who left. 
[/quote]
You are correct on the 401k…I think all thses guys that are jumping should do so soon…I will welcome their clients w open arms

Jul 14, 2007 5:03 am

[quote=nestegg] [quote=GoingIndy????]Anyone leaving before February when the 1/6 option pays would miss the 401k/sales bonus anyway.  Anyone who stays past 401k/sales bonuses in Mid March would have to give the 1/6th money back. 

Also, don't forget AGE's crazy rule in the 401k about them keeping half of the firm match account money in the plan for 2 december 31st's.  Why do you think they sent the retirement plan docs to everyone in an email 2 weeks back as a subtle reminder.  For those waiting till 08, you won't be completely rolled over till jan 2010. Look it up. Maybe they'll be nice, but this happened to someone I know who left.  [/quote]
You are correct on the 401k...I think all thses guys that are jumping should do so soon...I will welcome their clients w open arms ;)
[/quote]

Jul 14, 2007 5:52 pm

I think the fc’s leaving in the near term might be the ones doing under 300k tt who didn’t get much of anything in the way of retention money. I am sure this won’t upset WB as they are trying to weed them out anyway under their current comp plan.

Jul 14, 2007 11:05 pm

The first wave will leave before August 31st. From what I'm hearing the numbers will surprise many. We will know in about 6 weeks.

Jul 14, 2007 11:11 pm

Entire AGE offices are going to join firms like Stiffel or Janney who are using this as a great reason to establish offices in cities where they have never been heretofore.

Wachovia will be disappointed by the retention.

Jul 14, 2007 11:42 pm

[quote=Devil’sAdvocate]

Entire AGE offices are going to join firms like Stiffel or Janney who are using this as a great reason to establish offices in cities where they have never been heretofore.

Wachovia will be disappointed by the retention.

[/quote]

I would be shocked with those names above.  I've heard of a couple offices looking but with the 2 larger indy names. It especially makes sense with the duplicating offices so the manager can still be the manager, get a piece of the action, and prolong the opportunity for smaller producers/rookies to get up and running.   
Jul 15, 2007 12:47 am



I would be shocked with those names above.  I've heard of a couple offices looking but with the 2 larger indy names. It especially makes sense with the duplicating offices so the manager can still be the manager, get a piece of the action, and prolong the opportunity for smaller producers/rookies to get up and running.   
[/quote]

First off, not every overlapping office is going to close.  Look at Legg + SB, not every office eveporated....Same with UBS + Piper.Secondly, the thought that whole offices will defect in mass is nonsense.  There will be attrition, no doubt. MASS ATTRITIONon a branch level= not happening. Remember, managers are prohibited from "raiding" offices, so the idea that they can just 'change the name on the door' is a fantasy.  Bottom line, time is on our side.

Jul 15, 2007 12:50 am

[quote=Devil’sAdvocate]

Entire AGE offices are going to join firms like Stiffel or Janney who are using this as a great reason to establish offices in cities where they have never been heretofore.

Wachovia will be disappointed by the retention.

[/quote]

I don't see that happening at all.  What do you see that causes you to believe entire offices are going to leave?  Are you suggesting a couple of locations...here and there?  Or do you believe it will be a mass exodus.

Thanks.