AGE Retention Money
What are fcs thinking they might do with the check? Assuming you have access to cash (if WS doesn’t work out) and you don’t go out and buy a Porsche or some other depreciating asset, there are lots of options out there. Paying off some debt and investing some of the remainder will probably be my plan.
If investing is some/all of where yours is headed, what are you looking to invest in?If my parents had a mortgage, I think for some odd reason that move would tick my dad off. Good feedback though!
pay off debt
American Funds @ NAVDecline it and take LPL’s transition money instead, which is surprisingly hefty, solving my BD problems forever.
YHWY…care to share the current package? I understood it to be better than it was when I made my transition…just curious as to how much better. When I left, it was 10% of trailing 12 interest-free for a year, and 3% for transfer fees, etc. I also got some help with business cards, letterhead, etc., and they qualified me for the national, even though my first year of production didn’t make the cut. Where’s everything now?
Gold.
Gordon are you a FA asking for advice?I'd be curious to hear other LPL offers too so I can compare. This is what I was offered by LPL: 6% of TTM free $ (can go up to 10% based on production), 10% of TTM interest free loan for 6 months, paid national conference, sent to Ron Carson's basic coaching seminar, covering ACAT fees for accounts of $50K or higher if transferred w/i 120 days, $1,500/month of rent assistance for first six months of transition.YHWY…care to share the current package? I understood it to be better than it was when I made my transition…just curious as to how much better. When I left, it was 10% of trailing 12 interest-free for a year, and 3% for transfer fees, etc. I also got some help with business cards, letterhead, etc., and they qualifies me for the national, even though my first year of production didn’t make the cut. Where’s everything now?
Sure I’ll share. I am getting 3% of my T12 (that % goes higher at $500k and again at $1 mil T12) also, I’m getting six months’ rent reimbursement (at $1500 per) and, finally, they are reimbursing ACAT fees (that I choose to cover for the clients) in accounts over $50k in value.
Hope this helps.3% of my T12
Sorry, typo there. It's 6% of my T12 (and that % does go higher at $500 & $1 mil)Wow…the packages HAVE gotten better. Not enough that I wish I’d waited, but I’m glad for you guys just the same. I’m on the edge of hitting the number to go to the national next summer, so I’ll see you guys in San Diego…
Are you sure you want to pay off your house? That's a big deduction on your taxes that you'd be giving up. I work with a couple of different mortgage guys who believe that paying off your mortgage should be one of the last things you do with a large chunk of money. It's your tax bill. I happy that you guys are getting some money out of the AGE deal.
What is the number to go to the national conf?? I am thinking of joining LPL, but still undecided on that..and a lot of things. Also....will they pay to fly you out to SanD to see the home office, etc before you join?Wow…the packages HAVE gotten better. Not enough that I wish I’d waited, but I’m glad for you guys just the same. I’m on the edge of hitting the number to go to the national next summer, so I’ll see you guys in San Diego…
So wait…how a 6% of trailing 12 is a good deal???
What is the number to go to the national conf?? I am thinking of joining LPL, but still undecided on that..and a lot of things. Also....will they pay to fly you out to SanD to see the home office, etc before you join?[/quote][quote=Indyone]Wow…the packages HAVE gotten better. Not enough that I wish I’d waited, but I’m glad for you guys just the same. I’m on the edge of hitting the number to go to the national next summer, so I’ll see you guys in San Diego…
Yes....generally they will.
IMHO, hell yes. 6% T12 + the other incentives I'm getting (which are transition-by-the-end-of-the-year incentives) are an incredible deal. What makes it great is not the immediate gratification of up front money. What makes it great is that LPL will cover ALL of my transition expenses (including building out the nicest office space in town to my specs.) Once on board, I'll get @92% payout and actually reap the rewards of my practice. Frankly, it's questions like yours that boggle my mind. For me, it was the hugest "no contest" of my life. (i.e. take a bribe to stay at a wirehouse that I didn't sign up for, or take complete control of my practice for the rest of my career, with no money out of my pocket.)
Good luck, all.
I am not downing your decision, I just thought you left a digit off I really thought it was an error when you said great transition package and 6%. Good Luck, Indy is not my cup of tea at this point in life, I dont want to deal w fixing the copier etc etc.
Nest,
No offense taken. All of our situations are different. For me, Paying 60% + of my money to have someone fix the copier (your metaphor) (and frankly, in my branch, about all the support I get) is now unthinkable.
Good luck with WB. I have no doubt it will be a great firm; just not for me.
[quote=nestegg]I am not downing your decision, I just thought you left a digit off I really thought it was an error when you said great transition package and 6%. Good Luck, Indy is not my cup of tea at this point in life, I dont want to deal w fixing the copier etc etc.
[/quote]
I don’t down your decision to give up 60% of your income, I just don’t understand it.
Your EMPLOYER wants you to think like you are an entreprenuer…but when push comes to shove they don’t want to treat you like on.
$275K gross sends you to national with one optional night (motel room) out of pocket.
The 6% of TT seems to be a pretty standard offering at LPL. I’ve not heard of LPL giving rent reimbursement. Is there a production threshold you must cross in order to get this?
I’ve not heard of LPL giving rent reimbursement. Is there a production threshold you must cross in order to get this?
Not to my knowledge. They may raise or lower the $ reimbursement based on production. My T12 is @$300k and was offered $1500/mo rent reimbursement for 6 months, plus reimbursement for all ACAT fees I cover in accounts over $50k. This could actually be the bigger incentive. Figure 200 accounts at $75 ea. These extras are ONLY if I complete transition before the end of the year. I was never a fence-sitter, so the timing is no problem for me.
Wachovia Independent is always an option as they have 4 platforms available, oh and you can keep the retention money and go indy there…60% back to firm is not close to accurate when you calculate the bonus and most importantly the profit sharing. Last year at AG 8% was given under Social Security limit for earnings plus 11.5% given on all dollars earned over Social Security limit (untouchable in the industry, the question is will it continue at WB?) San Diego is nice for a few days but I prefer a week domestic or abroad…
28,
You're right, it isn't 60% total to AGE. It was exactly 51% for me in fiscal 2007. Maybe you get 51% value from the firm, but don't get anywhere close to that, in fact, for me, it's a joke. Oh, and that 8% and 11% WILL NOT stay the same at WB. WB will match 6% 401(k) contribution, that's it, so that 51% to firm will only go up. Good luck with that!basically the total compensation will stay around 51-52%, it will just come in a different form. The 401k reduction will be offset by the increased payout (applicable if over $360k gross, that is the 40% payout B/E). Profit Formula could boast that to over 60%, net after expenses and I get to keep the retention. Plenty of options @ WS or elsewhere, if necessary.
I looked at my payout at AGE and after normal payout (40%), bonus, 401K, and the expenses I had to run my business (assitant bonus, marketing expenses, education, hardware & software, cell phone, client events, etc...), my payout was actually more like 32% and without the benefit of tax deductions for most of the expenses (especially assitant salary/bonus). Not only that but the support was not all that great. I shared my assitant w/ 3 other FA's and the quality of support and attitude I would get from the Home Office was average at best. Throw in the crappy technology we had (Broker Vision) and it's not hard to see that financially going independent. I see a lot of people say the get a 50% payout at wirehouses but they just never talk about their out of pocket expenses and the fact that most advisors don't get a high caliber dedicated assistant for free unless you're doing $1MM+ and even at that level you're compensating them. Factor that into the picture and I think the payouts are well below 40% even with all the bennies!
In your case it makes sense to go indy…mine is vastly different and it is closer to 50-51%
Getting back to the original question, which is what to do with the retention check. If I had a mortgage, I would pay it off. Most of the rest will go into American Funds. A little in to a few international ETFs.
By the way, three reliable sources tell me that Wachovia will allow us to move to their independent channel and keep the retention check. That beats the offers from Commonwealth, LPL and RJFS. Plus its much easier. Only downside is we have to wait till the spring of 2009. I agree with all that has been said here about the benefits of independence, I just think it make sense to try it the easy way first before moving my book to another firm.
YHWY,
It's unfortunate that you didn't read the very first sentence of my post...and skipped right into payout which sits at the very top of your list.[quote=illinoisrep]Getting back to the original question, which is what to do with the retention check. If I had a mortgage, I would pay it off. Most of the rest will go into American Funds. A little in to a few international ETFs.
By the way, three reliable sources tell me that Wachovia will allow us to move to their independent channel and keep the retention check. That beats the offers from Commonwealth, LPL and RJFS. Plus its much easier. Only downside is we have to wait till the spring of 2009. I agree with all that has been said here about the benefits of independence, I just think it make sense to try it the easy way first before moving my book to another firm.
[/quote]
Yeah why not take a nice check and still go indy in teh future if that is what you want to do…sounds like a plan to me! Plus it will be seemless to clients why do all that paperwork and acats and lose clients in the process. To each his own
28,
It’s unfortunate that you’re a dipshit. Yes, WB will offer the Finet indy channel, but not for over a year. Additionally, take a peak at Finet’s payout and compare it to, say, LPL. It’s not even the same sport, much less a different ballgame. By all means, stay with the firm that flat-out lied to you and will continue to do so, slamming AGE into WB as it existed pre-merger. Myself, I don’t trust them and would never work for someone I don’t trust. I think I’ll probably always trust myself.
Good luck in the “new, combined” firm! Maybe, if you’re lucky, that “big retention check” will cover the money they take from you for the first 10 years or so.
Climb off that high horse of yours YHWY! Just b/c you obviously have "some issues" doesn't mean that a choice different then yours is wrong. Believe it or not, it is still too early to judge. If you have already made your decision, then fine, move on. At no pt did 28 refer to your choice or intelect w/ a DS comment. For some of us, we have chosen to wait and see, for others, they have chosen to go. Fine!, Respect it. If you feel that strongly the best thing you can do for both yourself and your clients is leave and let the chips fall where they may. Good luck DB.28,
It’s unfortunate that you’re a dipshit. Yes, WB will offer the Finet indy channel, but not for over a year. Additionally, take a peak at Finet’s payout and compare it to, say, LPL. It’s not even the same sport, much less a different ballgame. By all means, stay with the firm that flat-out lied to you and will continue to do so, slamming AGE into WB as it existed pre-merger. Myself, I don’t trust them and would never work for someone I don’t trust. I think I’ll probably always trust myself.
Good luck in the “new, combined” firm! Maybe, if you’re lucky, that “big retention check” will cover the money they take from you for the first 10 years or so.
YHWy,
You mentioned that Finet is not in the same ballpark as LPL, I have to friends that like me produce north of $600K and have been in Finet for 2 years and very pleased with the payout and program. What are the glaring differences between the two programs.. The lower case y in your named seemed appropriate after your last post. Where did you hear a one year wait rule on going indy at Wachovia or is that speculation.I think YHWy is refering to the Feb 2009 conversion. That is what I have heard is the time frame that will open up all channels to AGE reps. Like you, I have several friends at WS in both FiNet and Profit Formula and they have nothing but high marks for both.
[quote=advisor28]YHWy,
You mentioned that Finet is not in the same ballpark as LPL, I have to friends that like me produce north of $600K and have been in Finet for 2 years and very pleased with the payout and program. What are the glaring differences between the two programs.. The lower case y in your named seemed appropriate after your last post. Where did you hear a one year wait rule on going indy at Wachovia or is that speculation. [/quote]If you don't know anything better, of course you'll think FiNet is great.....
[quote=nestegg]
[quote=illinoisrep]Getting back to the original question, which is what to do with the retention check. If I had a mortgage, I would pay it off. Most of the rest will go into American Funds. A little in to a few international ETFs.
By the way, three reliable sources tell me that Wachovia will allow us to move to their independent channel and keep the retention check. That beats the offers from Commonwealth, LPL and RJFS. Plus its much easier. Only downside is we have to wait till the spring of 2009. I agree with all that has been said here about the benefits of independence, I just think it make sense to try it the easy way first before moving my book to another firm.
[/quote]
Yeah why not take a nice check and still go indy in teh future if that is what you want to do…sounds like a plan to me! Plus it will be seemless to clients why do all that paperwork and acats and lose clients in the process. To each his own
[/quote]
The longer you stay the harder it will be to leave and go indy.
And it is widely accepted in the indy world that FiNet is not really indy.
Give it time, you’ll learn one way or another.
I have friends at both LPL and Finet and all are generally happy with their b/d. I have had several sources tell me that we can keep the retention money when we convert to Finet in the spring of 2009. That and the ease of moving the book gives Finet the edge. We can always move later if it does not work out.
[quote=illinoisrep]I have friends at both LPL and Finet and all are generally happy with their b/d. I have had several sources tell me that we can keep the retention money when we convert to Finet in the spring of 2009. That and the ease of moving the book gives Finet the edge. We can always move later if it does not work out. [/quote]
Im with ya Ill!
Any concern over ticket charges and $95 minimum commissions to get paid
Cross that bridge if/when it gets here, and that wont be for a year a the soonest…IF it is the case…they would be nuts to implement that overnight anyway
Word is we will adopt the Wachovia compensation package on Jan 1st. It includes the ticket charges and anyone under 400k that actually does stock/option business on a transactional basis will be getting porked on their payout. I’m so glad Danny is keeping everyone so well informed. If they don’t start providing answers soon we’ll all be working for RBC or Stifel
Brokermike99,
Danny came through my town a few months ago during the WS “Roadshow.” One point that he reiterated several times was that payouts will not change for any of us for a year. Has that changed?
FC compensation will remain unchanged through 2008
That’s smart on Wachovia’s part. With the current unrest, it would be unwise to throw too many adverse changes at AGE reps too soon. Better to get them settled into the Wachovia platform and hope that a change to a different firm later would be viewed as too much upheaval by AGE reps and their clients.
[quote=Indyone]That’s smart on Wachovia’s part. With the current unrest, it would be unwise to throw too many adverse changes at AGE reps too soon. Better to get them settled into the Wachovia platform and hope that a change to a different firm later would be viewed as too much upheaval by AGE reps and their clients.[/quote]
Ever hear the one about how to boil a frog?
I so Fing tired of hearing whining about ticket charges. Lets get this straight"YOU ARE PAYING A TICKET CHARGE NOW" Its just hidden in your payout. Here it is disclosed to you up front every day of the month you know what it is. And your compensation will not change until 2009.Word is we will adopt the Wachovia compensation package on Jan 1st. It includes the ticket charges and anyone under 400k that actually does stock/option business on a transactional basis will be getting porked on their payout. I’m so glad Danny is keeping everyone so well informed. If they don’t start providing answers soon we’ll all be working for RBC or Stifel
[quote=shredder]FC compensation will remain unchanged through 2008[/quote]
Yeah that is one thing that has been repeated ad nauseum lol…in emails, age net and on conf calls
Does anyone have the latest numbers on retention? My old AGE office is now HALF empty versus 6 months ago when the merger was announced.
As of the end of November we were down 8.0% from the end of May. I did not check the December numbers yet. Two Presidents level guys left today for Merrill from a nearby office.
AGE started 7/1/07 w/ about 6500 FC's. Last #'s (as of Nov) were about 6000. That's close to the mentioned 8%. Only 3 FC departures in our rather large area and they were "not missed departures." I would note that average production/FC has increased since July. Say what you will, but I think that indicates that the attrition has been along the "regretable" lines. i.e: lower end producers.
thanks.
Some guys are waiting for whatever reason (bonus money), a few guys pulled out yesterday, total production of 1.5mil. It will be interesting to see the Feb numbers as I don't believe the November numbers will portray an accurate picture.I think the attrition is very different by region, in the Southeast where I am and Wachovia is well known, clients are not worried about the merger, and the brokers dont seem to be either. In the midewest where people dont know Wachovia I think they are jumping more readily
there was a newer fc who left friday in the southeast. ML will pay him an ok monthly guaranteed amount but he had to sign a multi year deal I hear. Realistically, something is better than nothing for newer guys in the biz.
With the way the market it acting, do you really think your clients care where you work? They just want some shelter from the storm, regardless what b/d name is on their statements. Bagby couldn't have timed it better in hindsight.[quote=Gordon Gekko]
Bagby couldn’t have timed it better in hindsight.[/quote]+ 1 Especially if you sold your AGE stock after the anouncement
[quote=Broker Fee]
Does anyone have the latest numbers on retention? My old AGE office is now HALF empty versus 6 months ago when the merger was announced.
[/quote]We lost one out of 16 since may, and that was not regrettable lol!
Here are the numbers. May 31 = 6536, December 31 =5968. A decline of 8.7%. Wachovia did a better job of keeping reps on board than I would have predicted.
Actually those numbers don’t tell the entire story. Remember that those are net FC numbers and INCLUDE new hires & trainees.
In my opinion, I think there will be more defections coming up. Several middle of the road guys that I know are right under $300k were sticking around until Dec31 to get the last AGE profit sharing. They are not eligible for the production bonus and 2 of them have told me they are "seriously" looking now.
The other part may come in when all of the bonus' are paid in mid to late-March. Just my 2cents.PS…I agree that WS has done a very good job keeping folks on board.
[quote=PinBroker]
In my opinion, I think there will be more defections coming up. Several middle of the road guys that I know are right under $300k were sticking around until Dec31 to get the last AGE profit sharing. They are not eligible for the production bonus and 2 of them have told me they are “seriously” looking now.
The other part may come in when all of the bonus' are paid in mid to late-March. Just my 2cents.[/quote]According to my calandar Dec 31 already passed lol
Clearly there weren’t the mass defections as was once portrayed. WS has to be happy with the numbers thus far & yes in retrospect Bagby timed this deal perfectly.
In fact this was such a smooth transaction that I wouldn't doubt it if at this moment that Wachovia is on the prowl for there next meal at these deflated market prices. Before years end I wouldn't be surprised if they pounced on a midwest bank like NCC, USB or KEY.Anyone not eligible for a production bonus is someone we don't want anyway. As Wachovia we just became a top tier firm, we don't need bottom feeders anymore.[/quote][quote=PinBroker] They are not eligible for the production bonus and 2 of them have told me they are “seriously” looking now.
Yup
The fcs who left my office went to :
Smith Barney (Citi since fired CEO and SSB is rumored to be up for sale) Merrill Lynch (enough said, Cramer said they were teetering on BK until the oil money came in) So far, Wachovia is looking pretty darn good!Just remember, all you AGE fellas, now in the “new combined firm”, on an average production basis, you guys are the bottom feeders. Maybe if WB swallows up SSB (I assume you meant UBS) and Merrill really is in trouble, WB can replace all you AGE heavy hitters with real big producers. Sounds like fun to me! ROFLMFAO!
Here's what I think: WS is a BD that is going to give us more tools to grow our business then we know how to effectively utilize....most of the people that are going to stay are going to see a significant increase in their gross production. Most of the FC's that WS wants to stay aren't "bottom feeders" anyway. We are decent producers (Crest Club and above). The "bottom feeders" are the unregretable attrition that has left or is in the process of leaving. Sorry but that's the real world. I wish them nothing but succes in their new ventures, but they will not be sorely missed (hint, hint). Some good producers WILL leave but that is not anything new. The top half and AGE in general has carried far to many underperformers for far too long. "ROFLMAO" right back @ uJust remember, all you AGE fellas, now in the “new combined firm”, on an average production basis, you guys are the bottom feeders. Maybe if WB swallows up SSB (I assume you meant UBS) and Merrill really is in trouble, WB can replace all you AGE heavy hitters with real big producers. Sounds like fun to me! ROFLMFAO!
There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
As a CC producer I think I can say: "Talk to us when you get to the avg production at ML before you dis it." I thought that you actually had to be at ML at least 5 yrs before they allowed you to get the super M tattoed on your chest?There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
What do you clowns tell your clients when their managed money accts…drop 50% over the next 3 years?
"buy more" "it will come back" "im switching firms for a better culture" "we are in this for the long haul" "don't lose sight of your goals" Just curiousAs a CC producer I think I can say: "Talk to us when you get to the avg production at ML before you dis it." I thought that you actually had to be at ML at least 5 yrs before they allowed you to get the super M tattoed on your chest?[/quote][quote=Sedona] There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
Shredder,
I meant no disrespect to you or any CC producer. Regardless of what firm you're with, that's a respectable achievement. My response was directed specifically at FB because of the way he responded to a previous post ("suck on that little man").
I just wanted to give him some perspective that unless you are by far the #1 producer in the country (I'd assume tens of millions in production) there's always someone doing better than you, so there's no point in dissing anyone.
I know guys in their mid-thirties, 10 yrs at ML doing 1.5 mm, that are the nicest guys around, open to helping and coaching. So high production is no excuse for being a dick.
[quote=Ferris Bueller] [quote=YHWY] Just remember, all you AGE fellas, now in the “new combined firm”, on an average production basis, you guys are the bottom feeders. Maybe if WB swallows up SSB (I assume you meant UBS) and Merrill really is in trouble, WB can replace all you AGE heavy hitters with real big producers. Sounds like fun to me! ROFLMFAO!
[/quote]
I’ll do Chairman’s Council this year so suck on that little man.[/quote]
I’ll do Chairmans NET Production on less. Once I’m fully up and running I’ll do Chairmans Gross with about a 50% Pay raise from AGE/WS. Just wait till after the bonuses are paid. The defections will pick up quickly. The best thing going for WS now is the looming recession. That will keep brokers in their seats.
Why does no one recognize the option of going FiNet? You go indy AND get to keep the retention bonus! I know several FC's that are going to do just that. Yes, you have to wait a year but you also don't have to worry about the office raiding your book.
shredder,
This is what I am doing. I did extensive due diligence on LPL, RJFS and Commonwealth and was ready to go to Commonwealth. But the Finet option seems to make too much sense. I keep building my book while i wait a year.
Ferris,
You’re still a far cry from a BIG PRODUCER at a “Top Tier Firm” (of which I’m told you are now a part).
I control 92% of my money, chew on that. As far as my size goes (your little man reference), only those lacking feel the need to over-compensate verbally. LOFLMFAO
You seem so bitter YHWY??? Looking @ your posting time, shouldn't you have been doing something manly and watching the football game??Ferris,
You’re still a far cry from a BIG PRODUCER at a “Top Tier Firm” (of which I’m told you are now a part).
I control 92% of my money, chew on that. As far as my size goes (your little man reference), only those lacking feel the need to over-compensate verbally. LOFLMFAO
[quote=Sedona]
There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
[/quote]
Wow their Kool-Aid is strong!
http://www.investmentnews.com/apps/pbcs.dll/article?AID=2008320848319
That’s a bad link…what are you trying to tell us?
Shred,
Insightful that you see my post(s) as bitter. I encourage you to re-read them carefully. Have a great weekend all!
Ferris,
That means that next year, WB will pocket about $550,000.00 from your efforts. Congrats.
Wait, who’s the complete moron again?
As I emparted to your buddy Bobby, go Fuck Yourself.
You sir are a total, bitter loser. Congratulations on your move to the land of splendid mediocrity....You'll fit right in son.Ferris,
That means that next year, WB will pocket about $550,000.00 from your efforts. Congrats.
Wait, who’s the complete moron again?
As I emparted to your buddy Bobby, go Fuck Yourself.
I have no need to go back and review your 'work' I only need to be reminded of 1 entry: "Hey, Shredder, You are a good little worker bee. Keep it up. As for myself, I am proud to be Mr. Negative"....it has been from the start, and continues to be, negative and bitter. Your negative attitude probably contributed to your less than stellar success in the industry, AGE and your 'need' to go indy...don't worry YHWY, as an indy your meager gross is consider "above average". Recite as you will the higher % you keep, that seems to be the only thing that you can mention (ad nausium), and you still lack many other key ingredients (I won't go into further detail...) You made what I, and many others, would consider to be a rash and rather ill-informed decision. But, it's yours to make. Good Luck tuff guy. As for myself, I am proud to be "a good little worker bee." Busy, busy, happy, happy.....Shred,
Insightful that you see my post(s) as bitter. I encourage you to re-read them carefully. Have a great weekend all!
I check in on this post I started months ago just to see the bickering between guys who leave AGE and guys who stay (I am in the latter category). I am busier looking at sites for investment ideas in this lousy market than justifying what I did after the merger. Keep it up, it’s very entertaining!
[quote=Gordon Gekko]I check in on this post I started months ago just to see the bickering between guys who leave AGE and guys who stay (I am in the latter category). I am busier looking at sites for investment ideas in this lousy market than justifying what I did after the merger. Keep it up, it’s very entertaining![/quote]
“Looking at sites for investment ideas”… What?!?
This statement sounds wrong in so many levels that even the “holier than thou” attitude can’t cloud it.
My guess is you looked around, realized that your options weren’t what you thought they’d be, so you decided to stay put ans shut up. You’re probably justifying WB’s policies… $15 ticket charge isn’t that high with the dollar where it is…
You guessed wrong, Holmes! Keep guessing, it adds to the enterainment value. My point was this exercise in futility is pretty amusing.
[quote=Gordon Gekko]You guessed wrong, Holmes! Keep guessing, it adds to the enterainment value. My point was this exercise in futility is pretty amusing. [/quote]
Thanks for your futile comments.
Et tu, Brute! Try worrying about your clients instead of yourself.
The topic when it started was how will you invest your retention cash. Most of the posts have nothing to do with my intended topic. That's cool!
Makes you wonder how many AGE brokers invested the retention bonus (very near the market high) and are now in a difficult position of having to make up the difference out of pocket to achieve the "freedom" of moving elsewhere.
[quote=Bluetang]
Makes you wonder how many AGE brokers invested the retention bonus (very near the market high) and are now in a difficult position of having to make up the difference out of pocket to achieve the “freedom” of moving elsewhere.
[/quote]Who is going anywhere?
[quote=nestegg] [quote=Bluetang]
Makes you wonder how many AGE brokers invested the retention bonus (very near the market high) and are now in a difficult position of having to make up the difference out of pocket to achieve the "freedom" of moving elsewhere.
[/quote]Who is going anywhere?
[/quote] 700 to date
Probably more than 700 if you consider they are still adding trainees
[quote=Ferris Bueller]That number is pretty close to accurate. But I think most of the people have already jumped, not waiting for the bonus & 401K amount. With all the 150% T12 deals floating last year, waiting for the bonus would just have been dumb.[/quote]
That was my point!
Most probably tossed it into Municipal Auction Rates if they practiced what they preach. Now they’re stuck
[quote=Brokermike99]Most probably tossed it into Municipal Auction Rates if they practiced what they preach. Now they’re stuck[/quote]
I put some there…making 7% tax free right now isnt making me cry any!
I thought bonus money hit at the end of the week. Is that not right?
If I jump ship from WS, will the market magically go up? No? Ok, I'll stay put then.For reasons referenced earlier and a couple more, I’d guess that the broker exodus will run at a slow trickle until (1) the market firms considerably from the current level and (2) Wachovia makes a comp change or two to improve their bottom line at the expense of advisors. If both those things happen, I’d expect the exodus to pick up considerably. There’s nothing like a rough patch in the market to keep people in place. Move now and you’ll spook a lot of the accounts you hope to take with you.
Has anyone heard anything else about letting AGE go to FiNet before Sping of 2009? And if so will we still get to accept a retention package?? I have been offered a chance to go work for someone once they are allowed to go to FiNet so I just wanted to see what was being said out there. Would it be correct to assume that this advisor has already had to have received a check from WB or are AGE brokers being given the option of not taking the check? Thanks.
[quote=radionowhere]Has anyone heard anything else about letting AGE go to FiNet before Sping of 2009? And if so will we still get to accept a retention package?? I have been offered a chance to go work for someone once they are allowed to go to FiNet so I just wanted to see what was being said out there. Would it be correct to assume that this advisor has already had to have received a check from WB or are AGE brokers being given the option of not taking the check? Thanks. [/quote]
You had to make your decision in OCT as to how to take your retention, if you didnt choose lump sum, than you are getting it in installments beginning this month
I am 1/60th home free after this paycheck! In hindsight the best thing to do with the cash was but energy, gold, or stick with cash. I have a chunk in the last one, not much in the first two. I don’t plan on going anywhere so to me it’s one big margin loan.
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