AGE's Offer
This much is known:
FCs will be offered their choice of two packages. Choice #1 pays all cash at once, forgivable over six years in equal "forgiveness" installments, and FC signs a non-compete contract sometime between now and several months from now. If desired, FCs can share payout with FAs. Choice #2 pays the same sum, but in equal installments over six years, without a contract. Obviously, FC must continue employment to get paid. Any FA payouts will be made over six years. Those with less than five years of experience will be paid based on their production relative to rookie benchmarks. All payouts will be based on production from the fiscal year that ended on 2-28.
Not known is the percentage of FY production that will be paid in cash at any given production level. Some of payout may be in stock.
We'll get the rest of the details on Thursday.
Although I am a relatively new poster, you'll just have to trust me on this one.
any idea on % payouts?
sorry…just read full post. Ignore previous
Are you kidding, that would be WAY too pertinent.
5 years not 6.
Ferris nailed it, plus…he’s getting me out of Summer School.
if the %'s are as high as people hope, it will be 6 yrs.
Six.
I got it. They will offer us a retention package worth anywhere between 0-100%(or more, but probably not less) of our Fiscal Year 2007 production, paid over our choice of either 0 or 6 years, or maybe 5. Thanks for the omnipotent insight.
another big questions i what happens to your payout after Feb 2008. WB system, AGE or some hybrid?? Tix charges ,what else??? Should be an intersting end of week.
Not five. Six.
Every FC gets something except, possibly, the under-five-year FCs who are underperforming. Hope that's not you.
[quote=Broker010]I got it. They will offer us a retention package worth anywhere between 0-100%(or more, but probably not less) of our Fiscal Year 2007 production, paid over our choice of either 0 or 6 years, or maybe 5. Thanks for the omnipotent insight. [/quote]
That's what u get looking for answers here.
Wachovia FCs also will receive a smaller package, likely via deferred comp.
As I’ve admitted before; I’m an information junkie. If there’s nothing real to be had, I will seek out the imaginary, call it a character flaw.
Have heard the T12 will be based on FY 07 info earlier and a little disappionted it isn’t a straight T12…
Take heart! All any of us has heard has come from those with no more knowledge than ourselves. In fact, I’m waiting for my new user-name to be activated to that I can start agitating as a Newbie, just for fun. Be warned.
You would think they would base it on June 2006 through May 2007 (when the sell-out, er, "merger" was announced). My true T12 is quite a bit greater than last FY's production. Disappointed.
All of this info was known on last Thursday after BM’s had their conference call. My question is WTF they told us we’d have answers early next week (as of last thursday) and here it is Tuesday night and we’re in the m’fing dark. I’m an FC in year 4 and am way above averages for new fc’s. Am I going to see a deal or does my 60AUM go elsewhere.
[quote=FL Broker]
You would think they would base it on June 2006 through May 2007 (when the sell-out, er, "merger" was announced). My true T12 is quite a bit greater than last FY's production. Disappointed.
[/quote]
same boat...NOT HAPPY if accurate but we'll know soon. Could be 1st trial ballon
[quote=Brokermike99]All of this info was known on last Thursday after BM's had their conference call. My question is WTF they told us we'd have answers early next week (as of last thursday) and here it is Tuesday night and we're in the m'fing dark. I'm an FC in year 4 and am way above averages for new fc's. Am I going to see a deal or does my 60AUM go elsewhere. [/quote]
U r their perfect young broker, you'll be fine.
Broker 10: Like I said in my first post, you have to trust me on this. Exquisite source. Thursday will validate all I've satted.
[quote=FL Broker]
Broker 10: Like I said in my first post, you have to trust me on this. Exquisite source. Thursday will validate all I've satted.
[/quote]
Obviously % were not released in latest conf call...
Thursday will even validate all that I've "stated."
mike99: “
All of this info was known on last Thursday after BM’s had their conference call.” If you believe that and have continued to work under your BM since then without answers, you should welcome this deal. You’re already at a wirehouse, regardless of the retention deal or lack there of.
FL: I’m in Cape Coral, where are you? And, what, exactly have you “stated”, that we’d get a choice as to the method of payment that may or may not be worth $0?
The “stated” was just to correct a typo in my previous post. See first post for all the terms and conditions to the extent that they are known, plus the later note about the smaller DC retention payout to Wachovia reps. For now, I’d rather not comment on my location.
“The “stated” was just to correct a typo in my previous post. See first
post for all the terms and conditions to the extent that they are
known, plus the later note about the smaller DC retention payout to
Wachovia reps. For now, I’d rather not comment on my location.” - FL Broker
There you have it, for those of you whose heads’ haven’t been beaten against the wall enough yet… Mine has, and I’m ALMOST comfortably numb. Gimme another 1/2 hour tonight and I’ll be out until the morning bell.
Branch managers get a DOUBLE bonus. They get manager retention bonus PLUS producer retention bonus. Must be nice for retiring branch managers in the next year!!!
[quote=Broker010]Take heart! All any of us has heard has come from those with no more knowledge than ourselves. In fact, I’m waiting for my new user-name to be activated to that I can start agitating as a Newbie, just for fun. Be warned.
[/quote]
Nice one. It’s good that you’re keeping your sense of humor.
I wish I could do more to help, but I will point out that Thursday is now only about 36 hours away, depending upon what part of the day they give you the news. I know it all seems huge now, but in a year or two-no matter HOW this plans out-you will not even be able to remember what day of the week you learned the details of your fate. Worrying about it and pondering over it will not get you answers any more quickly, it will just cause you to loose sleep or loose your appetite. (Unless you’re a nervous eater like me! Stress is brutal on my waistline.) Take it from one who has been there, both a takeover and my decision to go it on my own, which was equally stressful(but oh so worth it).
B010-hopefully this doesn’t piss you off but helps a little. Just trying to be supportive and also add a little perspective. Hang in there kid.
6 year, 6 month, 6 day deal.
Prick finger & sign with blood.
Formula for gross is your June month production x 24 as of Friday. Then for each 100K of your projected annualized production you get 10% gross up to 100%. Payable for every day you work in restricted stock. Producers under 100K with 5+ years of service get fired with an automatic interview with Edward Jones.
[quote=Ferris Bueller]
6 year, 6 month, 6 day deal.
[/quote]Clever…
Gadoggie pointed out that BM’s get a double bonus. Read the AGE Inside
Thread - I already pointed out last week that one BM I know was verbally
offerred 100 percent retention bonus plus a huge producer retention bonus.
This has already been leaked!
Reason I have not posted is I have nothing newsworthy to post. And, uhhh,
let’s see…sign six year contract OR get cash in installments with zero
contract. That’s a hard one!
as of 8:00 this morning we're all still hanging
Back this morning for the opening bell, with a huge knot on my forehead from beating it against the wall here last night. I’m glad I turned in when I did last night…I missed…a guy who still knows a BM who supposedly got a verbal offer and that the public offer may still come Thursday (what that offer may be is still a complete mystery, even to the liars, apparently). Joe, thanks for the words of encouragement. Hope everyone is able to keep their heads up and grind out that gross for yet another day in the dark. Good luck all!
[quote=Broker010]Back this morning for the opening bell, with a huge knot on my forehead from beating it against the wall here last night. I'm glad I turned in when I did last night.....I missed....a guy who still knows a BM who supposedly got a verbal offer and that the public offer may still come Thursday (what that offer may be is still a complete mystery, even to the liars, apparently). Joe, thanks for the words of encouragement. Hope everyone is able to keep their heads up and grind out that gross for yet another day in the dark. Good luck all![/quote]
Funny and true.
I just had confirmation of the package detailed at the top of this
thread from another source. I am still wondering about the
percentages.
Aagin, I hate to set myself up for disapointment like this, but........Will the choice of payment #2 (paid over 6 years with no contract) make its first payment immediately, or after the first year. (He asked, expecting no detailed answer)
I won't even endeavor to question whether that payment will be anywhere between 0-100% 1 yr. gross..
Drink Kool Aid…Sit and Wait…
You're right, who I work for, where my office is located and how much I'll be paid for the work I do there is no biggie......I'll just have some Kool Aid.
On second thought..., I'll pass on the Kool Aid and continue to search for new information on my future anywhere I can find it, no matter how frustrating it may be both to you and myself.
B10- my advice to you is put in a hard days work. Leave at the close, go to Happy Hour with a couple buddies, and forget about all this drama. Stop beating yourself up- its out of your hands. You will know the reality when everyone else does... It is what it is...
That’s good advice, I know. Let me ask you, what are you doing here?(looking for exactly what I am, I suspect)
[quote=Broker010]That’s good advice, I know. Let me ask you, what are you doing here?(looking for exactly what I am, I suspect)[/quote]
Nope, blarm is with Mother out on the West Coast. He’s a regular, prolly just browsing through and looking to offer a few useful thoughts.
Honestly B010 I don’t think you’ll find much useful insights about the offer here. How will you know what posts are for real and what is BS until they put it down in front of you in black and white?
Joe, You guys are both absolutely right. I am just incredulous that there is no information to be had out there. There are literally national security secrets that are fairly accessable. Hey, maybe Wachovia Securities should take over the State Department!
Stop waiting for a deal to come and make some money the way you have always made it, work for it.
Bullmrkt, my daily production has remained the same since the deal was announced. Go preach somewhere else. This thread is called AGE’s Offer.
So if you have time to sit on here and cry, you could do even more business. Complacency is a killer. “Thread should be called I have no idea what’s going on I just want to panic and have others panic with me.”
bullmrkt, and yet… here you are. P.S.I’ve done over $1000 gross production since my last post. It’s call multi-tasking. How much have you done in the past hour & a half? Never mind, I won’t believe you anyway.
Broker010,
"This thread is called AGE's Offer. "
Not fer nothin' but you tend to put a little to much emphasis on what things are named.
Just an observation.
Words mean things whomitmay.
The following was just posted on AGENet:
posted June 13, 2007
FC Retention package information coming this week
We understand that you are anxious to receive information about the FC Retention Package and ask for your patience while we work through the details. By the end of the week, you will receive information on an industry-leading, competitive package that offers you ample time to make the appropriate career decision for you and your clients.
In other words...nothing new to report. But the language is rather reassuring i.e using the words "industry-leading competitive package"..wouldn't you say so.
You are right.. it should say "you tend to put a little too much emphasis on what things are named."
Thanks for pointing that out without making me feel bad.
Speaking of words meaning things.
When you resign, make sure your BOM doesn't think you mean "resign"!
If you know what I mean!
Alright, in 20 years or so, when I “retire”, I’ll make sure to be clear about it. I’m sure you’ll be right here on this forum to read all about it.
[quote=Broker Fee]
The following was just posted on AGENet:
posted June 13, 2007
FC Retention package information coming this week
We understand that you are anxious to receive information about the FC Retention Package and ask for your patience while we work through the details. By the end of the week, you will receive information on an industry-leading, competitive package that offers you ample time to make the appropriate career decision for you and your clients.
In other words...nothing new to report. But the language is rather reassuring i.e using the words "industry-leading competitive package"..wouldn't you say so.
[/quote]
Very reasurring. Also note:
"you and your clients"
[quote=Whomitmayconcer]
Broker010,
"This thread is called AGE's Offer. "
Not fer nothin' but you tend to put a little to much emphasis on what things are named.
Just an observation.
[/quote]Not fer nothin' but it's strange for you to say that to Broker010 given the nits you've chosen to pick with me.
Just an observation.
[quote=Broker010]bullmrkt, and yet.... here you are. P.S.I've done over $1000 gross production since my last post. It's call multi-tasking. How much have you done in the past hour & a half? Never mind, I won't believe you anyway.[/quote]
None I am a non-producing manager, and I never lye
Why would anyone want to be a non-producing manager, have the liability and make less than the brokers they supervise. You’re kidding, right?
"and I never lye"
You never wash?
Joe,
In your case the phrase is "nothinfromnothin"!
B010,
Resign is the shalom of the business world "Did he resign, or did he resign?"
"If he stays after he did it, he resigned!"
Start saying "Aloha" and "Shalom" to your BOM alot. See how long it takes him to get it.
actually, I make more than most. I live well, and never complain about what sign hangs on the door, as i know I will always live well.
http://tinyurl.com/2qnftj
Start singing this song around the office!
[quote=bullmrkt] actually, I make more than most. I live well, and never
complain about what sign hangs on the door, as i know I will always live
well. [/quote]
Are you a failed broker or just someone that took many "management"
classes in college?
Whomitmay, sorry, I’ve been at the golf course and 19th hole. Sorry I missed all the potential carpal-tunnel of staying here. I also apologize that I have no idea what you’re babbling about. “Aloha”, “Shalom”??? WTF? I admit to being uni-lingual (English, in case you aren’t clear). What, precisely do you have to say? We seem to be having a failure to communicate, As I’ve said, I don’t speak Moron, just English.
Maybe if you stopped thinking that you were the only one who has anything to say you'd be able to recognize a joke, putz!
Did it never occur to you that, while yes, words mean things, sometimes the same word means the exact opposite of itself.
In this case the words spelled R-E-S-I-G-N can mean to quit and to continue your employment (resign and re-sign).
Other words that mean their opposites include Aloha and Shalom both of which mean both hello and goodbye. Therefore, if you say Aloha to your BOM, he doesn't know if you're saying Hello or Goodbye.
Take the gigantic chip off your shoulder Broker010, that might make room so that you can carry your head there instead of where you carry it now!
Whom, No one misunderstood that you were attempting to make a joke. The problem is that your jokes simpy aren’t whitty, funny, entertaining, nor to they make mush sense. I’m sorry that I challenge you, but you’re about 1/1,000th as smart as you think you are and that is a quality most people find repulsive. I’m trying to help you learn a lesson. I fear it may be a lost cause…Look, I’m here for one very specific reason. To get one specific question answered (I refer, aginst my better judgement and with great fear of yor reprisal, to this thread’s title). I have been led to believe that this question will be answered by the end of this week. At that instant, I will take my leave from these forum permanently and you’ll be free to lord over them unchecked for the rest of your days. Just hang in there!!
Oh, my gosh! There’s a bunch of typing errors on my last post, I’m gonna get it now!
Whomit not funny. Agreed.
[quote=Reggin] [quote=bullmrkt] actually, I make more than most. I live well, and never
complain about what sign hangs on the door, as i know I will always live
well. [/quote]
Are you a failed broker or just someone that took many "management"
classes in college?[/quote]
Actually, I was an 800k producer for Merrill when they asked me to give up my book and go into management, so no I wasn't a failed broker! I just like to help others succeed.
[quote=bullmrkt]
[quote=Reggin] [quote=bullmrkt] actually, I make more than most. I live well, and never
complain about what sign hangs on the door, as i know I will always live
well. [/quote]
Are you a failed broker or just someone that took many "management"
classes in college?[/quote]
Actually, I was an 800k producer for Merrill when they asked me to give up my book and go into management, so no I wasn't a failed broker! I just like to help others succeed.
[/quote]
If that's true, you're an idiot. A total complete moron. I have a feeling that you're lying, however.
think what you will, I make plenty of money, live a great life and have time for my family. Quality of life is key.
" I'm sorry that I challenge you, but you're about 1/1,000th as smart as you think you are and that is a quality most people find repulsive."
You have no idea how smart I think I am.
But I am smart enough to spot a phoney.
Baller,
They're never funny when you have to explain them.
[quote=bullmrkt]think what you will, I make plenty of money, live a great life and have time for my family. Quality of life is key. [/quote]
How will that quality change when some dumbass broker screws up and the firm needs to make an example of you?
Bllmrkt,
Let's say that everything you said is true.
What is surprising is that you don't see the facts in the "You take the risk for none of the reward" statement. At this exact moment there could be any one of the guys in your branch doing some stupid little thing that will get your ticket pulled!
Go look in the "legal Issues" forum for RRBDLawyer's website links. See how many BOMs get a "Failure to supervise" fine that can put that nice house on the MLS pages.
I don't wish you no bad luck baby, but, maybe if you had addressed the risk portion of the poster's snark instead of the reward part, we'd think that you were a real manager instead of someone who "failed up" as so many ML ers have done (sold their book to move to another firm where they are given a "sales Manager" position that turns into a manager position over time) much to the detriment to the industry in general.
[quote=Whomitmayconcer]
Maybe if you stopped thinking that you were the only one who has anything to say you’d be able to recognize a joke, putz!
Did it never occur to you that, while yes, words mean things, sometimes the same word means the exact opposite of itself.
In this case the words spelled R-E-S-I-G-N can mean to quit and to continue your employment (resign and re-sign).
Other words that mean their opposites include Aloha and Shalom both of which mean both hello and goodbye. Therefore, if you say Aloha to your BOM, he doesn't know if you're saying Hello or Goodbye.
Take the gigantic chip off your shoulder Broker010, that might make room so that you can carry your head there instead of where you carry it now!
[/quote]Maybe if YOU stopped for a second with the bluster and realized that not everything on this board is about YOU and how much attention you can garner, you'd realize why your attempt at humor was not so well received.
To be frank, your play on "resign" and the dual meanings of "Aloha" and "Shalom" was one of your better ones. But this board, and particularly this thread, are not about "YOU". An effective communicator focuses on his audience. Guys and gals on this thread in particular are likely to be VERY concerned about the direction of their career and how this "merger" will affect them and their clients. They are also quite likely to be new to this board, eager to gain insights(or at least consolation), and quite possibly not accustomed to the free-wheeling atmosphere of internet bulletin boards.
In the last couple of weeks their whole world has been shaken up pretty good. They do not have the luxury you and I have of being able to reasonably assume a stable business platform for the forseeable future. Put in the vernacular, they are a little 'freaked out'.
So, when they sit down at the table and you start off with a serving of "esoteric puns", you shouldn't be surprised when they open up a big can of "eff yu" for the second course.
Maybe you were just trying to relieve tension. Believe it or not, this has nothing to do with other disagreements you and I have had. I mean you no mailce, nor do I want to start off some extended debate where you try to 'beat the snot of of me'. I'm just trying to point out how you are coming across to others in this situation.
Shalom.
whomit, Did you give someone else your password because your last post actually made sense.
This is apparently a stupid question, but could you guys just set up a new topic... hmmm.. perhaps "Senseless flaming of others", and take your chatter there?
You aren't actually contributing to the topic at hand, if that matters and anonymously calling someone whom you don't know a moron and them calling you a moron back seems like a pretty low priority activity for all you big hitters, what with the $1,000 a minute production, weekday golf and nice houses, etc...
You all sound more like kids dreaming about what you want to be when you grow up and are demonstrating quite frequently that it hasn't happened yet.
I know... silly me.
[quote=charliefoxpapa]
This is apparently a stupid question, but could you guys just set up a new topic... hmmm.. perhaps "Senseless flaming of others", and take your chatter there?
You aren't actually contributing to the topic at hand, if that matters and anonymously calling someone whom you don't know a moron and them calling you a moron back seems like a pretty low priority activity for all you big hitters, what with the $1,000 a minute production, weekday golf and nice houses, etc...
You all sound more like kids dreaming about what you want to be when you grow up and are demonstrating quite frequently that it hasn't happened yet.
I know... silly me.
[/quote]
Milo, you're a jackass.
Since the deal was announced there were no less than 29 new threads added to this forum to "serve" the "interests' of the suffering masses of AGE brokers.
Broker010 has gone from frenetic news hound, to rabble rouser, to self annointed elder statesman of the AGE fora, to AGE Postaholic (a term I coined).
Do I have a dog in this fight? Yeah, I do, at least I have a dog I have a bet on and I want him to win. That dog is WB. It doesn't make a big difference to me but I feel a charity towards them as I find them to be an excellent partner. I can't go telling these guys that they ought to join Wachovia Finet because I don't know what their availability to that program will be (I doubt that there will be plenty, but I did advise AGErs that if they get the chance they should at least collect the ticket so that they will be grandfathered as some of the Pru people I've met over the years were.)
And then there is the blanket advice to go Indy at all. I am of the opinion that Indy is an exclusive club (or at least should be) and not an "employer of last resort" for a ton of disgruntled producers. I think that such an inflow will cast an unfavorable light on my segment of the industry. For the vast majority of people, I don't think that Indy is in their cards, and I do think that going indy from AGE just because is a VERY BAD MOVE!
I've expressed the "Devil's Advocate" position that there is wisdom in staying with the firm and growing your book (as well as having given the advice that it could be very bad for you if you talked to your clients about leaving and letting people know that you did so. You are still an employee of the firm that you work for, and you are bound contractually NOT to undermine the interests of your firm.) and that there is plenty of time to make changes down the road.
So I didn't "start" with "esoteric puns". I've been another side of this discussion since the very begining.
I really don't care if Broker010 likes that or not. This is still a public forum and all are welcome to comment on it, just because it says AGE in the title doesn't mean the thread is exclusive.
Of course I am. And you're obviously a bigger man for calling me one.
Thanks for the laugh.
Excitement turned to Frustration which has now turned to Anger....
This is all part of the transition process. Being a part of one of these mergers in the past I would ask all of you AGE people who like to talk about how well they serve their clients...how well do you serve yourself? Have you truly done your due dilligence? How many of you have gotten on the phone and scheduled a meeting with a local WB advisor? After all you are going to be working with that person soon. Rather than sitting around waiting for the retention package, which I guarantee will disappoint, find out what and who you are actually going to be representing. WB went after AGE for their assets, not the fact that AGE is the largest distribution arm for the American Funds....quite frankly, WB wants to move those assets to its mutual fund wrap program called Fundsource, which is probably a good idea...every insurance guy and bank broker is pitching the American Funds....only the WB people have the talent and expertise of the Fundsource team, which I believe is headed up by Bert White...one of the brightest and most talented minds in the business...
If I were you, figure on a retention package of 20-50% on the high end....probably nothing for anyone under 300k in production. If you can live with those #'s then begin to forge ahead....begin to "sell" your qualified money on the idea of diversifying some of the $ away from the American Funds into some of the best no-load and institutional classes around....Bert White can even get fund mgrs to create a special class of share specifically for his platform...
No I don't work for WB anymore, but there was alot I did like about the firm....it was just time for me to do my own thing....
I have family and great friends at AGE so I want the best for all....
"yesterday is history, tomorrow is a mystery, today is a gift...that's why it's called the present...!!!
Good Luck and Godspeed
[quote=OMICO]
How many of you have gotten on the phone and scheduled a meeting with a local WB advisor?
[/quote]
As a matter of fact, I did meet with a WB advisor. Everything you just posted is bull$hit.
Baller...call me in Novemeber when you finally get your retention pkg....
When we know it tomorrow, I'll expect you to vanish from this forum with your tail between your legs.
Whoops, too late. You've already slithered away.
Baller...I did not slither away...just too proud to comment to your already appearing frustration/anger....don't worry tommorrow's announcement is only details on when they are going to present you with a retention package, which as I said earlier will disappoint....the last stage of the process for all the AGE FC's is complacency...as I stated earlier it goes like this......
Excitement...Uncertainty...Frustration...Anger...Complacency ...
It is predestined who will leave and who will stay regardless of the size of the retention pkg....Wachovia didn't come up with this plan yesterday...the day that AGE adopted the current technology platform...Thompson/Beta was the day that that die was cast....They learned their technology back office mistake with the PRU merger...
Baller....Good Luck and keep selling the American Funds...if things don't go well you can transition your "customers" to H&R Block....
OMICO, It is your contention that tomorrow’s announcement will not contain any numbers? This has been my worst case scenario for this. It is further your contention that the package is, in fact complete and has been for a considerable amount of time, but that they intend to hold it out from us for psychological reasons? That is a bunch of info to imply. Is this based on having heard anything from anyone involved in this deal, or just speculation based on, for example, WB’s “merger” with Pru??
Bottom line folks.
You either control your destiny or you don't. If you take the big bucks, you are beholden. You may own your book, but someone else is controlling it.
Finet, Raymond James or LPL are all worthy. Maybe there is an incentive to stay at Finet.
foot, you’re 100% right, of course. BUT…It’s not going to stop those who share my character flaws from trying to get answers before they’re publicly available, no matter how painful that search turns out to be (it’s plenty painful, believe me, look what we’re willing to endure). Good luck to you, in any case!
[quote=Broker010]foot, you're 100% right, of course. BUT...It's not going to stop those who share my character flaws from trying to get answers before they're publicly available, no matter how painful that search turns out to be (it's plenty painful, believe me, look what we're willing to endure). Good luck to you, in any case! [/quote]
Just under 17 hours and you'll know all the details. You might not like them or think that they are "fair" but at least the initial wait will be over. Good Luck!
That’s it, shredder, it matters a lot less what the info actually is, than the fact that we don’t have the information. At least for someone like me. I’ve never participated in a chat or forum of any kind before this and, after tomorrow, I never will again. Good luck to all!
[quote=OMICO]
Baller…I did not slither away…just too proud to
comment to your already appearing frustration/anger…don’t worry
tommorrow’s announcement is only details on when they are going to
present you with a retention package, which as I said earlier will
disappoint…the last stage of the process for all the AGE FC’s is
complacency…as I stated earlier it goes like this…
Excitement…Uncertainty…Frustration…Anger…Complacency …
It is predestined who will leave and who will stay regardless of the size
of the retention pkg…Wachovia didn’t come up with this plan
yesterday…the day that AGE adopted the current technology
platform…Thompson/Beta was the day that that die was cast…They
learned their technology back office mistake with the PRU merger…
Baller…Good Luck and keep selling the American Funds…if things
don’t go well you can transition your “customers” to H&R Block…
[/quote]
You’re not the first person here that’s tried to stir the pot with some
ridiculous claims. We’re not buying it for one second. Packages are
coming tomorrow and you will be exposed as a know nothing fraud.
You may have some others here fooled, but you’re nothing but a troll.
[quote=Broker010]That’s it, shredder, it matters a lot less what the info actually is, than the fact that we don’t have the information. At least for someone like me. I’ve never participated in a chat or forum of any kind before this and, after tomorrow, I never will again. Good luck to all!
[/quote]
Yup the waiting and no info is teh killer…cant make any decisons without knwoing what our futures will hold…10:45 am we shall see…
10:45??? I missed that bit. Had outside appt. this afternoon. Is that official??? Did they announce the format (e-mail, paper, conference call…)?? Thanks.
Email at 430 this afternoon from Deitrich said We have a conf call at 10 45 am tomorrow w Bagby, Danny and another guy from WB to announce the deal, and then the info will be on teh system after teh call.
Thanks, nestegg. best of luck to you!!
[quote=OMICO]
Baller...I did not slither away...just too proud to comment to your already appearing frustration/anger....don't worry tommorrow's announcement is only details on when they are going to present you with a retention package, which as I said earlier will disappoint....the last stage of the process for all the AGE FC's is complacency...as I stated earlier it goes like this......
Excitement...Uncertainty...Frustration...Anger...Complacency ...
It is predestined who will leave and who will stay regardless of the size of the retention pkg....Wachovia didn't come up with this plan yesterday...the day that AGE adopted the current technology platform...Thompson/Beta was the day that that die was cast....They learned their technology back office mistake with the PRU merger...
Baller....Good Luck and keep selling the American Funds...if things don't go well you can transition your "customers" to H&R Block....
[/quote]
Ok folks, time to meet OMICO. OMICO is an ex prudential securities broker that survived the last Wachovia takeover. Back then Prudential was losing money and the brokers there were a compliance nightmare. Wachovia scooped them up for very little money and then absolutely raped the surviving brokers. They were new at taking over brokerage firms and dragged it out for a long time. OMICO is a bitter man, jealous that this time the compensation pool is large. He's upset that at most he took home was 30% of his T12 for a 6 year deal of which he has several years to go. OMICO created his account here so that he could cause AGE reps some heartburn.
How sad that people like him exist, but the reality is that he will slip back into the shadows very soon.
AGE Reps: Have a drink, relax with the family, and sleep well. Tomorrow will tell tell a different story than the one this ass clown is suggesting.
Ferris, Pru brokers did get the short-end in that deal, whomever OMICO is, and I don’t doubt your assertion. However, for better or worse, we ain’t Pru and this ain’t '02. Roger Wilco on the drink and family. We’ll see about sleep, but come 11:00 am tomorrow, I’ll feel infinitely better, even if the news sucks. Thanks and good luck!
That is it…10:45 AM EST. Manager call first at 9 AM to tell of their secret additional bonus. 10:45 for the branch. EVERY broker in our office got an announcement even slackers. I am on west coast Florida and my mgr doen’t even manage and he/she will get one. That is was has everyone here upset. RJ looks like our mold. Won’t have $tkt charge billed to us. Won’t have 20% payout on first 120M (if you are a 360 crest clubber, you work for 1/3 at 20% or thu April of each year at 20% …(billed monthly but as actuality), expense acct, good payouts and ???. I may drive tomorrow AM and look at HQ
At least now we know when this phase ends. PERHAPS, the new deal will amend WB Fin.'s current payout schedule, OR, if not, perhaps they’ll pay enough retention money to offset that for most of the (assumedly) 6 years without gutting the rest of our culture. If not, the indy channel is very appealing (I’m in SW FL and, RJ is on the top of my indy list for name recognition, in their indy channel, I’m not too worried about their potential takeover). Never met an indy who didn’t LOVE IT. Either way, the much-craved info should be ours in about 13 hours. Good luck to all!
Gadoggie continually keeps referring to the “Secret additional bonus” to
BMs. It isn’t such a secret, as I have repeatedly stated that I know of a BM
who definitively is being offered big $$$ based on all his big producers
he can convince to sign on the dotted line.
WB/AGE = not stupid. They damn well know that some entire AGE offices
are looking to jump ship to Raymond, LPL and Merrill to name a few.
Think about it, shopping around an office of $1M AGE producers is going
to fetch a pretty some from, say, ML.
The only thing left to be released is the exact terms of the contact and
when they need to be signed or forfeited by.
Good luck all! Look t the bright side, AGE has to give you at least 30 days
to sign or not, and in that time, you can interview with every indy and
wire in town to create your own best future.
AGE/WB realize what a weak position they are in, and they are willing to
PAY for lazy middle-aged brokers. They are in a for a wake up call of
extreme proportions. Everything in these contracts is going to be
deisgned around making AGE brokers captive if you take it. Just realize
you are also making yourself an endangered species.
Gadoggie continually keeps referring to the “Secret additional bonus” to
BMs. It isn’t such a secret, as I have repeatedly stated that I know of a BM
who definitively is being offered big $$$ based on all his big producers
he can convince to sign on the dotted line.
WB/AGE = not stupid. They damn well know that some entire AGE offices
are looking to jump ship to Raymond, LPL and Merrill to name a few.
Think about it, A BM SHOPPING AROUND HIS WHOLE FUC’IN OFFICE of
$1M AGE producers is going to fetch a pretty sum from, say, ML.
The only thing left to be released is the exact terms of the contract and
when they need to be signed or forfeited by.
Good luck all! Look t the bright side, AGE has to give you at least 30 days
to sign or not, and in that time, you can interview with every indy and
wire in town to create your own best future.
AGE/WB realize what a weak position they are in, and they are willing to
PAY for lazy middle-aged brokers. They are in for a wake up call of
extreme proportions. Everything in these contracts is going to be
designed around making AGE brokers captive if you take it. Just realize
you are also making yourself an endangered species.
<span =“bold”>AGE_Inside_Info
Dude: Why do you keep repeating your posts twice?
<span =“bold”>AGE_Inside_Info
Dude: Why do you keep repeating your posts twice?
Too much beer, I guess. Sorry.
[quote=AGE_Inside_Info] Everything in these contracts is going to be
designed around making AGE brokers captive if you take it.[/quote]
You are dead wrong about this part. I have heard from several sources that
the contract will allow the FC to break it during any time and all monies
collected will be prorated upon return.
Alright, countdown to go-time! We’re already begining to separate the wheat from the chaff. Gadoggie: No manager conference call at 9:00 am, at least in my office. One rumor down…
Okay, 9:00 am Regional Managers, 10:00am Branch managers, 10:45 Rest of the Rabble.
NEWS!!!!!!!!!!!!!!!!
We were just told that they are going to sh*tcan the WB brokers and turn their assets over to the AGE brokers.
one hr to go!!! Good luck to all. Lets see if Bagby still has a
little mojo left to take care of his brokers!
unlikely
benjamin: Mr. Edwards, is that you??
ben Edwards is still in his bathroom puking his guts out!!! I heard when
the news broke he took a baseball bat to 10 china cabs! HA
Aw, c’mon, this firm was just his birthrite and life’s work. I’m sure he’s happy that Bagby will make about $30 mil.
in defense to Bagby he made alot of people some MEGA $ on this deal. IT
SUCKS but you and I would have done the same thing if we had the board
breathing down our necks to cash out while the food was hot in the
kitchen!
I just hope WB is “a good fit” like we have heard 100x’s and not just
smoke and mirrors.
We will find the first piece out in a few mins.
good luck y’all
If a CEO’s job is to grow share price (which it is), Bob’s a stud. I was thinking strictly in terms of Ben’ perspective.
broker010 I agree. hard pill to tkake for Ben and the Edwards’
Family…but the cabage they just made will help the pills go down over
time
Ain’t it funny how money tends to do just that? Speaking of which…tick, toc. Good luck all!
this is good, you should be happy with this.
For those of us on the outside, how did the retention package break down?
Here it is: 2-teired package, one sum available up front, the second paid if we're with the firm on the 5th anniversary of the deal consumation:
Based on FY 2007 gross:
$1mm +: 70% in phase 1, 30% phase 2
$799-$999k: 65% & 25%
$500-$749k: 60% & 20%
$400-$499k: 50% & 20%
$300-$399k: 40% & 20&
$200-$299k: 20% & 20%
$100-$199k: 20% & 0
Under 100, based on "time of service
There are more details, but this is the gist.
Good luck, all! Over and OUT.
Broker 010, and others:
What's your honest opinion, for below $400,000 FC's.
Will you stay or look for alternatives?
Doesn't look like a good deal for below 300,000.
Your thoughts since you have been so active here.
Downunder - IMO even reps doing $500k-$750k could get a better deal either at another wirehouse or if they started their own practice. 60% + 20% over 5 years is nice, but not as much as they could get elsewhere considering the change they are going to go through. What is that, 12% a year over 5 years? If they went independent and netted anywhere between 55%-65% they would be better off because of the tax advantages to owning their own business and the fact that they own their book at the end of the day. Wachovia will own their clients just like any other wirehouse would.
I would hope that the A.G. Edwards reps continue to explore the other options available to them that they have earned by building their own business.
It's all "found money" but for sub 300k I think it sucks. I'm a 3year old broker that just missed 300k last year. That means I'm on the fast track to all of the big production goals. Why the hell should I be lumped into the same category as the fat asses that have been here for 15 years doing 250k? Don't get me wrong I'm grateful for the free $ but would have hoped that the packages were based on length of service or had some extra $ for motivated employees. The other big issue we don't know yet is "how is this getting paid for" if they give you 200k today, and cut your payout by 250k over the next 5 years guess who wins the game!
And you had better read carefully if you think your extra bonus is all yours after 5 years. The way I read the info was that it was granted after five years, and after it was granted it has a 5 year vesting schedule!
Actually Mike, it isn't free money. That's the price you're selling your book of business to Wachovia for. After they give you that money it's their book of business, and they're going to continue to allow you to manage it. On Day 2 they can terminate your employment and redistribute your clients to other Wachovia advisors. Of course, that would be a silly thing for them to do, however it's well within their perogative.
Definitely something to keep in mind.
Let's see... If you stay where you are, doing $400,000 they'll give you a beach house and a car.
If you stay there you'll get two new cars in 5 years.
This sucks because?
If you stay where you are, they'll pay to put two of your kids through college. Then they'll give them a graduation present of a shiney new business, each.
Hmmmm..
If you stay where you are and you are a 35 YO guy. They'll give you a solid retirement (assuming you don't trade your own account) 20 years at 7.2% is 800,000 and call it 200,000 from the second round. $1,000,000 and you are only 55.
All you have to do is stay and they give you 400,000 (assuming 10% for the 5 years) to go and start up your own indy office with.
Don't take it and get 400,000 from someplace else, then spend 80,000 of the 400M to makeup for the shortfall in your earnings the first year. Spend another couple dozen thousand dollars getting your clients to move. So call it 300,000 left that grows at 10% (for 5 years) $483,153. Is 16,630 per year (about 3,500 per month in gross) really worth the risk of the jump?
Or, go Indy... Lets say they'll give you 20% up front (Finet is better, but that's not an option, so) So you have $80 to start with and let's pretend that you get back to $400M at the begining of year two.
You're getting a double net (after all B/D expenses) of 80% minus your office/health/help/misc charges of let's say 7,500 per month.
Year one you're in the hole by (we'll say the 80 took care of all your capitalized costs) 250,000 (90, for ofice, 160 because of your lost income). Lets be nice and say that you do 200,000 in production year 1. There's your 160,000. Your then netting 230,000 minus your 160,000 means you're better for four years at the annual rate of $70,000 equals $280,000.
This deal looks pretty rich to me!
[quote=pghkid]
Downunder - IMO even reps doing $500k-$750k could get a better deal either at another wirehouse or if they started their own practice. 60% + 20% over 5 years is nice, but not as much as they could get elsewhere considering the change they are going to go through. What is that, 12% a year over 5 years? If they went independent and netted anywhere between 55%-65% they would be better off because of the tax advantages to owning their own business and the fact that they own their book at the end of the day. Wachovia will own their clients just like any other wirehouse would.
I would hope that the A.G. Edwards reps continue to explore the other options available to them that they have earned by building their own business.
[/quote]Perhaps they could get a better deal elsewhere, but they also have to be willing to go through the work and risk involved in moving.
"Let's see... If you stay where you are, doing $400,000 they'll give you a beach house and a car." - after taxes, what type of beach house and car are you talking about?
Year one you're in the hole by (we'll say the 80 took care of all your capitalized costs) 250,000 (90, for ofice, 160 because of your lost income). Lets be nice and say that you do 200,000 in production year 1. - Do you seriously believe that a rep would only generate half of their previous year's production if they moved?
$400k rep starts his own practice, does $350k first year minus your $90k in local expenses and nets $190K. Year 2 does $400k and takes home $230k. Year 3 does $440k and takes home $262k. Year 4 - $500k in production leaves $310k net after expenses. Year 5 at $550k in production = $350k.
If there were more than one rep in the offices, the net obviously goes up due to shared costs.
I am not saying it's a that bad of a deal, I just think there are other good opportunities out there if they want to truly own their business.
Now just waiting to see the payout grid (I know subject to change in the future) and what if any negative affect on current client accounts…
Actually it is free money. It’s a forgivable loan without any no-compete language. So if you are willing to hike up your skirt and pay it back you can do whatever the hell you want to whenever you want to. I think it’s a great deal if you are the sort of broker that wants their clients to have incredible resources at their disposal
Yeah, pghkid. I do. I've seen plenty of guys move and do half their nums from that moment on.
Let's not deceive people here huh? Let's be honest and tell them that moving a book is a MAJOR bitch! It takes a whole lot of time and a whole lot of energy and most of the people that I know that moved have said "I won't do it again!" (not that they don't but then women have more than one baby too!)
It is not unusual for a broker (going to a wirehouse) to lose half his production in the first year. There is a whole new operating system to get set up and accustomed to, there is a whole several months that are involved with getting clients to transition (they may say yes right away, but until that paper has processed, there is no account to make commissions on). It's not exactly "Usual" but it's not unusual at all.
The exceptional rep might hit the nums you project (I did 100% of my T12 the first year, but I timed it perfectly and caught the commodity inflation wave, these aren't those times). Most won't.
I am swamped, so I’ll be brief. I am a recruiter working exclusively for MS nationwide. Great culture fit… Great platform… Great deals, in some cases double the upfront + back-end bonuses. You owe it to your clients and yourself to make the best educated decision you can regarding your future. PM or email me and I will do everything I can to help you become informed.
"I am swamped, so I'll be brief."
Translation.... AW shoot! I'd better cancel that Honda Prelude I ordered!
And order a Tesla!
whatever tesla. I can hear the despair in the voices of the recruiters calling me.
What despair? If you are a $1MM+ producer, MS will pay you 100-140% up-front in cash! Plus 75% on the back end. And you don’t end up with a bank pushing proprietary products.
Who the F(*K would work for Morgan Stanley?
[quote=Baller]Who the F(*K would work for Morgan Stanley?[/quote]
A retard.
Look… what are your options? Regionals… if any regional wasn’t going to be bought out, it was AGE. So that’s out. Indy is the right option for some, but you end up on your own compliance wise and you only get one license. Plus all the back office stuff eating up your time. So your options are the wirehouses. Wachovia, Smith Barney, and UBS are banks. You’ll be pushing proprietary products. Smith Barney’s retail arm is only 6% of their bottom line and is run by lawyers. How much can the FA matter when they make decisions? UBS’s (Switzerland) US retail arm only accounts for 2% of their bottom line. You matter even less. ML is where all the bad things you heard about wirehouses came from. As far as I am concerned, MS IS your option. Regardless, you owe it to your clients to do your due diligence on all firms to find the best fit for the rest of your career.
Last time I heard, MS’s retail arm accounted for approx. 12% of MSDW’s bottom line. What’s really the difference?
Not forced to sell MS funds. Domestically owned investment firm top-to-bottom. Investment professionals making decisions at top…not bankers. The list goes on, but I am busy talking to people who are interested. Meet with your local manager. I think you’ll be surprised.
Man he's swamped alright!
Well he's belching swamp gas anyway!
IF you are so busy talking to people who are interested then why are you trolling here... Go 'sell' them on Morgan Stanley. I wouldnt move there for 300% and anyone with a brain wouldn't either.
You know… you’re right. Good luck to all and to all a good night.
I am a recruiter and representative of Polar Investment Counsel, Inc. an independent full service broker dealer / advisory.
Our chairman worked with AGE from 1989-1995 and then left to set up his own BD. During that time, he was a Chairman's counsel level producer and at the time of his leaving in 1995, he was by far their top producer in managed futures at the firm.
For all those who are thinking this deal isn't what it's cracked up to be, please check out our website www.icebear1.com. We offer an 85% - 90% payout, currently our clearing ticket charges are $16 for equity, $10 + .75 cents for options.
We welcome the opportunity to talk to anyone who wants to be an owner and not an employee.
NEWSFLASH TO ALL RECRUITERS: AGE’s real producers need not pad your
phat pockets w/ part of their recruiting bonuses. AGE brokers are in
major demand. All they have to do is call up any wirehouse BM they want
an interview with or any Indy 1-800 number or regional recruiter that
works direct for the specific Indy Firm.
Where did all the recruiters trolling RR get the idea that they are needed.
As per AGE deal, agree completley w/ BrokerMike. Deal is best for lazy
old timers who would never move anyway and Huge guys at the top
(cause they are getting other specialized bonuses that are not available to
the lowlies).
Also, BrokerMike is wise in relaizing that it is only a matter of time before
payouts equalize with WB’s. AGE already trimmed payouts in 2006 to
prepare AGE reps that the haircuts are only going to get bigger. Surprised
no one started a blow-by-blow payout comparison grid. Didn’t anyone at
AGE think it odd that VA payout went from 44 to 40 in 2006. Ask Joe, he
gets more than 90 percent payout on his, and Indy’s credit you the whole
gross to begin with. Wires don’t. Little known factoid.
The recent Financial Advisor magazine shows all the Indy Firms’ payouts.
Best Wishes to all in Planning your future in this great time in history for
Financial Planners!
Wac Sec has never, unlike some firms, "haircut" Annuities or Mutual Funds.FA's get 100% to gross. Never forced to push any product. The cuilture at Wach Sec is a close as you will find to AGE. It not a ML,SB,UBS or MS. Its also not bank like. It run by Brokerage people not bankers. It wil offer AGR FA's the ability to grow and prosper.
Running your own shop is not for everyone. I have several friends that do so and find it a bit of a pain. They have only been able to grow there business a small percentage.
Don't let anyone push you, give Wac Sec a chance and if you don't find it's for you then move.
The grass always looks greener in your neighbors yard.
[quote=AGE_Inside_Info]NEWSFLASH TO ALL RECRUITERS: AGE's real producers need not pad your
phat pockets w/ part of their recruiting bonuses. AGE brokers are in
major demand. All they have to do is call up any wirehouse BM they want
an interview with or any Indy 1-800 number or regional recruiter that
works direct for the specific Indy Firm.
Where did all the recruiters trolling RR get the idea that they are needed.
As per AGE deal, agree completley w/ BrokerMike. Deal is best for lazy
old timers who would never move anyway and Huge guys at the top
(cause they are getting other specialized bonuses that are not available to
the lowlies).
Also, BrokerMike is wise in relaizing that it is only a matter of time before
payouts equalize with WB's. AGE already trimmed payouts in 2006 to
prepare AGE reps that the haircuts are only going to get bigger. Surprised
no one started a blow-by-blow payout comparison grid. Didn't anyone at
AGE think it odd that VA payout went from 44 to 40 in 2006. Ask Joe, he
gets more than 90 percent payout on his, and Indy's credit you the whole
gross to begin with. Wires don't. Little known factoid.
The recent Financial Advisor magazine shows all the Indy Firms' payouts.
Best Wishes to all in Planning your future in this great time in history for
Financial Planners![/quote]
How do you know that PICI isn't a sleeper of a little firm? They clear through SWS, which is perfectly decent and they could be solid guys that are reasonable people vis-a-vis compliance and signing selling agreements on deals that you find and want to sell.
Certainly appears that AGE FC's are still frustrated. The major hurdle at this point now appears to be the payout grid going forward. If WB holds their current grid payout, then the retention package is a wash. The 20% additional bonus is really a plan that you MUST dedicate ourself to WB for a 10 year period. The 20% add on starts at the time of deal closing, then you stay for 5 years and get the money placed into a deferred comp program that vests after another 5 years. To me that totals 10 years for a 100% add on bonus that you get to keep.
I really think that many FC's at AGE will have to run the numbers carefully. The retention package will take alot of thought and careful consideration. I believe that many AGE FC's would feel a whole lot better if they had a "payout grid" that would be announced and etched in stone for 5 or 6 years. Thats the biggest fear, to take the retention then find out that the payouts will be cut to WB levels. Time will tell, and certainly WB will stoke all AGE FC's into a story of good times. It's really hard to believe what anybody back in Richmond says or St.Louis. It's the men and ladies down in the trenches that produce the revenue for the firm. Several posters are correct in the fact that the stock has done well. AGE FC's who own the stock and have options will have a lot of money made, BUT, the price to pay for a much lower payout and lots of extra hard work for less pay over the long run, truely hurts the lower producer in the $300-$400 range. And realisticly a $400,000 producer at AGE really make a good buck with bonuses, and P/S firm contributions.
It won't be an easy decision to take the retention bonus and those who take it all upfront may be the biggest losers, if they ultimately leave and have to pay the money back, after most likely spending some of it and after paying taxes on the income. WB won't care about that, they will just force you to pay the prorated loans back at full value. That automatically puts the AGE FC upside down with the retention funds. like a car loan. I strongly feel the only way to take the retention bonus is year by year. If you leave, you gained something with no paybacks, and you get to move on.
If only WB would announce a firm payout grid, explain annual bonus's, and explain the possible loss of the P/S program that would help. I am very afraid, that AGE FC's will have taken their retention options by Oct 2007, to only find out, the final payout grid, bonus structure and P/S programs if any have been cut or eliminated.
The P/S has been one of the greatest in the industry, and may be the biggest loss the AGE FC.
All in all, it will be tough times with AGE FC's going back and forth in their own minds, what's really best for them. Without the advanced information of production payouts, bonus structure and cuts in the P/S program without solid information it is very difficult to make a final decision. Granted every FC is in their own financial situation and may be late in their career or early in their career. At this point, it appears it's every person from themselves to do what's right.
Bottom line is WB will never be an AGE with the AGE culture. Every AGE FC gets hurt by this sell out, merger, combination whatever you call it. It's a shame after 100 + years that the culture of AGE comes to an end. WB will NEVER be able to take the AGE blood and heritage out of the AGE FC. The combination of WB and AGE will never be the same.
In fact, WB would have been alot smarter to retain the name of Wachovia-AG Edwards, rather than to throw all the hard working FC at AGE down the river.
Every AGE FC should push hard and insist to find out the other important matters like future payout grids, bonuses, and if the P/S program will be eliminated. These are VERY IMPORTANT factors to consider,rather than just thinking that a 30-40-50% bobus over shadows these important matters. Convey the importance of knowing these matters to your Regional Officer, and BM so that they can convey these concerns to the upper level guys at WB.
Without knowing whats ahead, it wil be difficult to make a real hard and honest decision to take the retention packages or seek other alternatives, with other National, Regional or Independent firms.
Best to all and the best to all of the hard working, and dedicated AGE FC's. You guys deserve only the best because you are the best.
[quote=Downunder]
Certainly appears that AGE FC's are still frustrated. The major hurdle at this point now appears to be the payout grid going forward. If WB holds their current grid payout, then the retention package is a wash. The 20% additional bonus is really a plan that you MUST dedicate ourself to WB for a 10 year period. The 20% add on starts at the time of deal closing, then you stay for 5 years and get the money placed into a deferred comp program that vests after another 5 years. To me that totals 10 years for a 100% add on bonus that you get to keep.
I really think that many FC's at AGE will have to run the numbers carefully. The retention package will take alot of thought and careful consideration. I believe that many AGE FC's would feel a whole lot better if they had a "payout grid" that would be announced and etched in stone for 5 or 6 years. Thats the biggest fear, to take the retention then find out that the payouts will be cut to WB levels. Time will tell, and certainly WB will stoke all AGE FC's into a story of good times. It's really hard to believe what anybody back in Richmond says or St.Louis. It's the men and ladies down in the trenches that produce the revenue for the firm. Several posters are correct in the fact that the stock has done well. AGE FC's who own the stock and have options will have a lot of money made, BUT, the price to pay for a much lower payout and lots of extra hard work for less pay over the long run, truely hurts the lower producer in the $300-$400 range. And realisticly a $400,000 producer at AGE really make a good buck with bonuses, and P/S firm contributions.
It won't be an easy decision to take the retention bonus and those who take it all upfront may be the biggest losers, if they ultimately leave and have to pay the money back, after most likely spending some of it and after paying taxes on the income. WB won't care about that, they will just force you to pay the prorated loans back at full value. That automatically puts the AGE FC upside down with the retention funds. like a car loan. I strongly feel the only way to take the retention bonus is year by year. If you leave, you gained something with no paybacks, and you get to move on.
If only WB would announce a firm payout grid, explain annual bonus's, and explain the possible loss of the P/S program that would help. I am very afraid, that AGE FC's will have taken their retention options by Oct 2007, to only find out, the final payout grid, bonus structure and P/S programs if any have been cut or eliminated.
The P/S has been one of the greatest in the industry, and may be the biggest loss the AGE FC.
All in all, it will be tough times with AGE FC's going back and forth in their own minds, what's really best for them. Without the advanced information of production payouts, bonus structure and cuts in the P/S program without solid information it is very difficult to make a final decision. Granted every FC is in their own financial situation and may be late in their career or early in their career. At this point, it appears it's every person from themselves to do what's right.
Bottom line is WB will never be an AGE with the AGE culture. Every AGE FC gets hurt by this sell out, merger, combination whatever you call it. It's a shame after 100 + years that the culture of AGE comes to an end. WB will NEVER be able to take the AGE blood and heritage out of the AGE FC. The combination of WB and AGE will never be the same.
In fact, WB would have been alot smarter to retain the name of Wachovia-AG Edwards, rather than to throw all the hard working FC at AGE down the river.
Every AGE FC should push hard and insist to find out the other important matters like future payout grids, bonuses, and if the P/S program will be eliminated. These are VERY IMPORTANT factors to consider,rather than just thinking that a 30-40-50% bobus over shadows these important matters. Convey the importance of knowing these matters to your Regional Officer, and BM so that they can convey these concerns to the upper level guys at WB.
Without knowing whats ahead, it wil be difficult to make a real hard and honest decision to take the retention packages or seek other alternatives, with other National, Regional or Independent firms.
Best to all and the best to all of the hard working, and dedicated AGE FC's. You guys deserve only the best because you are the best.
[/quote]
Is Downunder a recruiter?
Yep. And pulling his hair out, trying to bring back the unrest we had before the announcement. It's 7:45 and he's still trolling.
I keep hearing how if we make this deal, THEN we'll find out what the grids are etc. WHO GIVES A $HIT? I take the money and if in a week month or year I don't like the grid THEN I leave. Give the money back and tear up the agreement. It's a free look. So stop making it something that it's not.
Face it recruiters, the ones who are screwed are you not AGE FC's.
Five Questions and a Comment:
1. At what point do funds received from the AGE retention everything-up-front loan become taxable -- all at once or one-sixth per year for six years (or "never" because, and this could just be semantics, it is a loan and not compensation)?
2. If funds are received in 2007 and if they will be taxable, will the amount be factored into the profit sharing calculation?
3. If the funds received are deemed taxable, can salary deferral be elected, i.e., divert a percentage of the funds into the 401(k)?
4. Did anyone else see on the "Important Information" page the reference to "monthly bonus" under the loan bonus (Option #1) arrangement? What's that all about?
5. If one would accept the lump sum, then leave in, say, six months, what percentage of the lump sum would need to be repaid? Five-sixths -- meaning the first sixth vests immediately? Eleven-twelfths -- meaning everything is prorated based on the 66 remaining months out of the 72-month (six year) period?
Commnent: Agreed ... there needs to be absolute clarity on the structure and 6-year (or 10-year) non-reduction characteristics of the pay grid (including the bonus structure and 401(k) / profit-sharing plan) BEFORE we can be expected, fairly, to sign anything. If they want to dangle a carrot, we need to be assured it's actually a carrot...
I am NOT a recruiter!!
Actually you would all be very surprised to find out who I really am.
FL BROKER has made some very good points of interest, and all FC's need to be aware of his points and his questions need to be resolved.
Good points FL Broker.
[quote=Downunder]Actually you would all be very surprised to find out who I really am.[/quote]
You'd have to tell us in order for us to be surprised. You won't, of course.
I'm so glad I am not you guys.
My life is good.
I'm my own boss.
I am in controll of my own life.
RabbitStew:
Your boss is an idiot.
If you think you have control over life, then you’re not too smart. Life will
kick you in the teeth for even thinking such a thing.
You have nothing to contribute here except for your holier than thou
attitude.
[quote=Bobby Hull]
[quote=AGE_Inside_Info]NEWSFLASH TO ALL RECRUITERS: AGE's real producers need not pad your
phat pockets w/ part of their recruiting bonuses. AGE brokers are in
major demand. All they have to do is call up any wirehouse BM they want
an interview with or any Indy 1-800 number or regional recruiter that
works direct for the specific Indy Firm.
Where did all the recruiters trolling RR get the idea that they are needed.
As per AGE deal, agree completley w/ BrokerMike. Deal is best for lazy
old timers who would never move anyway and Huge guys at the top
(cause they are getting other specialized bonuses that are not available to
the lowlies).
Also, BrokerMike is wise in relaizing that it is only a matter of time before
payouts equalize with WB's. AGE already trimmed payouts in 2006 to
prepare AGE reps that the haircuts are only going to get bigger. Surprised
no one started a blow-by-blow payout comparison grid. Didn't anyone at
AGE think it odd that VA payout went from 44 to 40 in 2006. Ask Joe, he
gets more than 90 percent payout on his, and Indy's credit you the whole
gross to begin with. Wires don't. Little known factoid.
The recent Financial Advisor magazine shows all the Indy Firms' payouts.
Best Wishes to all in Planning your future in this great time in history for
Financial Planners![/quote]
How do you know that PICI isn't a sleeper of a little firm? They clear through SWS, which is perfectly decent and they could be solid guys that are reasonable people vis-a-vis compliance and signing selling agreements on deals that you find and want to sell.
[/quote]That is exactly what PICI is all about. For example we have far more managed futures products on the shelf than AGE does! And, yes, SWS is more than decent, and with front line technology.
[quote=Downunder]
Broker 010, and others:
What's your honest opinion, for below $400,000 FC's.
Will you stay or look for alternatives?
Doesn't look like a good deal for below 300,000.
Your thoughts since you have been so active here.
[/quote]Most of the large wirehouse firms are quite alike, but the independent firms are not. In this situation ( production below 400k or lower ) you need to consider becoming and independent ( assuming you have the drive and desire ).
These days, there are not a lot of choices for the smaller ( certainly under 300k ) producer unless you are happy working for say 20%. I was chairman's council at AGE a bit more than 12 years ago, and in those days crest club was only 175K I believe. www.icebear1.com
[quote=Recruit 4 PICI]
Most of the large wirehouse firms are quite alike, but the independent firms are not. In this situation ( production below 400k or lower ) you need to consider becoming and independent ( assuming you have the drive and desire ).
These days, there are not a lot of choices for the smaller ( certainly under 300k ) producer unless you are happy working for say 20%. I was chairman's council at AGE a bit more than 12 years ago, and in those days crest club was only 175K I believe. www.icebear1.com
[/quote]I am 100% certain I will not work with a company based out of a place called thrief river falls..lmao...that is just too funny...I honestly thought the webpage was a joke
[quote=nestegg]
[quote=Recruit 4 PICI]
Most of the large wirehouse firms are quite alike, but the independent
firms are not. In this situation ( production below 400k or lower ) you
need to consider becoming and independent ( assuming you have the
drive and desire ).
These days, there are not a lot of choices for the smaller ( certainly
under 300k ) producer unless you are happy working for say 20%. I was
chairman’s council at AGE a bit more than 12 years ago, and in those days
crest club was only 175K I believe.
www.icebear1.com
with a company based out of a place called thrief river falls…lmao…that is
just too funny…I honestly thought the webpage was a joke[/quote]
It’s designed by “Sherry’s Web Services” she’s world renowned!
Just FYI it’s actually Thief River Falls, please learn to read correctly. Yes, I did get a lot of grief from many of the firm’s brokers about the address when I moved here ( from Burlington, Wisconsin ) about two years ago. But, the location does not change what the firm is, nor what we have to offer.
[quote=Reggin]RabbitStew:
Your boss is an idiot.
If you think you have control over life, then you’re not too smart. Life will
kick you in the teeth for even thinking such a thing.
You have nothing to contribute here except for your holier than thou
attitude.[/quote]
You couldn’t be more wrong, Reggin.
The indy rep has quite a bit more control over their career than “anyone” period.
[quote=Recruit 4 PICI]Just FYI it’s actually Thief River Falls, please learn to read correctly. Yes, I did get a lot of grief from many of the firm’s brokers about the address when I moved here ( from Burlington, Wisconsin ) about two years ago. But, the location does not change what the firm is, nor what we have to offer.[/quote]
I read correctly I was just laughing so hard I typed it wrong…I have to say that is the funniest thing I have seen in a while. Maybe you should also chg the corp name to Burnya & Run.
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