Legacy AGE thoughts
I’m a Legacy AGE guy that thought it was time to speak out about what I have been seeing with some of my colleagues and what has been written on this forum in regards to the AGE to Wach Merger. We certainly have a lot to be frustrated with over the last year. Not least of all this crappy market we have been going through.
My underlying thought is this: Change happens and it is not easy to make changes in the way we do business i.e. Smart Station, contact management/ no brokervision. But weren't we compensated to sit in out chairs and deal with some BS? Didn't we all have realistic expectations about what a conversion would mean? Did we think smart station actually had Broker Vision and they forgot to tell us about it when the conversion took place? Quit whining and do your damn job! I guess I wanted to put another POV out there from a Legacy AGE. I think Smart Station is better than Client One. I never used BV except for the notes. I used Outlook for appts and meetings. Most of my AGE couterpartsthat I knew about did the same. So why is everyone complaining about the contact management? You can still do thes functions now. Hell, we now even print out an envelope with the clients name on it! Quit your whining! Some of the tools on SS are way ahead of what we had at AGE. The Portfolio Insight tool presents a much better report than Ontrack. Adding NH accounts and making proposals are much more impressive then what we had. The fee based platform and using custom choice models are much more user friendly. I have done a couple envision reports and my clients love them. It wasn't easy to learn how to do them but I have been working every night to work to learn the system. Envision is light years ahead of OTPP. The bad part, is you need to learn how to use them, but wasn't this why we got paid to stay????? I like how my clients with 250k don't have to pay an IRA fee or any acct fees. I like that I have a more complete choice of mutual funds and am closer to a true open architecture than AGE. I like that after I pay my fixed cost each month I keep 50% of any business I do. I like the ability of breaking down my business on FA Analysis. Nothing like this at AGE. We can finaly analyze our business. I like the increase in SMA's and the abilty to discount my fee based business without getting scalped. Hell, I even think the format of the new statement is better! I like I like how my clients can make deposits to there accounts at any bank or ATM. I like the improvement in functionality of the remote access. Call me nuts but the service request makes life easier once you figure it out. Service at the home office is not as good as it use to be. But I also thought there was a general decline even before wach came into the picture. What I can tell is that most of the home office people are trying hard. I just had an occasion where the person I talked to did not have an answer for my question. It was the end of the day and I was not expecting a callback. First thing the next morning someone from the department called me back and walked me through the process on Smart Station. I have every confidence service will get better. If you were Legacy AGE and left Wach, please acccept my Best Wishes. It is rather pathetic to be spending so much time "selling" your decision to everyone else. I also did my due dilligence when we were first bought. Danny L. has made some mistakes and certainly screwed the pooch in regards to retention. But as a Legacy AGE, I never did think we were particulary entitled to anything. We had just been paid to sit in our seats and although it was sh*tty to go through Wachovia to Wells for our clients sake, moving to Wells will not create a disturbance to our business like learning smart station and having our clients get new checks from a now dead bank. I must admit that sucked! We have had one broker leave our office about 3 months ago. He has taken about 40% of his book and hardly any of his clients are leaving anymore. We have not tried hard to retain his clients. I would imagine he is saying how awful Wach/Wells is to all his old clients trying to get them to come with him. Apparently they don't give as big a sh*t as we may think. I think he overestimated his relationships. He actually sent an email out to his clients saying that Wachovia Securities brokers were "slapped in the face" when we didnt get retention and that was one of the reasons he left was beacuse he "knew" we would not get retention. None of his clients seemed to be concerened about us not getting a retention. In sumamary. Change sucks. Get on with it or get going. Please stop your whining like little Bit&%es My apologies to any Legacy Wach. Not all us AGE are asses.Danny, is that you?? Danny?
Poboy…you’re living a dream. Congratulations!
Dropping to your knees was probably unnecessary though.
No, not Danny, just sick of the whining.
There are two post on the front page of this forum right now about WACH. One about how Wach pockets the 12b1 fees. How is this any different than AGE? It isn't. The second is about annuity payouts. The story says that we are getting less in commision than before. I personally have not seen any differnece, but I do know that we are getting paid 50% instead of 45%. Those numbers make a diffenrece to me. Again, quit bitching. If you go, please stop trying to sell yourself on your decision. Its pathetic.I agree. Those that are still there will never leave, they are the ones that will bitch at AGE, Wachovia, Wells, or any other brokerage firm they work at. Easier to bitch than roll up your sleaves and get to work. I imagine those left cant leave because they are 200k producers nobody else wants
[quote=BE PATIENT]I agree. Those that are still there will never leave, they are the ones that will bitch at AGE, Wachovia, Wells, or any other brokerage firm they work at. Easier to bitch than roll up your sleaves and get to work. I imagine those left cant leave because they are 200k producers nobody else wants[/quote]
BP, Be careful on the assumptions. I went through the Top Performers program 2 years ago and everyone from that class is still here. Almost everyone from the class are now Premier Advisors. Three of the guys I get advice from are $2mil plus producers. Again, as you know, the number of reps posting here is an extremely small population.BP…you are truly such a know it all. Do you have group pictures of yourself in your office.
For close to 200 posts you pontificated about Retention claiming this and that, and when it was done, you knew the same as everybody. Squat.
You made your move first, then turn and pour scorn on those that have yet to move. Your the kind of zero personality, love myself DBag that belongs in MS.
Must be brutal to be within earshot of you all day. FK.
[quote=Poboy]No, not Danny, just sick of the whining.
There are two post on the front page of this forum right now about WACH. One about how Wach pockets the 12b1 fees. How is this any different than AGE? It isn't. The second is about annuity payouts. The story says that we are getting less in commision than before. I personally have not seen any differnece, but I do know that we are getting paid 50% instead of 45%. Those numbers make a diffenrece to me. Again, quit bitching. If you go, please stop trying to sell yourself on your decision. Its pathetic.[/quote]Are you on a different pay scale than everyone? No one gets 50% payout anymore at WS...50% on everything over 10k...but that doesn't=50%
Some how I manage to do over 10k a month.
Any additional goes 50:50. Your at Stifel, as somany of your post state. Good for you. Your making $500 more a month than me assuming our production is the same. I doubt that is the case.[quote=Poboy]
Some how I manage to do over 10k a month.
Any additional goes 50:50. Your at Stifel, as somany of your post state. Good for you. Your making $500 more a month than me assuming our production is the same. I doubt that is the case.[/quote]Lets do the WS Payout math shall we....
20k = 37%
30k = 41%
40k = 43.5%
50k = 44.8%
60k = 45.7%
I wont even get into the fact that no one actually gets that payout when you factor in the 0 payouts, ticket charges, haircuts etc...figure several percentage points less at each level
Trust me I did the math...and for my bus mix the payout was WAY below AGE...let alone SF.
Every month there is likely several thosuand of production eaten away by fees and no pays.
I think I see were we are going...none is 50%...that was my point...not pointing out the fact the SF payout is higher...thouht maybe you were confused...in the old days of AGE we did get 50% then 45% on Annuities.
Danny thanks for the post, I am glad to see that some are happy at WS/WFC...hope you do well :)
Nest Egg
Were you even here for Smart Station rollout? I have seen SF computer system and Wach is ahead of what you have. My clients like the envision reports. Stifel marketing material looks 2nd rate. I am sure you are pleased with your decision. Congrats. But please stop pitching your firm so you feel more comfortable with your decision. Its pathetic. All I am saying is there are people that are Legacy AGE that realize AGE is gone and Wach/Wells is a good place to serve their clients.Poboy
How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it’s wach policy. Probably wouldn’t feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months.
I would be pissed but this kind of schitt happens everyday to me, but I get notification in daily activity, and an email, and as long as I respond that morning the check gets cleared. I will eat the $20 charge…maybe I shouldnt have to go through that, but schitt happens.
Thanks Poboy - many wachovia securities advisors have thought what you are saying. I hope you find smarstation helps with business after going through the hassle. I have been on several other systems and its as robust as there is - imo.[quote=skbroker] Poboy
How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it’s wach policy. Probably wouldn’t feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months. [/quote]
Or why don’t you just make a business decision you cheap bastard and eat the $20 for him?
Every FA whines about the firm’s fees…every one of you can eat a few here or there; that is not unheard of. FAs are the cheapest d’bags I’ve ever met…always have been.
[quote=Wheat-ie] [quote=skbroker] Poboy
How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it’s wach policy. Probably wouldn’t feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months. [/quote]
Or why don’t you just make a business decision you cheap bastard and eat the $20 for him?
Every FA whines about the firm’s fees…every one of you can eat a few here or there; that is not unheard of. FAs are the cheapest d’bags I’ve ever met…always have been.[/quote]
Not to mention, if your relationship is so bad with the client that he leaves for THAT…it sounds more like an excuse for him, anyway.
wheatie
wow, you are one f***ing retard.do you really think that i f***ing care about the $20. its the f***ing non client centered so called business model that f***uvia is running that’s pissing me off. so many retards on this board
Skbroker -
If your client, with $15mil account - generating $140,000 in '08 commissions - decides to leave because of a $20 'bounce check' fee - he must be one shallow jerk. Oh wait - isn't this story about your own account
yup that client is a jerk but very good looking jerk
oh ok so you get a better response from a wachovia sec marketing material vs stifel? that makes great sense.
Poboy…if you are so deliriously happy, why are you here ?
Any why give Nestegg a hard time for talking about his firm, when you wrote a fking book describing your rapture ?
And THEN finish off with a grovelling apology to the same firm that gutted yours.
Take your sorry limp-d*ck a$$ home.
[quote=nestegg]
[quote=Poboy]
Some how I manage to do over 10k a month.
Any additional goes 50:50. Your at Stifel, as somany of your post state. Good for you. Your making $500 more a month than me assuming our production is the same. I doubt that is the case.[/quote]Lets do the WS Payout math shall we....
20k = 37%
30k = 41%
40k = 43.5%
50k = 44.8%
60k = 45.7%
I wont even get into the fact that no one actually gets that payout when you factor in the 0 payouts, ticket charges, haircuts etc...figure several percentage points less at each level
Trust me I did the math...and for my bus mix the payout was WAY below AGE...let alone SF.
Every month there is likely several thosuand of production eaten away by fees and no pays.
I think I see were we are going...none is 50%...that was my point...not pointing out the fact the SF payout is higher...thouht maybe you were confused...in the old days of AGE we did get 50% then 45% on Annuities.
Danny thanks for the post, I am glad to see that some are happy at WS/WFC...hope you do well :)
[/quote]
Glad to see SF doesn't have any ticket charges......Oh wait but they do, but don't disclose them to you upfront just have them hidden in the grid.
[quote=Wheat-ie] [quote=skbroker] Poboy
How would you feel if you had a 15 million dollar account that generated 140k in fees and commission last year and the client writes a check but short a penny in the cash account so wach reject the check and charges client $20 tells client it’s wach policy. Probably wouldn’t feel too good
Once the client acats out. Keep drinking that k aid and talk to me in 6 months. [/quote]
Or why don’t you just make a business decision you cheap bastard and eat the $20 for him?
Every FA whines about the firm’s fees…every one of you can eat a few here or there; that is not unheard of. FAs are the cheapest d’bags I’ve ever met…always have been.[/quote]
ribbit
Concerning the 15 Million account that acated out.
TWO WORDs: Personal Responsiblity 1) Its your clients responsibility to make sure there is enough in his account to write a check 2) Its your responsiblity to make sure if there is a problem you catch it in time before the check gets rejected. 3) If you can't catch it in time then its your job to smooth it over with your client. Sorry Mr. Client, it was my mistake that I didn't catch it. It won't happen again. Aren't you a salesman? I am glad everyone that has left is happy with their choices. I thought it was needed to provide another Point of View from a Legacy AGE and not sound like a whinny titty baby.[quote=Hydeho] [quote=nestegg] [quote=Poboy]
Some how I manage to do over 10k a month.
Any additional goes 50:50. Your at Stifel, as somany of your post state. Good for you. Your making $500 more a month than me assuming our production is the same. I doubt that is the case.[/quote]Lets do the WS Payout math shall we....
20k = 37%
30k = 41%
40k = 43.5%
50k = 44.8%
60k = 45.7%
I wont even get into the fact that no one actually gets that payout when you factor in the 0 payouts, ticket charges, haircuts etc...figure several percentage points less at each level
Trust me I did the math...and for my bus mix the payout was WAY below AGE...let alone SF.
Every month there is likely several thosuand of production eaten away by fees and no pays.
I think I see were we are going...none is 50%...that was my point...not pointing out the fact the SF payout is higher...thouht maybe you were confused...in the old days of AGE we did get 50% then 45% on Annuities.
Danny thanks for the post, I am glad to see that some are happy at WS/WFC...hope you do well :)
[/quote]
Glad to see SF doesn't have any ticket charges......Oh wait but they do, but don't disclose them to you upfront just have them hidden in the grid.
[/quote] Discount sharing just like the old AGe...only they are not hidden you can figure it out to teh penny before doing a trade...i will give up 2 or 5 bucks on a trade that is 200 bucks vs...a flat 10-15 on almost every trade at WS...and get paid on EVERYTHIGN over 40 vs everything over 95...oh yeah and get paid on every trail regardeless of size....
How many 40-94.99 trades do you do a year?
Just wonderingpoboy…great koolaid…stuff is giving u quite a buzz.Can u get me some. Lets see.
1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke
3)We have a stock plan that sux compared to AGE (remember WB wat a winner)
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE
5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age
9) We have ticket charges now that we didnt have at age
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt.
12) We have a back office that has been destroyed
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc…list goes on ad nauseum
One statement I agree with…since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.
poboy
wow, you sure sound like a teller at a wachovia. you are just too dumb to comprehend the moral of the story. one day it will all make sense.let me guess and tell me if i m close. 3 year and 3 months in production and doing about $230,000 and thinking you are a f***ing star. by the way no one is moving from wach to stifel thinking that they’ll make extra 500 month. lol
[quote=Poboy]Concerning the 15 Million account that acated out.
TWO WORDs: Personal Responsiblity 1) Its your clients responsibility to make sure there is enough in his account to write a check 2) Its your responsiblity to make sure if there is a problem you catch it in time before the check gets rejected. 3) If you can't catch it in time then its your job to smooth it over with your client. Sorry Mr. Client, it was my mistake that I didn't catch it. It won't happen again. Aren't you a salesman? I am glad everyone that has left is happy with their choices. I thought it was needed to provide another Point of View from a Legacy AGE and not sound like a whinny titty baby.[/quote]ribbit ribbit...it's feeling warm for some reason
Exactly!let me guess and tell me if i m close. 3 year and 3 months in production and doing about $230,000 and thinking you are a f***ing star. by the way no one is moving from wach to stifel thinking that they’ll make extra 500 month. lol
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Best Wishes to everyone.
Posted: 10 March 2009 at 11:08pm
here's what happened today. I had $4,045.41 in my cash account in my wachovia account and wrote a check for that amount against it and I guess there was apenny that was journaled to my other account after the check waswritten which left $4,045.40.So today I look at my b of onlinechecking account and the check i wrote was rejected by wachovia because insufficient fund by one freakin cent and wachovia charges mea $20 insufficient fee. No notification, no action item, no call indicating that...
Oh, you were the idiot that can't balance your checkbook.
Banks are awesome!
I heard a long time AGE manager left today to start up a new Stifel office in the Carolinas. From my experience, AGE guys leaving WS should have little pushback from clients regarding moving. The few clients I wanted to move that didn’t moved to different firms and didn’t stick at whatever Wachovia Securities is called these days.
Gekko…any idea where in Carolina or who it was that left?
Rumor has it that another old AGE branch in Spring Texas will be moving to Stifel very soon. Good Luck when the TRO’s roll in.
Three new offices at SF in the last week…Charlotte NC, Vero, FL and one other Can’t remember where…we get announcements so frequently now of Wach/AGE people coming over to open new offices I have lost track lol!
[quote=Apollo 13]Rumor has it that another old AGE branch in Spring Texas will be moving to Stifel very soon. Good Luck when the TRO’s roll in.[/quote]
TRO’s for ???
You know how many offices have moved without issue…
Have you ever heard of “RAIDING”. Wachovia has to be careful about setting precedent.
tdude - He left the W/S - Wells/Fargo in Charlotte, NC and is staying in/starting up (Stifel) in Charlotte, NC. He was going to head up the one big office in Charlotte that was going to be three W/S offices combined into 1 - over 50 brokers. Quit this morning, left with his partner and their assistant and went to the new Stifel office. No one but the three of them.
I’m confused about him leaving in May. Do you mean May 2008?
No, the name changing to Wells Fargo in May - sorry. That was confusing…sorry. The “fact” that the brokers cannot officially use the name ‘Wells Fargo Advisors’ until May. I apologize.
Wachovia has alot more clout, meaning attorneys. Be very careful.
Yes, they do…
but from what I hear, they did not do anything wrong. I've heard Stifel is a good company, but I've heard a lot of other companies are, too... I have no idea, yet, what we are going to do down here in Fl.[quote=skbroker] wheatie
It is so clear when you $400k FAs post like the “big man”…whenever questioned on your tiny little thinking (ie. whining about a $20 fee rather than just taking care of it), all you can do is resort to calling people names. Very predictable: you must share space w/Bpatient and hyman roth.
Since when do attorneys care if you did anything wrong? Most are on retainer based on regions. All they want is their hourly fees.
Good point…sorry, again.
If you are leaving, just be sure that your departing firm can not claim the “Raiding” foul. As long as less then 25% of your branch production leaves to the same firm then you should be OK based on my contacts.
[quote=soontobegone]Yes, they do…
but from what I hear, they did not do anything wrong. I've heard Stifel is a good company, but I've heard a lot of other companies are, too...Stevens? And some other smaller companies. I have no idea, yet, what we are going to do down here in Fl.[/quote]What part of Fla?
you must be poboy cousin… do you think that i wrote that because I was pissed about $20? if you did you are a f***in moron.
[quote=soontobegone]Yes, they do…
but from what I hear, they did not do anything wrong. I've heard Stifel is a good company, but I've heard a lot of other companies are, too...Stevens? And some other smaller companies. I have no idea, yet, what we are going to do down here in Fl.[/quote] If I lived in FL I would be at Ray Jay and why not Soon? This might be the easiest decision ever you make. i am interested in your response.[quote=Wheat-ie] [quote=skbroker] wheatie
It is so clear when you $400k FAs post like the “big man”…whenever questioned on your tiny little thinking (ie. whining about a $20 fee rather than just taking care of it), all you can do is resort to calling people names. Very predictable: you must share space w/Bpatient and hyman roth.
[/quote]
You called?
Wachovia attorneys are pretty busy these days, and not just with raiding issues. I think it would be interesting to see a firm that has initiated so many broker unfriendly practices, made promises they didn't keep, and have had a constant slew of bad news to argue the case for "raiding". If anything, brokers are taking there own initiative to find new homes, and who can blame them. WS is definitely a damaged brand, and in our industry, that means a lot to your ability to generate business. Brokers need to put their clients first, not their firm.Wachovia has alot more clout, meaning attorneys. Be very careful.
I’d like to see brokers file suit against their companies for making it difficult to make a living based upon the actions of the firm.
What is a TRO?
What is a TRO?
Oh "Be Patient"........Temporary Restraining Order. You are too funny
I’d like to see brokers file suit against their companies for making it difficult to make a living based upon the actions of the firm.
We have discussed this. What about a class action lawsuit??? Oh what fun it would be to pull off.....
[quote=Poboy]I’m a Legacy AGE guy that thought it was time to speak out about what I have been seeing with some of my colleagues and what has been written on this forum in regards to the AGE to Wach Merger. We certainly have a lot to be frustrated with over the last year. Not least of all this crappy market we have been going through.
My underlying thought is this: Change happens and it is not easy to make changes in the way we do business i.e. Smart Station, contact management/ no brokervision. But weren't we compensated to sit in out chairs and deal with some BS? Didn't we all have realistic expectations about what a conversion would mean? Did we think smart station actually had Broker Vision and they forgot to tell us about it when the conversion took place? Quit whining and do your damn job! I guess I wanted to put another POV out there from a Legacy AGE. I think Smart Station is better than Client One. I never used BV except for the notes. I used Outlook for appts and meetings. Most of my AGE couterpartsthat I knew about did the same. So why is everyone complaining about the contact management? You can still do thes functions now. Hell, we now even print out an envelope with the clients name on it! Quit your whining! Some of the tools on SS are way ahead of what we had at AGE. The Portfolio Insight tool presents a much better report than Ontrack. Adding NH accounts and making proposals are much more impressive then what we had. The fee based platform and using custom choice models are much more user friendly. I have done a couple envision reports and my clients love them. It wasn't easy to learn how to do them but I have been working every night to work to learn the system. Envision is light years ahead of OTPP. The bad part, is you need to learn how to use them, but wasn't this why we got paid to stay????? I like how my clients with 250k don't have to pay an IRA fee or any acct fees. I like that I have a more complete choice of mutual funds and am closer to a true open architecture than AGE. I like that after I pay my fixed cost each month I keep 50% of any business I do. I like the ability of breaking down my business on FA Analysis. Nothing like this at AGE. We can finaly analyze our business. I like the increase in SMA's and the abilty to discount my fee based business without getting scalped. Hell, I even think the format of the new statement is better! I like I like how my clients can make deposits to there accounts at any bank or ATM. I like the improvement in functionality of the remote access. Call me nuts but the service request makes life easier once you figure it out. Service at the home office is not as good as it use to be. But I also thought there was a general decline even before wach came into the picture. What I can tell is that most of the home office people are trying hard. I just had an occasion where the person I talked to did not have an answer for my question. It was the end of the day and I was not expecting a callback. First thing the next morning someone from the department called me back and walked me through the process on Smart Station. I have every confidence service will get better. If you were Legacy AGE and left Wach, please acccept my Best Wishes. It is rather pathetic to be spending so much time "selling" your decision to everyone else. I also did my due dilligence when we were first bought. Danny L. has made some mistakes and certainly screwed the pooch in regards to retention. But as a Legacy AGE, I never did think we were particulary entitled to anything. We had just been paid to sit in our seats and although it was sh*tty to go through Wachovia to Wells for our clients sake, moving to Wells will not create a disturbance to our business like learning smart station and having our clients get new checks from a now dead bank. I must admit that sucked! We have had one broker leave our office about 3 months ago. He has taken about 40% of his book and hardly any of his clients are leaving anymore. We have not tried hard to retain his clients. I would imagine he is saying how awful Wach/Wells is to all his old clients trying to get them to come with him. Apparently they don't give as big a sh*t as we may think. I think he overestimated his relationships. He actually sent an email out to his clients saying that Wachovia Securities brokers were "slapped in the face" when we didnt get retention and that was one of the reasons he left was beacuse he "knew" we would not get retention. None of his clients seemed to be concerened about us not getting a retention. In sumamary. Change sucks. Get on with it or get going. Please stop your whining like little Bit&%es My apologies to any Legacy Wach. Not all us AGE are asses. [/quote] Hmmmm auuuuu hmmmmm ahhhhhhhhh Don't know any other way to say it; You're a dishonest moron at BEST.With clients who are looking for a valid reason to go elsewhere?Wachovia has alot more clout, meaning attorneys. Be very careful.
PLEASE PM ME on thisI heard a long time AGE manager left today to start up a new Stifel office in the Carolinas. From my experience, AGE guys leaving WS should have little pushback from clients regarding moving. The few clients I wanted to move that didn’t moved to different firms and didn’t stick at whatever Wachovia Securities is called these days.
PLEASE PM ME on this[/quote][quote=Gordon Gekko]I heard a long time AGE manager left today to start up a new Stifel office in the Carolinas. From my experience, AGE guys leaving WS should have little pushback from clients regarding moving. The few clients I wanted to move that didn’t moved to different firms and didn’t stick at whatever Wachovia Securities is called these days.
http://www2.stifel.com/site/content.aspx?id=138&branch=768
that funny because we had about 15 FA’s leave and they have taken about 90 percent of their assets.
skbroker - with such a big movement (15) - Why did you decide to stay?that funny because we had about 15 FA’s leave and they have taken about 90 percent of their assets.
I don’t think this went out so I am trying again. My client in Oregon went to his normal Wells Bank Branch. He asked about the mortgage rates advertised in the branch. The teller said " oh I see you have 450,000 with us " He said I wish. It is more like 50,000. She said , you have other relationships with the bank somewhere that total 450,000. She could see the total the guy has with me. Clients will not like this and I do not this, at all. WB/WFC guys is this true ? Can the bank see my client…my client…my…clients’ asset value. I await response.
Even though the Charlotte office has 2 fcs, I would guess they’d have 10-15 in the next year. Stifel is a machine.
that pretty much sums up everything.poboy…great koolaid…stuff is giving u quite a buzz.Can u get me some. Lets see.
1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke
3)We have a stock plan that sux compared to AGE (remember WB wat a winner)
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE
5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age
9) We have ticket charges now that we didnt have at age
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt.
12) We have a back office that has been destroyed
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc…list goes on ad nauseum
One statement I agree with…since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.
[quote=stocksandblondes][quote=tdude]poboy…great koolaid…stuff is giving u quite a buzz.Can u get me some. Lets see.
1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke Does anyone have one as nice as AGE? 6% ,100% match isn't bad
3)We have a stock plan that sux compared to AGE (remember WB wat a winner) AGE stock plan started sucking when they changed it towards the end. AGE is gone.
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE The haircut your referring to is it the one on the allocation advisor accounts. I dont see any more haircuts then that. I suppose the reduction of 25bps on managed dsip is not being taken in any consideration. And I'm sure your bothered by the 50bps being paid to SMA managers. 5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age Yes we do and it starts at production of 200k and above
9) We have ticket charges now that we didnt have at age None if you dont discount
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt. My percentage is just as high as it was at AGE
12) We have a back office that has been destroyed Definately needs some improvement.
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc...list goes on ad nauseum
One statement I agree with...since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.
[/quote] that pretty much sums up everything.[/quote]
CMMT 7 day yield is .01%
that pretty much sums up everything.[/quote] AND Ticket charges are chaged to NET!!!!! what a RIP OFF!!!!! What about the F-ING "PAPERLESS OFFICE" ?????????????????????????? WTF WTF WTF WTF WTF WTF I'm personally responsible for the destruction of acres of the rainforest just 're-papering' my few clients. WHERE ??????????????????????????????????? Is the magical one signature takes care of all account options?????? Is it stupidity? lies? ignorance? that we were told this utter nonsense? Only the shadow knows.[quote=tdude]poboy…great koolaid…stuff is giving u quite a buzz.Can u get me some. Lets see.
1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke
3)We have a stock plan that sux compared to AGE (remember WB wat a winner)
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE
5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age
9) We have ticket charges now that we didnt have at age
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt.
12) We have a back office that has been destroyed
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc…list goes on ad nauseum
One statement I agree with…since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.
Thank GOD there was no retention “BONUS” they should have called it a retention curse.
Didn't Danny call it "meaningful" at one point? This endless debacle couldn't even be dreamed up. Reality is truly more screwed up than fiction. We just went to a new system from a firm that was pretty much bankrupt. What could possibly be next.So does Danny still do the cnference calls daily telling everyone how great things are?
that pretty much sums up everything.[/quote] AND Ticket charges are chaged to NET!!!!! what a RIP OFF!!!!! What about the F-ING "PAPERLESS OFFICE" ?????????????????????????? WTF WTF WTF WTF WTF WTF I'm personally responsible for the destruction of acres of the rainforest just 're-papering' my few clients. WHERE ??????????????????????????????????? Is the magical one signature takes care of all account options?????? Is it stupidity? lies? ignorance? that we were told this utter nonsense? Only the shadow knows.[/quote][quote=stocksandblondes][quote=tdude]poboy…great koolaid…stuff is giving u quite a buzz.Can u get me some. Lets see.
1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke
3)We have a stock plan that sux compared to AGE (remember WB wat a winner)
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE
5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age
9) We have ticket charges now that we didnt have at age
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt.
12) We have a back office that has been destroyed
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc…list goes on ad nauseum
One statement I agree with…since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.
Why are you re-papering accounts? You find it easier then calling clients!
I don’t think this went out so I am trying again. My client in Oregon
went to his normal Wells Bank Branch. He asked about the mortgage rates
advertised in the branch. The teller said " oh I see you have 450,000
with us " He said I wish. It is more like 50,000. She said , you have
other relationships with the bank somewhere that total 450,000. She
could see the total the guy has with me. Clients will not like this and
I do not this, at all. WB/WFC guys is this true ? Can the bank see my
client…my client…my…clients’ asset value. I await response.
***************************************************************
Redpen
Yeah, we can see the total value of the assets held. Cant see the individual positions or look at the actual acct. Only the RBO or FA can see that, but we can see how much overall the clients have. I dont think you need to worry to much about this if your concerned another FA will try to pick it off. Be a real dumb move to try to take another FA’s clients like that. That would likely generate a little call from the Reg Pres.
Okay, I hope I can make my point. I really do not care what happens to me or you. My clients would crap his or her pants, if he or she knew that some freakin national/ universal bank knew everthing about them.I don’t think this went out so I am trying again. My client in Oregon went to his normal Wells Bank Branch. He asked about the mortgage rates advertised in the branch. The teller said " oh I see you have 450,000 with us " He said I wish. It is more like 50,000. She said , you have other relationships with the bank somewhere that total 450,000. She could see the total the guy has with me. Clients will not like this and I do not this, at all. WB/WFC guys is this true ? Can the bank see my client…my client…my…clients’ asset value. I await response.
***************************************************************
Redpen
Yeah, we can see the total value of the assets held. Cant see the individual positions or look at the actual acct. Only the RBO or FA can see that, but we can see how much overall the clients have. I dont think you need to worry to much about this if your concerned another FA will try to pick it off. Be a real dumb move to try to take another FA’s clients like that. That would likely generate a little call from the Reg Pres.
Sad day in St Louis yesterday, heard 450 people were laid off from the home office. So much for improving the service model!
So what's the expected call back time now, 6 weeks?
Sad day in St Louis yesterday, heard 450 people were laid off from the home office. So much for improving the service model!
So what's the expected call back time now, 6 weeks?[/quote] I think this is where we don't get it. We expect a call back.[quote=Redcobaltfan]
Sad day in St Louis yesterday, heard 450 people were laid off from the home office. So much for improving the service model!
[quote=Redcobaltfan]
Sad day in St Louis yesterday, heard 450 people were laid off from the home office. So much for improving the service model!
[/quote]
Actually 3/31 was the last day for those people in RICHMOND, Not St
Louis. End for Wheat & co -Wheat First Securities-Wheat First Butcher Singer-etal.Sad day for the legacy WachSec side. A lot of good people sacrificed for a bunch of $250000 producers and 6 buildings in St Louis.
Hey no one would be happier to send everyone back to Richmond than the Legacy AGE folks...remember this wasn't their doing it was Wachovia's! AGE could continue at the top in client and FC satisfaction and WS could continue to languish at the bottom like they always did.[quote=Redcobaltfan]
Sad day in St Louis yesterday, heard 450 people were laid off from the home office. So much for improving the service model!
[/quote]
Actually 3/31 was the last day for those people in RICHMOND, Not St
Louis. End for Wheat & co -Wheat First Securities-Wheat First Butcher Singer-etal.Sad day for the legacy WachSec side. A lot of good people sacrificed for a bunch of $250000 producers and 6 buildings in St Louis.
Wow, I miss the good old days when these forums were dedicated to Edward Jones bashing
hydeho…u need to give it a break. There is no one happy on the AGE side and certainly they are not celebrating the fact that 450 WS people are now unemployed. AGE folks certainly didnt ask for that. I know the WS and AGE people as we work across the street…good fa’s in both offices. And as far as a bunch of 250k producers… at merger there were 290 age 1mm producers and 480 on the ws side (mostly pru). Ave prod was 565k on ws and 485 on age…remember age trained most of there producers and are on ave 10 yrs younger than ws advisors…also ws numbers are revenue per advisor…age numbers are gross commision per advisor…anyway sad day for the folks in Richmond…blame Danny and Bagby…sad news and more coming …wait about 2 more weeks and the layoffs will be in the thousands…and Wells is really going to put the hammer down…some disheartrening stuff coming next couple months
On the bright side…alot of these folks…the good ones that were actually still left…will find a home at SF down the block…we are on a hiring spree
Average production numbers are skewed by the fact that WS has paid big up front $$'s to recruit, and there are a lot of teams at the wirehouses, not because their brokers are any smarter or better. I wonder what % of WS's 1mm+ individual producers were hired as trainees?
WS laying off people and SF hiring, I guess just another indication of the success of the "universal bank" model.[quote=mnbondguy]
I wonder what % of WS's 1mm+ individual producers were hired as trainees?
[/quote] I am going to guess 0![quote=nestegg][quote=mnbondguy]
I wonder what % of WS's 1mm+ individual producers were hired as trainees?
[/quote] I am going to guess 0![/quote] You would be incorrect. Personally know of 23 on the east coast that were trainees with either Wheat, First Securities, Butcher and Singer or IJL[quote=mnbondguy]
Average production numbers are skewed by the fact that WS has paid big up front $$'s to recruit, and there are a lot of teams at the wirehouses, not because their brokers are any smarter or better. I wonder what % of WS's 1mm+ individual producers were hired as trainees?
WS laying off people and SF hiring, I guess just another indication of the success of the "universal bank" model. [/quote] Hiring in ST Louis........Richmond displaced knew for months 3/31 was end date. Got a very, very good severence bonus to stay to the end.I'm just tired of hearing how great AGE back office is. Well it isn't, its not bad but the people there don't know how to adapt to change because they have never had any. I understand they are trying to learn new systems, but come on no need to be rude and fail to return emails or calls. I have several dept managers apologize to me for there associates actions. Yes these were Legacy AGE. So lets all work to make things work better in future and all of us stop our whining. If you are not happy and can't work to make thinks better the pack up your FRIGGING desk and move on.hydeho…u need to give it a break. There is no one happy on the AGE side and certainly they are not celebrating the fact that 450 WS people are now unemployed. AGE folks certainly didnt ask for that. I know the WS and AGE people as we work across the street…good fa’s in both offices. And as far as a bunch of 250k producers… at merger there were 290 age 1mm producers and 480 on the ws side (mostly pru). Ave prod was 565k on ws and 485 on age…remember age trained most of there producers and are on ave 10 yrs younger than ws advisors…also ws numbers are revenue per advisor…age numbers are gross commision per advisor…anyway sad day for the folks in Richmond…blame Danny and Bagby…sad news and more coming …wait about 2 more weeks and the layoffs will be in the thousands…and Wells is really going to put the hammer down…some disheartrening stuff coming next couple months
The way this place is run I cannot imagine it surviving more than a year or two without the banks money. Every single broker here was bought with the banks money.When they got in trouble the bank bailed them out, I.E. ARS. Now the owner wants WS to help them to pay back TARP. How is that going to work??????????
[quote=Blue2]
The way this place is run I cannot imagine it surviving more than a year or two without the banks money. Every single broker here was bought with the banks money.When they got in trouble the bank bailed them out, I.E. ARS. Now the owner wants WS to help them to pay back TARP. How is that going to work??????????
[/quote] ARS was booked against WacSec LLC not Wac Corp. That why there was a forth Qt loss and bonus cuts at home office.But the 8 billion diddn’t come from WachSic.
No they had a buyer on the other side and WacSec took the loss vs earnings. Thats why they had a 4th qt loss.But the 8 billion diddn’t come from WachSic.
[quote=I’m just tired of hearing how great AGE back office is. Well it isn’t, its not bad but the people there don’t know how to adapt to change because they have never had any. I understand they are trying to learn new systems, but come on no need to be rude and fail to return emails or calls. I have several dept managers apologize to me for there associates actions. Yes these were Legacy AGE. So lets all work to make things work better in future and all of us stop our whining. If you are not happy and can’t work to make thinks better the pack up your FRIGGING desk and move on.[/quote]
There are a lot of problems with HO service. I no longer call to the departments - I try to only call the Premier Advisor hotline. They are extremely friendly and will get an answer back to you almost immediately. If you have access to them - that should be your first call every time. I still find it interesting though - that there is still a big distinction to Legacy AGE and Legacy WS. And what is up with the 'A' number? I thought DL got the message on that and we were moving away from it.Hydeho…back office was superb 2 yrs ago…its been destroyed the last i8 mos by the current mgt team…here is the issue…1) Many of the best AGE back office people have jumped to SF, Eddy Jones, and Tad Edwards new deal. 2) remaining and new hires had to learn a new system
3) Only 450 came from Richmond and they expected well above a thousand
4) double the FA population with the merger…leaves the legendary back office operation a shell of what used to be.
Biggest concern is Wells next month…think we have some wake up calls coming in the area of add’l layoffs and slash and burn expenses and they arent going to spare any of the branches in my guess.
Hydeho…by the way…
A liberal is a person willing to believe something preposterous and congratulate himself on his sophistication. …very well said.
At least you are conservative. Difficult days ahead…good luck
tdude,
So...you think they will cut branch support? or, do you think they will cut actual branches?
mdog…i sent u a pm
that pretty much sums up everything.[/quote] AND Ticket charges are chaged to NET!!!!! what a RIP OFF!!!!! What about the F-ING "PAPERLESS OFFICE" ?????????????????????????? WTF WTF WTF WTF WTF WTF I'm personally responsible for the destruction of acres of the rainforest just 're-papering' my few clients. WHERE ??????????????????????????????????? Is the magical one signature takes care of all account options?????? Is it stupidity? lies? ignorance? that we were told this utter nonsense? Only the shadow knows.[/quote][quote=Gaddock][quote=stocksandblondes][quote=tdude]poboy…great koolaid…stuff is giving u quite a buzz.Can u get me some. Lets see.
1)We have a money market that sux compared to AGE
2)We have a 401k that sux compared to AGE (note the y/e pop we had off of that joke
3)We have a stock plan that sux compared to AGE (remember WB wat a winner)
4)We have a huge haircut coming in Jan for most of advisory accounts compared to none at AGE
5) We have a br managers bonus about half of what age paid
6) We have twice the amount of work as a mgr than at AGE
7) We have another loser stock called WFC. No telling where that disaster will end
8) We have no sales bonus anymore like at age
9) We have ticket charges now that we didnt have at age
10) We dont get paid on mony market trails like AGE
11) We have a bureacracy eating off our plates called middle mgt.
12) We have a back office that has been destroyed
13) Our clients are quite happy with all the -0- statements. not
14) total annual cost to me will be 6 digits.
15) not even minimal retention from wfc…list goes on ad nauseum
One statement I agree with…since Im still here in my seat I better quit yappin or I need to move. No one to blame but me for still sittin
But to call this amagamam of puke better? Dont think so.
Why are you re-papering accounts? You find it easier then calling clients!
[/quote] Umm all options accounts mapped over as level 2. If you want them at the lever they were at before you have to get new paperwork. Not to mention the people who had margin now have to have at least $50 large or they get a monster margin call. Any change to a wrap account requires reams of new paperwork. etc etc. "You find it easier then calling clients" Don't get your point, care to elaborate?
No they had a buyer on the other side and WacSec took the loss vs earnings. Thats why they had a 4th qt loss.[/quote] Any idea what the loss was, because I get tired of heering WS management trying to convince me that without thier help AGE would have gone under. How big was the haircut ?[quote=Blue2]But the 8 billion diddn’t come from WachSic.
No they had a buyer on the other side and WacSec took the loss vs earnings. Thats why they had a 4th qt loss.[/quote] Any idea what the loss was, because I get tired of heering WS management trying to convince me that without thier help AGE would have gone under. How big was the haircut ?[/quote] Yeah I heard that BS too AND it's just that ... BS. All the other firms had the same issues and they are here as well. It seems to me most things that come from WS are some kind of spin for the kool aid drinkers. If Bagby hadn't sold us out for his own cheap little gain we would be the last of the breed and on steroids![quote=Hydeho][quote=Blue2]But the 8 billion diddn’t come from WachSic.
folks…doesnt really matter anymore…we work for Obama…I love the universal bank model.
http://online.wsj.com/article/SB123879833094588163.html
[quote=tdude] folks…doesnt really matter anymore…we work for Obama…I love the universal bank model. [/quote]
http://online.wsj.com/article/SB123879833094588163.html
[quote=maddog]
tdude,
So...you think they will cut branch support? or, do you think they will cut actual branches?
[/quote]They've been going through our region in the last few months slashing support staff. My manager is battling w/ our regional right now to save our support - a battle that I think he is going to lose. It's funny, I go through the Gateway program and one of the first things they have me do is to calculate my worth/hour. Even a $500K producer bills out at $270/hour to the client, and about $110/ hour to himself (gross v/s net). However, it seems to make sense to the great bank in the sky to have that producer doing paperwork and service requests himself instead of spending $20/hour for an assistant to do it. Let's see, $270 v/s $20. That looks like we are losing about $250/hour for every form that guy fills out. These people sure know alot about math.
Guys—WB is a fine firm with every tool, platform and support to help you serve your client, grow your assets, client relationships, and net worth. The grass is not greener on the other side. Every firm is laying off staff, closing offices, and consolodaing operations. So what, take care of your business. If, you think I’m full of sh*t, fine leave and find some happiness. Yes, AGE was a fine firm and everyone loved Ben Edwards, and his preachings. It is gone. Take what you learned, learn some more, make it your own and grow. Or, Leave. Just quit bithing.
Lee Iacocca once said Lead , Follow or Get out of the way. I don’t exactly know why I brought it up except that many people seem to be giving this as advice to AGE guys. Back then I thought Lee was a real Icon, and when I heard this I thought it sounded like good strong leadership . Funny how when that advice is being given to me I don’t like it.
Great Points!
[quote=CommonSense]
[quote=maddog]
tdude,
So...you think they will cut branch support? or, do you think they will cut actual branches?
[/quote]However, it seems to make sense to the great bank in the sky to have that producer doing paperwork and service requests himself instead of spending $20/hour for an assistant to do it.
[/quote]
Come on now. How lone does it take for an assistant to do a Service request, 30 sec-a minute? How many do they do in a day, 10-15? OK a max of 15 minutes. Believe me assistants are not overworked in this market. An assistant should be able to handle 1-1.2 million and yes all firms are letting staff go.
So you start at AGE, build your own business, get bought out by Wachovia, then Wells Fargo, see people drop like flies around you, and still stay the course in this market? Wow, now that takes character!
Stifel office in CLT has been opened a week and already has landed the biggest producers from Legacy AGE. I would say the grass is greener there.
CLT?Stifel office in CLT has been opened a week and already has landed the biggest producers from Legacy AGE. I would say the grass is greener there.
Charlotte, NC -sorry.
My bad. You are a Bengals fan, what is the abbreviation for that - OCH CIN (Ocho Cinco)?
yes you are full of sh*t.
[quote=Gordon Gekko]Charlotte, NC -sorry.[/quote]
Last two weeks…new SF offices in Charlotte, Downtown STL, Tulsa, Vero Beach, Corpus Christie, and at least two other cities…I am starting to loose track…all filled with Legacy AGE/Wachovia
No they had a buyer on the other side and WacSec took the loss vs earnings. Thats why they had a 4th qt loss.[/quote] Any idea what the loss was, because I get tired of heering WS management trying to convince me that without thier help AGE would have gone under. How big was the haircut ?[/quote] Yeah I heard that BS too AND it's just that ... BS. All the other firms had the same issues and they are here as well. It seems to me most things that come from WS are some kind of spin for the kool aid drinkers. If Bagby hadn't sold us out for his own cheap little gain we would be the last of the breed and on steroids![/quote] You are I are on the same page. Don't tell me to go f__k myself.[quote=Redpen][quote=Hydeho][quote=Blue2]But the 8 billion diddn’t come from WachSic.
[quote=Poboy] I’m a Legacy AGE guy that thought it was time to speak out about what I have been seeing with some of my colleagues and what has been written on this forum in regards to the AGE to Wach Merger. We certainly have a lot to be frustrated with over the last year. Not least of all this crappy market we have been going through.
My underlying thought is this: Change happens and it is not easy to make changes in the way we do business i.e. Smart Station, contact management/ no brokervision. But weren’t we compensated to sit in out chairs and deal with some BS? Didn’t we all have realistic expectations about what a conversion would mean? Did we think smart station actually had Broker Vision and they forgot to tell us about it when the conversion took place? Quit whining and do your damn job!
I guess I wanted to put another POV out there from a Legacy AGE. I think Smart Station is better than Client One. I never used BV except for the notes. I used Outlook for appts and meetings. Most of my AGE couterpartsthat I knew about did the same. So why is everyone complaining about the contact management? You can still do thes functions now. Hell, we now even print out an envelope with the clients name on it! Quit your whining! Some of the tools on SS are way ahead of what we had at AGE. The Portfolio Insight tool presents a much better report than Ontrack. Adding NH accounts and making proposals are much more impressive then what we had. The fee based platform and using custom choice models are much more user friendly. I have done a couple envision reports and my clients love them. It wasn’t easy to learn how to do them but I have been working every night to work to learn the system. Envision is light years ahead of OTPP. The bad part, is you need to learn how to use them, but wasn’t this why we got paid to stay???
I like how my clients with 250k don’t have to pay an IRA fee or any acct fees. I like that I have a more complete choice of mutual funds and am closer to a true open architecture than AGE. I like that after I pay my fixed cost each month I keep 50% of any business I do. I like the ability of breaking down my business on FA Analysis. Nothing like this at AGE. We can finaly analyze our business. I like the increase in SMA’s and the abilty to discount my fee based business without getting scalped. Hell, I even think the format of the new statement is better! I like I like how my clients can make deposits to there accounts at any bank or ATM. I like the improvement in functionality of the remote access. Call me nuts but the service request makes life easier once you figure it out. Service at the home office is not as good as it use to be. But I also thought there was a general decline even before wach came into the picture. What I can tell is that most of the home office people are trying hard. I just had an occasion where the person I talked to did not have an answer for my question. It was the end of the day and I was not expecting a callback. First thing the next morning someone from the department called me back and walked me through the process on Smart Station. I have every confidence service will get better.
If you were Legacy AGE and left Wach, please acccept my Best Wishes. It is rather pathetic to be spending so much time “selling” your decision to everyone else. I also did my due dilligence when we were first bought. Danny L. has made some mistakes and certainly screwed the pooch in regards to retention. But as a Legacy AGE, I never did think we were particulary entitled to anything. We had just been paid to sit in our seats and although it was shtty to go through Wachovia to Wells for our clients sake, moving to Wells will not create a disturbance to our business like learning smart station and having our clients get new checks from a now dead bank. I must admit that sucked!
We have had one broker leave our office about 3 months ago. He has taken about 40% of his book and hardly any of his clients are leaving anymore. We have not tried hard to retain his clients. I would imagine he is saying how awful Wach/Wells is to all his old clients trying to get them to come with him. Apparently they don’t give as big a sht as we may think. I think he overestimated his relationships. He actually sent an email out to his clients saying that Wachovia Securities brokers were “slapped in the face” when we didnt get retention and that was one of the reasons he left was beacuse he “knew” we would not get retention. None of his clients seemed to be concerened about us not getting a retention.
In sumamary. Change sucks. Get on with it or get going. Please stop your whining like little Bit&%es
My apologies to any Legacy Wach. Not all us AGE are asses. [/quote]
OR…
im too much of a scared pussy to move…
so i put tons of lipstick on this pig
No they had a buyer on the other side and WacSec took the loss vs earnings. Thats why they had a 4th qt loss.[/quote] Any idea what the loss was, because I get tired of heering WS management trying to convince me that without thier help AGE would have gone under. How big was the haircut ?[/quote] Yeah I heard that BS too AND it's just that ... BS. All the other firms had the same issues and they are here as well. It seems to me most things that come from WS are some kind of spin for the kool aid drinkers. If Bagby hadn't sold us out for his own cheap little gain we would be the last of the breed and on steroids![/quote] You are I are on the same page. Don't tell me to go f__k myself.[/quote] Put it all aside. Can someone answer this. The loss would not have been a total loss of 4.5 billion at AGE. It would have maybe been a hair cut of 10%...but that would have been it. Many regional firms like RJ and Crowell Weedon and Wedbush have sat tight and managed the crisis to a much smaller number. We ahve bigger problems than this[quote=Gaddock][quote=Redpen][quote=Hydeho][quote=Blue2]But the 8 billion diddn’t come from WachSic.
[quote=S&P low 666] [quote=Poboy] I’m a Legacy AGE guy that thought it was time to speak out about what I have been seeing with some of my colleagues and what has been written on this forum in regards to the AGE to Wach Merger. We certainly have a lot to be frustrated with over the last year. Not least of all this crappy market we have been going through.
My underlying thought is this: Change happens and it is not easy to make changes in the way we do business i.e. Smart Station, contact management/ no brokervision. But weren’t we compensated to sit in out chairs and deal with some BS? Didn’t we all have realistic expectations about what a conversion would mean? Did we think smart station actually had Broker Vision and they forgot to tell us about it when the conversion took place? Quit whining and do your damn job!
I guess I wanted to put another POV out there from a Legacy AGE. I think Smart Station is better than Client One. I never used BV except for the notes. I used Outlook for appts and meetings. Most of my AGE couterpartsthat I knew about did the same. So why is everyone complaining about the contact management? You can still do thes functions now. Hell, we now even print out an envelope with the clients name on it! Quit your whining! Some of the tools on SS are way ahead of what we had at AGE. The Portfolio Insight tool presents a much better report than Ontrack. Adding NH accounts and making proposals are much more impressive then what we had. The fee based platform and using custom choice models are much more user friendly. I have done a couple envision reports and my clients love them. It wasn’t easy to learn how to do them but I have been working every night to work to learn the system. Envision is light years ahead of OTPP. The bad part, is you need to learn how to use them, but wasn’t this why we got paid to stay???
I like how my clients with 250k don’t have to pay an IRA fee or any acct fees. I like that I have a more complete choice of mutual funds and am closer to a true open architecture than AGE. I like that after I pay my fixed cost each month I keep 50% of any business I do. I like the ability of breaking down my business on FA Analysis. Nothing like this at AGE. We can finaly analyze our business. I like the increase in SMA’s and the abilty to discount my fee based business without getting scalped. Hell, I even think the format of the new statement is better! I like I like how my clients can make deposits to there accounts at any bank or ATM. I like the improvement in functionality of the remote access. Call me nuts but the service request makes life easier once you figure it out. Service at the home office is not as good as it use to be. But I also thought there was a general decline even before wach came into the picture. What I can tell is that most of the home office people are trying hard. I just had an occasion where the person I talked to did not have an answer for my question. It was the end of the day and I was not expecting a callback. First thing the next morning someone from the department called me back and walked me through the process on Smart Station. I have every confidence service will get better.
If you were Legacy AGE and left Wach, please acccept my Best Wishes. It is rather pathetic to be spending so much time “selling” your decision to everyone else. I also did my due dilligence when we were first bought. Danny L. has made some mistakes and certainly screwed the pooch in regards to retention. But as a Legacy AGE, I never did think we were particulary entitled to anything. We had just been paid to sit in our seats and although it was shtty to go through Wachovia to Wells for our clients sake, moving to Wells will not create a disturbance to our business like learning smart station and having our clients get new checks from a now dead bank. I must admit that sucked!
We have had one broker leave our office about 3 months ago. He has taken about 40% of his book and hardly any of his clients are leaving anymore. We have not tried hard to retain his clients. I would imagine he is saying how awful Wach/Wells is to all his old clients trying to get them to come with him. Apparently they don’t give as big a sht as we may think. I think he overestimated his relationships. He actually sent an email out to his clients saying that Wachovia Securities brokers were “slapped in the face” when we didnt get retention and that was one of the reasons he left was beacuse he “knew” we would not get retention. None of his clients seemed to be concerened about us not getting a retention.
In sumamary. Change sucks. Get on with it or get going. Please stop your whining like little Bit&%es
My apologies to any Legacy Wach. Not all us AGE are asses. [/quote]
OR…
im too much of a scared pussy to move…
so i put tons of lipstick on this pig[/quote]
Yep got to be a dumb ASS to be happy at WS. Much easier to be whine and bitch. No sense in trying to give some feedback and attempt to make things better. No easier to bitch and whine, that takes almost no effort at all.
sarcasm off
I left in '07 rather than work one day for Danny L. AGE back office is great. I always start off my phone calls with “I use to work for AGE, but quit when our best company was destroyed by Wachovia…”, and then I get great help sorting out when some Wach worker or system has messed up an ACAT. I can’t be happier to hear that the back office workers are moving to Tad. We all deserve a decent company, and now there is finally one out there!
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