Skip navigation

AGE / Wach - Discussion of Options for Moving

or Register to post new content in the forum

58 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Mar 4, 2009 6:18 pm
FormerMD:

I have heard a rumor that Wells Fargo has no interest in the independent channel and is shedding Finet division. 

  That doesn't make sense from a profit standpoint but nothing would surprise me at this point. Nothing.
Mar 4, 2009 11:28 pm

That is per the largest discount brokerage platform

Mar 5, 2009 12:24 am

Doesnt much matter…Wells will be a penny stock at the current rate of implosion within 2weeks. Have to find a good regional owned by an esop or one that has a boatload closely held. WS is currently run

(DL) by folks who like to buy other firms but dont have a clue how to run the b/d…this place sux

Mar 5, 2009 12:30 am

LPL blows away Finet in every catagory: Technology, payout, admin fees, but if we AGE reps give back our retention when will be break even. Who is to say Finet won't get better and the LPL will get worse. Finet is only six years old and WS is going through hell. Maybe DL will be fired? Has anyone told Wachovia/Wells to pound sand and kept the money? Is there a way to run those hypothetical numbers. Any comments would be appreciated. How about RJ are they a happy medium. Thanks

Mar 11, 2009 9:53 pm

Has anyone talked to or researched Stifell (sp) ?  I have heard that their philosophy, work environment and back office is what AGE used to be? I just dont know how much longer I can take the incompetence in the back office, when you can even get a human on the phone without being on hold for at least 15 mins, not to mention the “glitches” we keep running into on a daily basis with StupidStation.  In order to even run an Envision report we have to spend at least 10 days cleaning up the household mess on StupidStation that WS created. I am normally a very happy go lucky person, but my anger levels and frustration levels keep growing day by day.

Mar 11, 2009 10:10 pm
brokergirl:

Has anyone talked to or researched Stifell (sp) ?  I have heard that their philosophy, work environment and back office is what AGE used to be? I just dont know how much longer I can take the incompetence in the back office, when you can even get a human on the phone without being on hold for at least 15 mins, not to mention the “glitches” we keep running into on a daily basis with StupidStation.  In order to even run an Envision report we have to spend at least 10 days cleaning up the household mess on StupidStation that WS created. I am normally a very happy go lucky person, but my anger levels and frustration levels keep growing day by day.

Legacy AGE....we moved at the beginning of the year and Stifel is awesome...better than AGE in some ways.
Mar 12, 2009 12:13 am

That is comforting to hear…would you mind elaborating?  In what respect are you happier…work environment, company philosophy, payouts, back office support, communication, technology?  Is their computer system comparable to Client One/Brokervision…you left before the fiasco of SmartStation…How many of you left?  All at the same time?  Did you move to an existing branch or a new one?  The whole idea of “moving” is pretty new to me…how are the “logistics” of moving a book handled so that it goes smoothly without too much interruption to the clients (not to mention my sanity).  I do appreciate any input, especially from another legacy AGE person who feels my pain.

Mar 12, 2009 12:47 am

Nestegg,

  I have a lot of PIM accounts and Asset Advisor - does Stifel's platform have something comparable?   After trying to clean up households with this new 'contact management' system - I am about done.
Mar 12, 2009 2:05 am

[quote=maddog] Nestegg,



I have a lot of PIM accounts and Asset Advisor - does Stifel’s platform have something comparable?



After trying to clean up households with this new ‘contact management’ system - I am about done.[/quote]



I am looking through their packet as I type. Yes, they have very similar platforms that we have. My partnership has a very good amount in Asset Advisor and FundSource. Also, there seems to be better analytic tools. Hopefully, I will find out more tomorrow during a conference call with them.
Mar 12, 2009 2:10 am

[quote=maddog]Nestegg,

  I have a lot of PIM accounts and Asset Advisor - does Stifel's platform have something comparable?   After trying to clean up households with this new 'contact management' system - I am about done.[/quote]

Maddog are those the Wachovia names? I never got to familiar with the Wach terminology...lol I was legacy AGE
What type of accts are these....PFA, CAAP, or Select Advisor type accts?

We have fee in lieu of commission either discretionary or non discretionary. A boatload of Managed MF accts, Several types of managed ETF portfolios, some done by Stifel, others managed by Joe Battapaglia's group, or outside mgr's like Mark Keller's new firm Confluence. Plus access to all sorts of outside equity and fixed income SMA's. Lots more flexability on pricing as well. I have been very pleased with the platform. It is especially nice if transferring ETF CAAP accts...mr. & mrs. Client if you come with me to Stifel you will have the same manager that created these portfolios at AGE 10 years ago :)
Mar 12, 2009 2:27 am

UBS’s pmp is just like PIM

Mar 12, 2009 2:38 am
nestegg:


Maddog are those the Wachovia names? I never got to familiar with the Wach terminology…lol I was legacy AGE
What type of accts are these…PFA, CAAP, or Select Advisor type accts?

  PIM = FA directed AA = client directed   How is the benefit program? The rep expense accounts? Accont fees?
Mar 12, 2009 2:46 am
maddog:

[quote=nestegg]
Maddog are those the Wachovia names? I never got to familiar with the Wach terminology…lol I was legacy AGE
What type of accts are these…PFA, CAAP, or Select Advisor type accts?

  PIM = FA directed AA = client directed   How is the benefit program? The rep expense accounts? Accont fees?[/quote]

Benefits are great..health, dental, vision, legal, HSA,  Disability, LTC, 401k etc etc...all the usual stuff...pricing is similar to AGE, a little less than WS

Expense accts: you get 1.5% of your gross production for an advertising budget yearly if you do 250k or more. Of course you branch can still cover costs to depending what the mgr decides.
Things like state registration are picked up by the firm as long as you do at least enough gross to cover the cost...ex 100 fee  needs 100 in gross to cover the cost...pretty simple eh!

No accoount fees on brokerage accts, free checkwriting with unlimited size of check and free debit card. Statements have cost basis on them. Can upgrade to a higher level for $60 per year....this adds travel rewards to the debit card and a few other niceties...but the basic acct is as good as a UAA/CMA at AGE/WS IMO for most clients.
IRA's have 40.00 yearly fee.


Oh yeah and you have the option of cash management choices....FDIC Bank deposit up to 1mm in coverage or General Money Market, Treasury MM, or Fed and State Tax Free Funds....all which automatically sweep...no manual buy, and no 5.00 charge lol.


Mar 12, 2009 2:52 am

N,

  Brokervision comparable??   With the heavy inflow of new reps and new offices this past year - how has this affected their infrastructue?  response times? are there any capacity issues?   We may be interested in moving the entire branch.
Mar 12, 2009 2:56 am

Capacity was a concern of mine, so far I have not seen any issues with service etc. I know they have been adding staff to the home office alot of Legacy AGE people so that helps. They also wont take on too many at a time. When we came over we had only a few choices of days to come because they plan all moves out in advance so licenses can move, and home office is prepared etc. It is actually very organized. The nice thing is the Home Office sends out all teh cleint ACAT paperwork and it all goes back there, so you dont get overwhelmed initally at the branch…they open the accts , and you can meet and talk to clients without being buried in paperwork…I think the acat process they used was great!

Downside…no brokervison…they do have a seperate system that links to Thompson called dashboard that has a contact mgmt system that links to outlook…but it isnt BV…unfortunately no one has anything comparable.

Mar 12, 2009 3:01 am

I have pulled up a few branches - but, only see the manager listed.  Are there not websites for the reps - or rep contact info on the sites?

Mar 12, 2009 3:07 am

[quote=maddog]I have pulled up a few branches - but, only see the manager listed.  Are there not websites for the reps - or rep contact info on the sites?[/quote]

I have seen some branches list all the reps others don’t…so not sure on that one.

I also found an external site that one rep had…with a seperate url…like www.retirementincome.com or something…looks like as long as it is approved they allow you to do things like that, or your own newsletters, seminars etc…they are much more open to things like that.


Mar 12, 2009 7:48 am
maddog:

I have pulled up a few branches - but, only see the manager listed.  Are there not websites for the reps - or rep contact info on the sites?

  That's because they are the only ones in the branch
Mar 12, 2009 3:42 pm
Redpen:

[quote=maddog]I have pulled up a few branches - but, only see the manager listed.  Are there not websites for the reps - or rep contact info on the sites?

  That's because they are the only ones in the branch[/quote] Not the case...my branch only shows the Mgr's and we have 15 or so FA's here
Mar 12, 2009 4:41 pm

If you want to sell to a great independent as a cap gains transaction for both cash and equity, use your own firm name and offload all the ops, compliance, etc and maintain payouts - with assets custodied at fidelity and/or schwab…please send me a message.