Legagy AGE Branch Manager Bonus
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Does anyone know if Legacy AGE Branch managers get a final bonus in April based on profitability like they have in the past. My manager has cut me in on this bonus in the past and has not mentioned it this year.
nope. They get small salary and quarterly bonuses. Legacy AGE managers will definitely be making less money, (even if the market wasn’t down). Part of the “universal bank” model is to cut the pay of everybody except the top handful. The branch staff will be paid the same as tellers, and top management will make 10mm+.
My manager is a producing manager and does not get a salary. He had received a profitabilty bonus from AGE. We FC’s still get our last annual bonus in March before we go to the WB grid. Any Legacy AGE have any info?
Producing managers get salary at ws. All managers get salary, but it is relatively small. They also get a profitability bonus, but it is about 1/4 of what it would have been under age. It is paid qtrly.
depends on the number of brokers in the office, a manager with 10 brokers probably gets 2500/month. I beleive the profitability bonus is approx 5% of office profit, compared to close to 20% that AGE managers got. WS managers get paid to recruit.
[quote=mnbondguy]depends on the number of brokers in the office, a manager with 10 brokers probably gets 2500/month. I beleive the profitability bonus is approx 5% of office profit, compared to close to 20% that AGE managers got. WS managers get paid to recruit. [/quote]
Question…
Why would any producer in their right mind want to be a producing manager, take time away from production, for a 2500 a month salary and a “maybe” bonus.
Glory, fame and the pleasure of pleasing your “universal” bank masters. With “complexing”, there is another mouth to feed. Complex managers are paid pretty well, guess who’s pocket it is coming out of? If you guessed BM, you are correct.
My ex AGE branch manager was a producing manager & he shared with me over a few beers one evening that the best perk was not the income he received from managing the office...it was the extra accounts he skimmed off of the brokers that terminated. Branch managers get first shot at the best accounts to pad their own books & many have built sizable books from this practice.[quote=mnbondguy]depends on the number of brokers in the office, a manager with 10 brokers probably gets 2500/month. I beleive the profitability bonus is approx 5% of office profit, compared to close to 20% that AGE managers got. WS managers get paid to recruit. [/quote]
Question…
Why would any producer in their right mind want to be a producing manager, take time away from production, for a 2500 a month salary and a “maybe” bonus.
I guess beating around the bush isn’t working real well. I was hoping to find out from some one that is LEGACY AGE if our Branch managers have one last profitability bonus remaining. My manager has been vague and has promised me a portion of this bonus the past few years for dealing with administrative issues in the office. If I knew there was one it would give me some leverage.
JamesF,
I am not a mgr - but, it is my understanding that the BOM will receive a profitability bonus this year. Then to WS program.Do you not beleive what I am saying??? I have been pretty specific, and I got my info from a current legacy AGE manager. They are on the WS plan now. They get a small salary, quarterly bonus based on projected office profit (3-5% of profit depending), and they are getting their managers "retention" bonus paid out every year based also on a few variable, such as brokers and assets retained. They are NOT on the AGE manager bonus plan any longer.I guess beating around the bush isn’t working real well. I was hoping to find out from some one that is LEGACY AGE if our Branch managers have one last profitability bonus remaining. My manager has been vague and has promised me a portion of this bonus the past few years for dealing with administrative issues in the office. If I knew there was one it would give me some leverage.
My ex AGE branch manager was a producing manager & he shared with me over a few beers one evening that the best perk was not the income he received from managing the office...it was the extra accounts he skimmed off of the brokers that terminated. Branch managers get first shot at the best accounts to pad their own books & many have built sizable books from this practice.[/quote] very true for any producing manager. They also get the branch to pick up many of their costs that they wouldn't pick up for other brokers. I know WS has a system for distributing accounts that takes away the ability of the manager to cherry pick accts.[quote=Sportsfreakbob] [quote=mnbondguy]depends on the number of brokers in the office, a manager with 10 brokers probably gets 2500/month. I beleive the profitability bonus is approx 5% of office profit, compared to close to 20% that AGE managers got. WS managers get paid to recruit. [/quote]
Question…
Why would any producer in their right mind want to be a producing manager, take time away from production, for a 2500 a month salary and a “maybe” bonus.
My ex AGE branch manager was a producing manager & he shared with me over a few beers one evening that the best perk was not the income he received from managing the office...it was the extra accounts he skimmed off of the brokers that terminated. Branch managers get first shot at the best accounts to pad their own books & many have built sizable books from this practice.[/quote] very true for any producing manager. They also get the branch to pick up many of their costs that they wouldn't pick up for other brokers. I know WS has a system for distributing accounts that takes away the ability of the manager to cherry pick accts.[/quote][quote=Broker Fee][quote=Sportsfreakbob] [quote=mnbondguy]depends on the number of brokers in the office, a manager with 10 brokers probably gets 2500/month. I beleive the profitability bonus is approx 5% of office profit, compared to close to 20% that AGE managers got. WS managers get paid to recruit. [/quote]
Question…
Why would any producer in their right mind want to be a producing manager, take time away from production, for a 2500 a month salary and a “maybe” bonus.
Most if not all of the wirehouses have an automated sstem for account distribution, taking the power out of the hands of the bom. So thats not a reason any longer to take a managers position for a shitty salary.
[quote=Sportsfreakbob]
mnbondguy:My ex AGE branch manager was a producing manager & he shared with me over a few beers one evening that the best perk was not the income he received from managing the office...it was the extra accounts he skimmed off of the brokers that terminated. Branch managers get first shot at the best accounts to pad their own books & many have built sizable books from this practice.[/quote] very true for any producing manager. They also get the branch to pick up many of their costs that they wouldn't pick up for other brokers. I know WS has a system for distributing accounts that takes away the ability of the manager to cherry pick accts.[/quote][quote=Broker Fee][quote=Sportsfreakbob] [quote=mnbondguy]depends on the number of brokers in the office, a manager with 10 brokers probably gets 2500/month. I beleive the profitability bonus is approx 5% of office profit, compared to close to 20% that AGE managers got. WS managers get paid to recruit. [/quote]
Question…
Why would any producer in their right mind want to be a producing manager, take time away from production, for a 2500 a month salary and a “maybe” bonus.
Most if not all of the wirehouses have an automated sstem for account distribution, taking the power out of the hands of the bom. So thats not a reason any longer to take a managers position for a shitty salary.
[/quote]
Do you kiss your mom with that filthy mouth?
Do you not beleive what I am saying??? I have been pretty specific, and I got my info from a current legacy AGE manager. They are on the WS plan now. They get a small salary, quarterly bonus based on projected office profit (3-5% of profit depending), and they are getting their managers "retention" bonus paid out every year based also on a few variable, such as brokers and assets retained. They are NOT on the AGE manager bonus plan any longer. [/quote][quote=JamesF]I guess beating around the bush isn’t working real well. I was hoping to find out from some one that is LEGACY AGE if our Branch managers have one last profitability bonus remaining. My manager has been vague and has promised me a portion of this bonus the past few years for dealing with administrative issues in the office. If I knew there was one it would give me some leverage.
Please don't try so hard to sound like you know what is going on. No, they are not on the WS plan now. Are any of the AGE personnel on the WS plan now? No, we are going to the new pay grid in March. The same with the managers. They are going to receive their final manager's bonus like they always have. My partner is our manager, and we have obviously been talking about all of this stuff way too much lately.
Do you not beleive what I am saying??? I have been pretty specific, and I got my info from a current legacy AGE manager. They are on the WS plan now. They get a small salary, quarterly bonus based on projected office profit (3-5% of profit depending), and they are getting their managers "retention" bonus paid out every year based also on a few variable, such as brokers and assets retained. They are NOT on the AGE manager bonus plan any longer. [/quote] .[quote=mnbondguy][quote=JamesF]I guess beating around the bush isn’t working real well. I was hoping to find out from some one that is LEGACY AGE if our Branch managers have one last profitability bonus remaining. My manager has been vague and has promised me a portion of this bonus the past few years for dealing with administrative issues in the office. If I knew there was one it would give me some leverage.
Please don't try so hard to sound like you know what is going on. No, they are not on the WS plan now. Are any of the AGE personnel on the WS plan now? No, we are going to the new pay grid in March. The same with the managers. They are going to receive their final manager's bonus like they always have. My partner is our manager, and we have obviously been talking about all of this stuff way too much lately.
[/quote] apparently it is different at different offices, I just asked my friend about this again today. He is not getting a large bonus in April, he did just get this years manager retention payment though. If you are in an office that is Legacy AGE and not consolodated with a WS office, your manager bonus might be different.
Not different in different offices. If you are an AGE branch manager still doing the job you are on the same deal you have always been on. Did break the manager bonus up during the year and it has been being paid by the quarter. Last payment after Feb.