Wfa/bfec/sf/rj
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Latest in retention numbers. As of early Nov 2011 there are 2550 to 2600 AGE advisors left from an original 6900 at the time of merger 4 plus yrs ago. That has to be one of the largest brokerage merger boondoggles in history. Bob Bagby and Paul Pauler have no doubt been credited numerous times over for their massive screw up. We have to thank Danny Ludeman and Jim Hays as well for their best practices, five stakes in the ground, scale and scope and other worthless verbal dribble spewed at takeover time as well. The 1000 advisor plus annual pilgrimage to other shops took place with handcuffs still in place. Can you imagine next yr with handcuffs coming off how many will flee. My guess is by y/e 2012 there will be less than 1000 AGE advisors left at WFA. No doubt Tad at BFEC, Stifel and RaJay will continue to prosper.
Or...the people that are there want to stay or don't want to move....more likley. They don't owe that much by now. If they hate it they would move. Wells is better than Wachovia name. Tad , Rayj and Stiff nicky don't offer big checks but enough to pay off anyones loan, So why not move now......cause they don't want too.I think those guys will stay and SB , UBS, and Merrill lose guys.
Given the comments I hear from AGE folks still at WFA that would surprise me. Most are beyond miserable and very few drink the koolaid. There are some closing in on retirement or have spent forefront $ and may be stationary for awhile but I would suspect the annual 1k plus advisor attrition to continue. Paid 7 bill for AGE then some more for retention and forefront and now 1.5 T12 to replace the advisors they paid billions for. Looks like they bought them 3 times. Whats really funny is they still think they know all the answers. Only at Mega banks are the top rung of the ladder continually rewarded for poor business decisions.
The last remaining guys...for the most part.....are cronic malcontents. They aren't moving. They will just complain and stay. Banks are used to it.. Real Brokerage Firms are not. Wells is not a bad name so some big guys will like the branding and stay with a big retention on their backs. So I think most of the exit has been done.They won we lost.
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