Why would a Legacy AGE fc stay?
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SF wrote in their outdated marketing material from a year ago that the would try to pick off pissed of Legacy AGE brokers. That coupled with the CEO saying ML would get taken out before SF would seems prophetic. Look at all the small community, lean & mean banks prospering while the big guys shoot themselves in the feet. Maybe smaller is better!
UBS has had the tumor of bad assets removed by the Swiss National Bank. Banking is the major GDP generator in Switzerland, so they stepped up. Prior to that, UBS posted a Q3 profit. It has the same major wire house feel as far as product, support and technology. It seems to me that they foster a more of an atmosphere of helping you do things in the different ways it takes to be successful (a team of FA’s that just do ESOP’s that one can team with, for example).
Their deals are mostly cash based upon your LOS and production level. I know others have been posting how the industry is changing and all the doom etc. But I have to believe that when (not if) this financial mess is over; who do you want in bed with? I still think being able to offer trust services, FDIC structured products, various insurance solutions and a huge platform of non-proprietary money managers plus all the other ancilary stuff makes a strong case for a company like UBS. Nothing against the Indies. If you can be big a bold and enough that is great also.as we start to hear the new pay plan, name change, retention package, etc, just remember the old story about how you boil a frog.
AGE reps should ask themselves if they would ever have chosen to work in this environment.http://www2.stifel.com/docs/pdf/PressReleases/2008/FinalOffering.pdf
Who else would be able to do a secondary in this market at a decent price? RJF is in the toilet and they seem to be the other firm thrown out there as a potential landing area. They (SF) claim they did it for "opportunities", i.e. cash for pissed off AGE brokers and others.Sorry, Stifel Financial or Stifel Nicholas. You would hate to see my BV (Brokervision), it is full of abbreviations that only I can decipher.
if you put a frog in boiling water it will jump out. if you put a frog in a pot of cool water and slowly turn up the heat it will sit in there until it boils. or so I've heard.Can you tell me again how to boil a frog?
I feel like a slow boiling frog as a Legacy AGE guy. I kind of like the ring of “Legacy AGE” at this point.
As far as why we might stay, if WFC shocks us and pays us more than expected for sitting tight, that could sway us. I am planning on that not being a factor (it really shouldn’t), doing my due dillie in November, and making a decision for early 2009.
as the frog says "is it getting warm in here? ah why worry!"As far as why we might stay, if WFC shocks us and pays us more than expected for sitting tight, that could sway us. I am planning on that not being a factor (it really shouldn’t), doing my due dillie in November, and making a decision for early 2009.
Recently Re-Done abreviations for this market place: (feel free to use these) Client: Someone who continues to pays the bills while I lose their money QProsp: Qualified to let me lose their money NQProsp: Too smart for us, will lose their money themselves Lead: Potential person to discuss options of losing money Ref: referral source open to helping me lose other peoples money FP: financial planning client that we discuss other areas to change subject from losing money.You would hate to see my BV (Brokervision), it is full of abbreviations that only I can decipher.
Exactly, those tools that use 6-8% growth assumptions for retirement plans - what good are they at this point. When there is a Black Swan event, all bets are off for the time being.
FYI,
Columbia MO manager for AGE/Wach left last week to Hillard. This week, the top producer in the branch, 1 Million + also jumped to another competitor. That office is devastated and went from a nice, profitable small office to nothing. Both AGE Legacy guys and are not only good producers but good guys.I worked for Baird. Could be the worst firm in the country for FA’s. The president is a Purcell and even worse that his brother. They have lost most of their good producers in the last few years.