AGE Inside Information

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brokerman's picture
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Joined: 2006-03-29

what an idiot. My branches avg prod. per rep is over 600k.

Omirp222's picture
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Joined: 2007-06-02

ezmoney wrote:I think he's right on. If I were an AG broker I would get out now!
 
If the AGE broker had any desire to go indy, yes this would be the perfect time.

Indyone's picture
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Joined: 2005-05-31

I think this guy knows more than you folks are giving him credit for...

bXpress's picture
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Joined: 2006-10-09

I think he makes some solid points.

csmelnix's picture
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Joined: 2005-06-01

Not to take sides but curious as to where you all feel that inside info is full of it or wrong...I see one item as that there are a few ofcs out there w/ higher avg production than he claims.  Anything else?

Broker010's picture
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Joined: 2007-06-01

Inside Info does indeed have inside ino....that anyone who works at AGE has. He's used a little interpolation and a LOT of hindsight to come up with absolutely nothing new. He must have a point, though that AGE brokers are lazy, after all, I'm posting this during market hours....oh yeah, I on vacation!

troll's picture
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Joined: 2004-11-29

Indyone wrote:I think this guy knows more than you folks are giving him credit for...I agree!I used to work at AGE, and still have friends there.  Some of his stuff is spot-on.

Broker010's picture
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Joined: 2007-06-01

Okay, Inside offered more inside info to anyone who was interested. I'm interested, when will Wachovia present its "broker retention package"? I expect date and time.

troll's picture
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Joined: 2004-11-29

So what is the symbolic importance of "Sedona" anyway?

AGE_Inside_Info's picture
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Joined: 2007-06-03

Joe,

Sedona suggested all AGE reps wearing red neckties to protest the takeover.
Then someone made the joke "Sedona Red". To me, Sedona equals
delusional. livin' in the past. I'm sure he's a nice guy. Sedona probably wears
pink ties to protest breast cancer and yellow ties to bring home soliders. if
stopping the biggest takeover of last week was as easy as wardrobe, I'd
invest in Sedona's IPO.

Obviously, if I hear anything new and good, I'll post it, or if I have proof
something posted is wrong. I never claimed to have brand new Inside Info.,
just Inside Info.

Broker010's picture
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Joined: 2007-06-01

Inside_Info. I'll let you know when they put the retention package on my desk so you can post the "inside info" directly from a real insider.

no idea's picture
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Joined: 2005-11-15

Good luck with that Broker 010. Maybe AGE can blast the info from the front page of AGE-Net. Along with some of Bagbys' always dynamic and sincere words of wisdom. 
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var SymReal;

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SymRealOnLoad();
window.open = SymRealWinOpen;
SymReal = window.;
window. = Sym;
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window.onload = SymOnLoad;

//-->

troll's picture
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Joined: 2004-11-29

joedabrkr wrote:So what is the symbolic importance of "Sedona" anyway?
 
He's a Korean-made car?

Broker010's picture
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Joined: 2007-06-01

No Idea, please clarify, your post makes absolutely no sense. You know our intranet is called AGE-Net, congratulations. I get that Bagby has proven to be dishonest, but are you saying that I don't work for AGE or that I will not have a retention plan put on my desk?

Broker Fee's picture
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Joined: 2004-11-30

Broker010 wrote:No Idea, please clarify, your post makes absolutely no sense. You know our intranet is called AGE-Net, congratulations. I get that Bagby has proven to be dishonest, but are you saying that I don't work for AGE or that I will not have a retention plan put on my desk?
Broker,
Half these guys posting AGE related comments on this board are cluesless. They are simply losers who derive pleasure out of fanning the flames.  Anybody can put together a so called "inside info" statement based on the comments made by you, me or other actual AGE brokers on this board. That's why I don't waste my time replying to most of these "insiders". I have enough "insider" info to deal with at my branch right now.

Broker010's picture
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Joined: 2007-06-01

Fee, Yeah, I guess this is what happens when we're starved for new information, we look in places where there is none to be found. Good luck, Fee!

Broker010's picture
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Joined: 2007-06-01

Hey, Ho'. Again, meaningless drivel. You may go.

Hydeho's picture
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Joined: 2007-02-23

Believe me, dont believe me but its better info then you will get from ageinsider.

Broker010's picture
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Joined: 2007-06-01

There's nothing to believe. You haven't said a thing... See you on the other thread.

troll's picture
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Joined: 2004-11-29

Broker010 wrote:Fee, Yeah, I guess this is what happens when we're starved for new information, we look in places where there is none to be found. Good luck, Fee!
That is very true!  The busy bodies get extra busy when there is something like this going on!  I know from experience.  Best you can do is spend a little time thinking about what path you want to take, and then put your head down and keep working until they put the paperwork on the desk in front of you.

Broker010's picture
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Joined: 2007-06-01

Joe, that's great advice for all of us.

shredder's picture
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Joined: 2007-06-04

Well said...that's all we can do. Nothing changes until it does...

troll's picture
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Joined: 2004-11-29

Broker010 wrote:Joe, that's great advice for all of us.
If I can help a little glad to do so.  Like I said, I've been there....spent quite a bit of time at AGE in the good old days when Ben was in charge, left shortly after Tad-ster had his grab at the ring.  Then went through a takeover.  It was interesting times to say the least.FWIW that's why I'm indy now.  Far more freedom to respond to changing conditions.   I'm in the STL area if any of you are in town and want info.

no idea's picture
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Joined: 2005-11-15

What I meant was good luck with the retention package and transition. AGE had a lot of good qualities. Hopefully WB won't kill off all of the culture.

advisor28's picture
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Joined: 2007-06-04

Just In: Home Office Leak says
Retention Bonus as I've heard will be 40% 0-$349K, 50% $350K-$499K, 60% $500K-799K, 100% $800K-up 
 
 

Broker010's picture
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Joined: 2007-06-01

Advisor28, Thanks for the info. If that's anywhere in the ball park, it may actually end up being a "broker retention" package. 

Hydeho's picture
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Joined: 2007-02-23

Broker10
It seems i was a little harsh last night. Tequila has that effect. LOL!
I apoloigize for that. I know it's a rough time for some of you. I believe that once you see and interact wirh some of the WB people it will help to calm your fears. The culture at WB is the closest you will find in a large firm to what you have at AGE. Don't let the fact that its owned by a bank give you the wrong idea. It's run by brokerage people, for brokers. You won't be doing auto loans, but will have the ability to offer mortages, letter of credits and business loans. If thats what you want to do. You can do managed money and get paid more or transactional business. The Envision process can unlock your clients hidden assets and up your AUM and net.
Just give it a chance.

Broker010's picture
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Joined: 2007-06-01

Hydeho, No problem. It was a case of beer for me (purely medicinal at this point). These things always seem to have a way of working out for the best.

troll's picture
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Joined: 2004-11-29

advisor28 wrote:
Just In: Home Office Leak says
Retention Bonus as I've heard will be 40% 0-$349K, 50% $350K-$499K, 60% $500K-799K, 100% $800K-up

 
No offense to anyone, but someone doing 200K and has been in the business for 10 years doesn't deserve a check for $80K.  Sorry.  That's an insult to the rest of us and I seriously doubt they are considering that.  Plus if you multiply the number of producers at each level by the percentage you suggest it totals to over 1.4BIL and that doesn't even include the incentive for the WS brokers.

Broker010's picture
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Joined: 2007-06-01

Not saying that package is anything like the truth, but....Why is that an insult to "the rest of us"? What do you care what a $200k producer gets as long as you get a whole lot more??

troll's picture
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Joined: 2004-11-29

Because the total pie is only 1 Billion and I've already been subsidizing 200K producers in my office for too long.

Broker010's picture
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Joined: 2007-06-01

So where would you put $0 on your offer scale, knowing that over 4000 AGE brokers produce less than $350?

troll's picture
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Joined: 2004-11-29

0-149 = 0%
150-349 = 20%
350-549 = 40%
550-799 = 60%
800-999= 80%
1MIL + = 100%
 
Now that's a fair system.
 

Broker010's picture
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Joined: 2007-06-01

Very realistic. I honestly appreciate your input. Thanks!

Broker010's picture
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Joined: 2007-06-01

I think his point pertains to the break-even point for brokers vs. overhead. Anyone doing below $170 or so is not profitable i.e. a net drag on the firm. I think he's saying that those who are only marginally profitable should not expect much of an offer.

Quicksdraw's picture
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Joined: 2007-06-02

Broker010 wrote:I think his point pertains to the break-even point for brokers vs. overhead. Anyone doing below $170 or so is not profitable i.e. a net drag on the firm. I think he's saying that those who are only marginally profitable should not expect much of an offer.
B10... A guy doing 170m has a 32% payout... that means after his part of hlth ins. he grosses 48m....It doesn't cost 122m for phone computer and back office support.....

troll's picture
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Broker010 wrote:I think his point pertains to the break-even point for brokers vs. overhead. Anyone doing below $170 or so is not profitable i.e. a net drag on the firm. I think he's saying that those who are only marginally profitable should not expect much of an offer.
Exactly.  The sad thing is that he still won't get what you mean.  This is capitalism, we each reap what we earn.  There is nothing wrong with someone getting paid for their worth, but there is something wrong with someone expecting something that they didn't earn.

troll's picture
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Joined: 2004-11-29

Quicksdraw wrote:
Broker010 wrote:I think his point pertains to the break-even point for brokers vs. overhead. Anyone doing below $170 or so is not profitable i.e. a net drag on the firm. I think he's saying that those who are only marginally profitable should not expect much of an offer.
B10... A guy doing 170m has a 32% payout... that means after his part of hlth ins. he grosses 48m....It doesn't cost 122m for phone computer and back office support.....

 
Broker010 - See, I told you this monkey wouldn't understand.  Now we know where this entitlement comes from.  If he only knew...

Broker010's picture
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Joined: 2007-06-01

Right on. The tricky calculation comes when you consider Wachovias payout system. Anyone doing under $360 or so will take a pay cut. Period. Wachovia either needs to compensate for that short-term (we all plan to move above $360, I hope) or basically give up on us. Since $300+ is quite profitable either there or indy. That's the boat I'm in which makes the final numbers' accuracy very important.

Broker010's picture
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Joined: 2007-06-01

Ferris, My gut tells me that $500+ guys will get 100% T12. They deserve every penny and can get it elsewhere and WB knows this. 

advisor28's picture
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Joined: 2007-06-04

My contention is that if you have been in the business under 2 years and you post $175K trailing 12 months your ahead of the curve.  Why would you risk losing that producer?  If the regional guys have a say in this it certainly would help preserve the rookie quality...

shredder's picture
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Joined: 2007-06-04

I have come to the conclusion that we have no control over this situation and therefore we will all have to suffer and wait till next week, at least.  Time to quit speculating and try to make this a good month and for obvious reasons.  Come next week, month, quarter, whatever time frame, we can make educated decisions based upon the info in front of us. The bottom line is that we are crazy to not stick around and see what the next few months bring. 100% 50%, nothing....we'll know soon enuf.  Doesn't mean that you shouldn't at least do your due diligence.
Don't think that the #'s of "retained" brokers hasn't been baked into the Bagby pie. Read the news release again closely....WB says they figure to only lose 3% "of the advisors we want to keep". Enuf said.

Broker010's picture
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Joined: 2007-06-01

Advisor. I don't think a trainee (especially under 2 years) will be included in the umbrella deal. This is just my gut. I suspect that trainees will get a revised offer of some kind. This is based purely on my gut. Nothing more.

Broker010's picture
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Joined: 2007-06-01

Shredder. You're absolutely right on. All I need to do is to be able to stop thinking about the future of my career. Until I know, I'm afraid I'm stuck surfing web-sites, google searching and anything else I can think of in hopes of getting these questions answered. Call it a character flaw.

advisor28's picture
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Joined: 2007-06-04

We'll all know next week for sure...Just be sure to make your mind up within 7-10 days.

Broker010's picture
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The UBS/Piper retention offer was given a 30 day look. I expect a similar timeline. Again, my damned gut.

shredder's picture
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Joined: 2007-06-04

Adv28...1. that's y u should do your DD now  2. It doesn't really matter, I can always sign the deal, leave and give the $ back.

age7877's picture
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Joined: 2007-06-02

When I read these post it makes it seem like a 200K producer is a turd. Granted it's not much gross but in my office there are some guys who have pensions from prior employment with a paid off house, driving a buick (possibly a ford pinto) who are fat and happy.
AGE pays 35% of 200K plus pension income (from prior career) and possibly social security. Not bad for taking it easy and enjoying your life.  No need to sell something you don't believe in life is good.
As far as the manager what's he to do? He comes shows up in the morning and he's looking at six empty offices and would rather have 200K than nothing. The company won't pay anything up front so he can't attract producers  so he'll take the gross he can get and run his own book.
Some guys are trying hard but just can't get it going. They eat up time and money and do not produce. It's these 200K brokers which should be the first to go. It's probably best for them anyway.
The change will be interesting to watch.
 
 

shredder's picture
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Joined: 2007-06-04

it's going to be like watching a 25 car pile up at Daytona.....

Broker010's picture
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7877, At any other firm in America, a $200k producer is a step below a turd. AGE was a bastion for guys like that who could make a living at those level. This merger signals the end of that era.

advisor28's picture
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Joined: 2007-06-04

I'm doing my DD..existing best clients seem to be taking it well so far 

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