AGE Retention Package

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AGE FC's picture
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Joined: 2007-07-26

Did anyone else notice the fine print?  Wachovia has the sole discretion to change the deal however and whenever that want.  So far, what they have put in print is they are paying for the deal by cutting money market rates and by cutting FC payouts.  Looks like this is strike three.  So when they were telling us that they were going to take the best from each firm, they forgot to mention that it was what is best for the Wachovia shareholder, not the client or the FC.

troll's picture
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Joined: 2004-11-29

In regards to changing the deal, they may retain the right, but doing so would be foolish as there would be mass exodus.
I think most people have already assumed a paycut.  If you look at the WB grid, then producers less than 300K get a haircut.  Their payout grid is located at onwallstreet.com.  Also, AGE was gravitating toward a lower payout schedule for the lower production ranks anyway.  The handwriting was on the wall.
Cutting money market rates is lame.  Clients are really starting to like the new bank program.
Overall it doesn't change much for me.  I'm still waiting to see what the culture is like and what products they retain etc.

GoingIndy????'s picture
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Joined: 2007-07-01

AGE FC wrote:So when they were telling us that they were going to take the best from each firm, they forgot to mention that it was what is best for the Wachovia shareholder, not the client or the FC.And this is a surprise?  I haven't seen the package yet, but now know where to look first. 

brokerman's picture
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Joined: 2006-03-29

I am moving in three weeks to Janney. 6 year deal. clause that if bought by
wach. I am free and clear to go no strings.. 3 times wach. deal and clients
are on board.

No brainer.

JCadieux's picture
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Joined: 2005-01-23

brokerman wrote: clause that if bought by
wach. I am free and clear to go no strings.. Nice touch.

Tarpon's picture
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Joined: 2007-06-12

RJ Bank deposit program currently paying 4.72% FDIC insured and $2500 min.  No tier. 

troll's picture
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Joined: 2004-11-29

Yeah, but it's RJ

nestegg's picture
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Joined: 2007-06-14

Ferris Bueller wrote:Yeah, but it's RJ Yeah when BAC buys them that will change lol!

Omirp222's picture
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Joined: 2007-06-02

AGE FC wrote:
Did anyone else notice the fine print?  Wachovia has the sole discretion to change the deal however and whenever that want.  So far, what they have put in print is they are paying for the deal by cutting money market rates and by cutting FC payouts.  Looks like this is strike three.  So when they were telling us that they were going to take the best from each firm, they forgot to mention that it was what is best for the Wachovia shareholder, not the client or the FC.

It's on a year to year basis unless you sign on, seems only fitting they can opt out if you can.  Payouts for WS is the same as AGE at the 300+ level.  Average production for a WS broker is 600K+, average production for an AGE broker is 200K+, something has to give on the payout structure.  We'll see.

Gordon Gekko's picture
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Joined: 2007-07-08

Is the general consensus to take the upfront money and deal with the payback if you leave?

nestegg's picture
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Joined: 2007-06-14

Omirp222 wrote:AGE FC wrote:
Did anyone else notice the fine print?  Wachovia has the sole discretion to change the deal however and whenever that want.  So far, what they have put in print is they are paying for the deal by cutting money market rates and by cutting FC payouts.  Looks like this is strike three.  So when they were telling us that they were going to take the best from each firm, they forgot to mention that it was what is best for the Wachovia shareholder, not the client or the FC.
I think your numbers are a bit off lol...if the avg age procuser is 200k and avg wach prod is 600k how does teh avg prod for the cmbined form = 650k per broker?
It's on a year to year basis unless you sign on, seems only fitting they can opt out if you can.  Payouts for WS is the same as AGE at the 300+ level.  Average production for a WS broker is 600K+, average production for an AGE broker is 200K+, something has to give on the payout structure.  We'll see.

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