AGE's Offer

162 replies [Last post]
FL Broker's picture
Offline
Joined: 2007-06-02

This much is known:
FCs will be offered their choice of two packages.  Choice #1 pays all cash at once, forgivable over six years in equal "forgiveness" installments, and FC signs a non-compete contract sometime between now and several months from now.  If desired, FCs can share payout with FAs. Choice #2 pays the same sum, but in equal installments over six years, without a contract.  Obviously, FC must continue employment to get paid.  Any FA payouts will be made over six years.  Those with less than five years of experience will be paid based on their production relative to rookie benchmarks.  All payouts will be based on production from the fiscal year that ended on 2-28.
Not known is the percentage of FY production that will be paid in cash at any given production level.  Some of payout may be in stock.
We'll get the rest of the details on Thursday.
Although I am a relatively new poster, you'll just have to trust me on this one. 
 

shredder's picture
Offline
Joined: 2007-06-04

any idea on % payouts?

shredder's picture
Offline
Joined: 2007-06-04

sorry...just read full post. Ignore previous

Broker010's picture
Offline
Joined: 2007-06-01

Are you kidding, that would be WAY too pertinent.

troll's picture
Offline
Joined: 2004-11-29

5 years not 6.

Broker010's picture
Offline
Joined: 2007-06-01

Ferris nailed it, plus...he's getting me out of Summer School.

shredder's picture
Offline
Joined: 2007-06-04

if the %'s are as high as people hope, it will be 6 yrs.

FL Broker's picture
Offline
Joined: 2007-06-02

Six.

Broker010's picture
Offline
Joined: 2007-06-01

I got it. They will offer us a retention package worth anywhere between 0-100%(or more, but probably not less) of our Fiscal Year 2007 production, paid over our choice of either 0 or 6 years, or maybe 5. Thanks for the omnipotent insight.

shredder's picture
Offline
Joined: 2007-06-04

another big questions i what happens to your payout after Feb 2008. WB system, AGE or some hybrid?? Tix charges ,what else??? Should be an intersting end of week.

FL Broker's picture
Offline
Joined: 2007-06-02

Not five.  Six.
Every FC gets something except, possibly, the under-five-year FCs who are underperforming.  Hope that's not you.
 

shredder's picture
Offline
Joined: 2007-06-04

Broker010 wrote:I got it. They will offer us a retention package worth anywhere between 0-100%(or more, but probably not less) of our Fiscal Year 2007 production, paid over our choice of either 0 or 6 years, or maybe 5. Thanks for the omnipotent insight.
That's what u get looking for answers here. 

FL Broker's picture
Offline
Joined: 2007-06-02

Wachovia FCs also will receive a smaller package, likely via deferred comp.

Broker010's picture
Offline
Joined: 2007-06-01

As I've admitted before; I'm an information junkie. If there's nothing real to be had, I will seek out the imaginary, call it a character flaw.

shredder's picture
Offline
Joined: 2007-06-04

Have heard the T12 will be based on FY 07 info earlier and a little disappionted it isn't a straight T12....

Broker010's picture
Offline
Joined: 2007-06-01

Take heart! All any of us has heard has come from those with no more knowledge than ourselves. In fact, I'm waiting for my new user-name to be activated to that I can start agitating as a Newbie, just for fun. Be warned.

FL Broker's picture
Offline
Joined: 2007-06-02

You would think they would base it on June 2006 through May 2007 (when the sell-out, er, "merger" was announced).  My true T12 is quite a bit greater than last FY's production.  Disappointed.

Brokermike99's picture
Offline
Joined: 2007-06-12

All of this info was known on last Thursday after BM's had their conference call. My question is WTF they told us we'd have answers early next week (as of last thursday) and here it is Tuesday night and we're in the m'fing dark. I'm an FC in year 4 and am way above averages for new fc's. Am I going to see a deal or does my 60AUM go elsewhere.

shredder's picture
Offline
Joined: 2007-06-04

FL Broker wrote:
You would think they would base it on June 2006 through May 2007 (when the sell-out, er, "merger" was announced).  My true T12 is quite a bit greater than last FY's production.  Disappointed.

same boat...NOT HAPPY if accurate but we'll know soon. Could be 1st trial ballon

shredder's picture
Offline
Joined: 2007-06-04

Brokermike99 wrote:All of this info was known on last Thursday after BM's had their conference call. My question is WTF they told us we'd have answers early next week (as of last thursday) and here it is Tuesday night and we're in the m'fing dark. I'm an FC in year 4 and am way above averages for new fc's. Am I going to see a deal or does my 60AUM go elsewhere.
U r their perfect young broker, you'll be fine.

FL Broker's picture
Offline
Joined: 2007-06-02

Broker 10: Like I said in my first post, you have to trust me on this.  Exquisite source.  Thursday will validate all I've satted.

shredder's picture
Offline
Joined: 2007-06-04

FL Broker wrote:
Broker 10: Like I said in my first post, you have to trust me on this.  Exquisite source.  Thursday will validate all I've satted.

Obviously % were not released in latest conf call...

FL Broker's picture
Offline
Joined: 2007-06-02

Thursday will even validate all that I've "stated."

Broker010's picture
Offline
Joined: 2007-06-01

mike99: "
All of this info was known on last Thursday after BM's had their conference call." If you believe that and have continued to work under your BM since then without answers, you should welcome this deal. You're already at a wirehouse, regardless of the retention deal or lack there of.

Broker010's picture
Offline
Joined: 2007-06-01

FL: I'm in Cape Coral, where are you? And, what, exactly have you "stated", that we'd get a choice as to the method of payment that may or may not be worth $0?

FL Broker's picture
Offline
Joined: 2007-06-02

The "stated" was just to correct a typo in my previous post.  See first post for all the terms and conditions to the extent that they are known, plus the later note about the smaller DC retention payout to Wachovia reps.  For now, I'd rather not comment on my location.

Broker010's picture
Offline
Joined: 2007-06-01

"The "stated" was just to correct a typo in my previous post.  See first
post for all the terms and conditions to the extent that they are
known, plus the later note about the smaller DC retention payout to
Wachovia  reps.  For now, I'd rather not comment on my location." - FL Broker There you have it, for those of you whose heads' haven't been beaten against the wall enough yet.... Mine has, and I'm ALMOST comfortably numb. Gimme another 1/2 hour tonight and I'll be out until the morning bell.

gadoggie's picture
Offline
Joined: 2007-06-09

Branch managers get a DOUBLE bonus. They get manager retention bonus PLUS producer retention bonus. Must be nice for retiring branch managers in the next year!!!

troll's picture
Offline
Joined: 2004-11-29

Broker010 wrote:Take heart! All any of us has heard has come from those with no more knowledge than ourselves. In fact, I'm waiting for my new user-name to be activated to that I can start agitating as a Newbie, just for fun. Be warned.
  Nice one.  It's good that you're keeping your sense of humor.I wish I could do more to help, but I will point out that Thursday is now only about 36 hours away, depending upon what part of the day they give you the news.  I know it all seems huge now, but in a year or two-no matter HOW this plans out-you will not even be able to remember what day of the week you learned the details of your fate.  Worrying about it and pondering over it will not get you answers any more quickly, it will just cause you to loose sleep or loose your appetite.  (Unless you're a nervous eater like me!  Stress is brutal on my waistline.)  Take it from one who has been there, both a takeover and my decision to go it on my own, which was equally stressful(but oh so worth it).B010-hopefully this doesn't piss you off but helps a little.  Just trying to be supportive and also add a little perspective.  Hang in there kid.

troll's picture
Offline
Joined: 2004-11-29

6 year, 6 month, 6 day deal.
Prick finger & sign with blood.
Formula for gross is your June month production x 24 as of Friday. Then for each 100K of your projected annualized production you get 10% gross up to 100%.  Payable for every day you work in restricted stock.  Producers under 100K with 5+ years of service get fired with an automatic interview with Edward Jones.

troll's picture
Offline
Joined: 2004-11-29

Ferris Bueller wrote:6 year, 6 month, 6 day deal.Clever....

AGE_Inside_Info's picture
Offline
Joined: 2007-06-03

Gadoggie pointed out that BM's get a double bonus. Read the AGE Inside
Thread - I already pointed out last week that one BM I know was verbally
offerred 100 percent retention bonus plus a huge producer retention bonus.
This has already been leaked!

Reason I have not posted is I have nothing newsworthy to post. And, uhhh,
let's see...sign six year contract OR get cash in installments with zero
contract. That's a hard one!

Brokermike99's picture
Offline
Joined: 2007-06-12

as of 8:00 this morning we're all still hanging

Broker010's picture
Offline
Joined: 2007-06-01

Back this morning for the opening bell, with a huge knot on my forehead from beating it against the wall here last night. I'm glad I turned in when I did last night.....I missed....a guy who still knows a BM who supposedly got a verbal offer and that the public offer may still come Thursday (what that offer may be is still a complete mystery, even to the liars, apparently). Joe, thanks for the words of encouragement. Hope everyone is able to keep their heads up and grind out that gross for yet another day in the dark. Good luck all!

Baller's picture
Offline
Joined: 2007-06-06

Broker010 wrote:Back this morning for the opening bell, with a huge knot on my forehead from beating it against the wall here last night. I'm glad I turned in when I did last night.....I missed....a guy who still knows a BM who supposedly got a verbal offer and that the public offer may still come Thursday (what that offer may be is still a complete mystery, even to the liars, apparently). Joe, thanks for the words of encouragement. Hope everyone is able to keep their heads up and grind out that gross for yet another day in the dark. Good luck all!
Funny and true.

illinoisrep's picture
Offline
Joined: 2007-01-09

I just had confirmation of the package detailed at the top of this
thread from another source.  I am still wondering about the
percentages.

Broker010's picture
Offline
Joined: 2007-06-01

Aagin, I hate to set myself up for disapointment like this, but........Will the choice of payment #2 (paid over 6 years with no contract) make its first payment immediately, or after the first year. (He asked, expecting no detailed answer)
 I won't even endeavor to question whether that payment will be anywhere between 0-100% 1 yr. gross..

OMICO's picture
Offline
Joined: 2007-06-05

Drink Kool Aid....Sit and Wait....

Broker010's picture
Offline
Joined: 2007-06-01

You're right, who I work for, where my office is located and how much I'll be paid for the work I do there is no biggie......I'll just have some Kool Aid.
On second thought..., I'll pass on the Kool Aid and continue to search for new information on my future anywhere I can find it, no matter how frustrating it may be both to you and myself.

blarmston's picture
Offline
Joined: 2005-02-26

B10- my advice to you is put in a hard days work. Leave at the close, go to Happy Hour with a couple buddies, and forget about all this drama. Stop beating yourself up- its out of your hands. You will know the reality when everyone else does...  It is what it is...

Broker010's picture
Offline
Joined: 2007-06-01

That's good advice, I know. Let me ask you, what are you doing here?(looking for exactly what I am, I suspect)

troll's picture
Offline
Joined: 2004-11-29

Broker010 wrote:That's good advice, I know. Let me ask you, what are you doing here?(looking for exactly what I am, I suspect)Nope, blarm is with Mother out on the West Coast.  He's a regular, prolly just browsing through and looking to offer a few useful thoughts.Honestly B010 I don't think you'll find much useful insights about the offer here.  How will you know what posts are for real and what is BS until they put it down in front of you in black and white?

Broker010's picture
Offline
Joined: 2007-06-01

Joe, You  guys are both absolutely right. I am just incredulous that there is no information to be had out there. There are literally national security secrets that are fairly accessable. Hey, maybe Wachovia Securities should take over the State Department!

bullmrkt's picture
Offline
Joined: 2007-06-13

Stop waiting for a deal to come and make some money the way you have always made it, work for it.

Broker010's picture
Offline
Joined: 2007-06-01

Bullmrkt, my daily production has remained the same since the deal was announced. Go preach somewhere else. This thread is called AGE's Offer.

bullmrkt's picture
Offline
Joined: 2007-06-13

So if you have time to sit on here and cry, you could do even more business. Complacency is a killer. “Thread should be called I have no idea what’s going on I just want to panic and have others panic with me.”

Broker010's picture
Offline
Joined: 2007-06-01

bullmrkt, and yet.... here you are. P.S.I've done over $1000 gross production since my last post. It's call multi-tasking. How much have you done in the past hour & a half? Never mind, I won't believe you anyway.

troll's picture
Offline
Joined: 2004-11-29

Broker010,
"This thread is called AGE's Offer. "
Not fer nothin' but you tend to put a little to much emphasis on what things are named.
Just an observation.

Broker010's picture
Offline
Joined: 2007-06-01

Words mean things whomitmay.

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

The following was just posted on AGENet:
posted June 13, 2007
FC Retention package information coming this weekWe understand that you are anxious to receive information about the FC Retention Package and ask for your patience while we work through the details. By the end of the week, you will receive information on an industry-leading, competitive package that offers you ample time to make the appropriate career decision for you and your clients.
 
In other words...nothing new to report. But the language is rather reassuring i.e using the words "industry-leading competitive package"..wouldn't you say so.

troll's picture
Offline
Joined: 2004-11-29

You are right.. it should say "you tend to put a little too much emphasis on what things are named."
Thanks for pointing that out without making me feel bad.
Speaking of words meaning things.
When you resign, make sure your BOM doesn't think you mean "resign"!
If you know what I mean! 

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Sponsored Introduction Continue on to (or wait seconds) ×