Bonus Money Hits Tomorrow
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In case you weren’t aware, the WS bonus money hits the AGE fc’s bank accounts tomorrow. Granted, it’s a percentage of what I could get at say Smith Barney or Merrill (two firms that fcs have left for in my area). However, with the messes over there right now, I am content to let the dust settle and see how it goes.
take the check while you can and cash it.
All the brokerage firms are going to be hurting for a while. AG sold at the top. Was the stock bought for cash? If it was they do not look so dumb now.I have been thinking ever since the deal was done that Bagby timed it perfectly.
He sold us before all the subprime/housing noise hit Wall Street and Main Street.Congrats, guys & Gals. Enjoy that check and the six year contract that comes with it. That isn’t a judgment call, just a statement of fact. Please feel free to debate the legal merits of my opinion. It’ll distract you while the “new, combine firm” is organized. Best of luck not thinking about what 55-60% of your gross is worth.
[quote=YHWY]Congrats, guys & Gals. Enjoy that check and the six year contract that comes with it. That isn’t a judgment call, just a statement of fact. Please feel free to debate the legal merits of my opinion. It’ll distract you while the “new, combine firm” is organized. Best of luck not thinking about what 55-60% of your gross is worth.
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I will enjoy…and sleep well knowing I can leave whenever I want…before AGE said it…Wachovia actually put it in writing!
Nest,
Good for you! You have a non-solicit agreement, in-writing, signed by you. I’m sure there won’t be any hang-ups if you decide to leave.
Hey YHWY, am I missing something? Can’t I pay the loan off and then solicit whovever I want? What “deal” did you sign up for?
GG,
I’m not saying you’re missing anything. I’m merely pointing out that some have signed a non-solicit agreement with certain contingencies. But, I am saying that, hypothetically, there are methods available to WB that could at least delay and at most penalize those who change Broker Dealers from here on out. (i.e. Your repayment check may be “held” for a period of time before licenses are released. Your communications with clients could be scrutinized as to when you first mentioned changing B.D.s (soliciting), etc) Will it happen that way? No idea. What I do know is WB doesn’t have my signature on anything.
I guess we will all have to wait and see if Wach is the devil…like those that have left have said…although somehow I know alot of happypeople at Wach right now…anyway, I am looking forward to more products and gettign paid for refering people for loans that I uised to do for free. Sure there are drawbacks like anything…but so far I see quite a few benefits. There are benefits of independence, just not enough to outweigh teh drawbacks for me…but to each his own, thats why there are so many choices out there…well at least for teh time being
wwwaaaaa, Mr. Negative is back ..."What I do know is WB doesn't have my signature on anything". So what. Then y do you "care" so much? Sour grapes perhaps? 'Life is but a poor player that struts and frets his hour upon the stage and then is heard no more'. You are NOT in our position. Don't pretend to know or say that "you know".GG,
I’m not saying you’re missing anything. I’m merely pointing out that some have signed a non-solicit agreement with certain contingencies. But, I am saying that, hypothetically, there are methods available to WB that could at least delay and at most penalize those who change Broker Dealers from here on out. (i.e. Your repayment check may be “held” for a period of time before licenses are released. Your communications with clients could be scrutinized as to when you first mentioned changing B.D.s (soliciting), etc) Will it happen that way? No idea. What I do know is WB doesn’t have my signature on anything.
Enjoy the cash, guys/ladies. You should take part of that and dump it into bank stocks…they’ve surely got to be close to the bottom…
Hey, Shredder,
You are a good little worker bee. Keep it up.
As for myself, I am proud to be Mr. Negative regarding being slammed into a wirehouse involuntarily. I’m also proud to have researched the field and to have found that my services are worth WAY more than a wirehouse will pay me.
I look forward to hearing from you all the great details WB has provided that I have ignored or missed. What’s your job/office going to look like @ June 1, 2009? I know EXACTLY what mine will look like. Good luck to you and your obvious frustration.
Sure the merger was Involuntary…we didnt choose it…howver I have yet to see anything that has me running for the Door, Every WS Home office person I ahve met or interacted with seems to be an upgrade not a downgrade of what we had at AGE. The Financial Planning software, client web access, statements, research are light years beyond what we had. We are keeping Russell, PFA, CAAP etc etc. So I ask you where is the fire?
yHWY, I thought you had disappeared after your DS comment. I know your type. I see them once a week at branch meetings. I call them "the victims." Best way to deal with them is to ignore them because it's always the same. WWWAAAA..."the branch manager doesn't support me"=victim. "my sales asst sucks"=victim. "the back office doesn't support me..."=victim. " I don't know what the new firm is going to look like in 2009"=victim. "the reason I am only doing 310k is because of all of the above"=victim. "The victims" are more concerned with what's around them then what they can do to grow and prosper. Do I need to continue? I am sure that you will find your stride in the Indy world...only one problem, there's no one else to blame but yourself.
Meanwhile, back in the land of prosperity, abundance and positive attitudes, I like many others, will continue to work and grow my little "worker bee" business. When and IF this whole merger thing doesn't work to my advantage, I'll have plenty of options available. You see, I am not a victim in this whole thing.So did anyone pull the trigger today on investing now that we are flush with cash? Too bad American Funds can’t move up their cap gain payouts to accomodate my buys. There seems so much cheap stuff to pick from. Nice to have some cash, albeit not free and clear.
it’s tempting but…I’m going to wait till the AF cap gains distribution is done in Dec. W/ the WB/AGE merger the last thing I need is to pay more in taxes for 2008
From the what it is worth department…
I know of 4 average producers for AGE 300k that are looking at leaving after the new year...once the 401k profit sharing hits. They may qualify for a small production bonus in March, but are not sticking around for it. I think there are quite a few folks that are waiting for the dust to settle at other firms and will take the AGE 401k money and run...and investing WB money for a couple of months. Albeit...paying back the WB bonus bucks less any money they make....or loseNest Egg & Shredder,
I have two words for you: MARS & Stocks As for those on the outside, at anytime I could take a check from the competition that will payback my bonus x 3 or 4.. WB would have a nightmare on there hands if agreements were not honored as written.