Carol Lippman has left Wells Fargo (for you old AG Edwards DSIP fans)

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CommonSense's picture
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Joined: 2008-10-05

Looks like even more of the old Edwards guard at WFA has left.  http://dearbornpartners.com/Others to recently leave include Peter Miller (no great loss), Mike Scafati (good guy), and Chuck VanGronigen (a real loss).  http://www.investmentnews.com/article/20110805/FREE/110809915Is there anyone left?

ShredderSr's picture
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Joined: 2010-07-23

In time, Danny will drive them all out. He can only have "Yes-men/ass-kissers" around him, he doesn't take criticism very well.

albert's picture
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Joined: 2008-11-04

I had not heard Chuck VanGronigen was gone. He seemed to be doing well in the new environment and had gotten some things done to make life better at WFA. I am sorry he is gone. Peter Miller also. Wondering why they left now.

Baron Automatic's picture
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Joined: 2011-04-26

The guys that make up ASG are AGE. The Cheif economist is AGE.Syndicate is AGE. The Bank is Wells . The executive is Wells. The ops is First Union. Wachovia is old real estate. AGE brokers have left the building.

ShredderSr's picture
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Joined: 2010-07-23

If you consider 2 people left in St. Louis as AGE, then you are correct but, the truth is that synd is run out of NYC and that is the old WS.Any AGE broker that is left or hasn't got FiNet is either stupid or waiting for his deal to run out in 2012.

Baron Automatic's picture
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Joined: 2011-04-26

How does Danny keep his position at the firm after buying AGE for 7bil and most of the assets and people leave. This has got to be the worst buyout in the Financial Industry history.

CommonSense's picture
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Joined: 2008-10-05

Any idea how many of the 7,300 or so AGE advisors at the time of the merger have stuck around?  I know that they don't publicize it, but someone must know. 

ShredderSr's picture
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Joined: 2010-07-23

I'd guess less than 50%.

albert's picture
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Joined: 2008-11-04

They lost 3000 that they did not want.Then 2800 that they did want.1500 remain.    Thanks Bob. 

tdude's picture
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Joined: 2009-02-03

Albert....those numbers dont add.   AGE had 6800 at the time of merger.  Can you confirm.  Im hearingdrastic losses but my understanding they still had north of 2500 of original 6800?  They are losing over 1000per year and it will accelerate in 2012 as retention disappears.  If it wasnt for forefront there would be no AGE guys left.....Im certainly happy to have left.  Stifel kicked their butts on the west coast grabbing well over a 1000.  BFECgot started later in the game but has picked up a number of significant advisors this last year and appear to be on track to to land about a branch a month.  No doubt RJames has picked up a bundle as well.  If you have solid numbers please post....thx

RainierAdvisor's picture
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Joined: 2011-11-07

I left WFA two years ago and just got a packet in the mail from Carol's new firm announcing that she had joined and would be continuing her DSIP strategy there.  She's a quality analyst and had quite the contact list. 

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tdude's picture
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Joined: 2009-02-03

 to Common sense:  ..as of oct 30 2011  there were between 2550 and 2600 AGE advisors left of 6900 at the time of the merger.  Its the biggest debacle Ive ever seen in brokerage mergers. Amazingly the Carrolls and Ludemans of the world still think they did it right.  You can bet they will have less than 1500 age folks by this time next year.

tdude's picture
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 to Common sense:  ..as of oct 30 2011  there were between 2550 and 2600 AGE advisors left of 6900 at the time of the merger.  Its the biggest debacle Ive ever seen in brokerage mergers. Amazingly the Carrolls and Ludemans of the world still think they did it right.  You can bet they will have less than 1500 age folks by this time next year.

tdude's picture
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Joined: 2009-02-03

 to Common sense:  ..as of oct 30 2011  there were between 2550 and 2600 AGE advisors left of 6900 at the time of the merger.  Its the biggest debacle Ive ever seen in brokerage mergers. Amazingly the Carrolls and Ludemans of the world still think they did it right.  You can bet they will have less than 1500 age folks by this time next year.

Baron Automatic's picture
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Joined: 2011-04-26

They could care less. They got rid of wachovia and AGE for less than 10 billion.

tdude's picture
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Joined: 2009-02-03

Baron...you may be right....the entire wfa is peanuts with respect to the size of wfc.  My guess is another 1000 to 1200  AGE folks will be out the door by 2012.  The remaining 1300 are either too lazy or too close to retirement to care.  There are a few super stars left that dont want to pay back forefront and lose deferred comp and they will likely stay as well.  In the end Bagby and Pauler (head of age inv banking) screwed up bigtime.  BFEC and SF will continue to benefit along with others.

albert's picture
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Joined: 2008-11-04

The first  AGE retention $ frees up totally in 2013.  Not 2012.  Then AGE guys get 50% of the original retention.  Not bad.  Forefront money is in addition to that and little of that is vested. I agree BFEC and SF will continue to get advisors but nothing about 2012 will cause a big outflow that I can see. WFA has gotten better while I would guess ML and MS/SB have gotten worse.  

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