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Left AGE 1 year AGO

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Oct 29, 2008 11:25 pm

Wow, it has been a year since my move from Edwards to Merrill.  If I would have waited one week longer, I would most likely still be there. Wherever there is, that is.  The news on the ML talks between Stan O’Neal and WB hit the headlines the morning that I left.  The landslide of negative press has continued since. However, All things considered; I made the best move posible.

  A few facts and observations for those considering a move now.   I started out of college and at my 6 year mark with 60MM in assets and a trailing 12 of 500m, I simply could not turn down an offer to move to the premier firm in at the least my small city. A year later, I retained 80% of assets with 50% of my households. (real #'s) I have had much more time for new prospecting. It is amazing how much energy and time the smaller and unloyal client will tap. I left an AGE branch with two stodgey older top producers who developed through attrition, myself and three scrubs. Very typical AGE office.  By contrast, the ML branch had 30 advisers with 3.5 Billion in assets and the sharpness, organization and talent that dwarfed what I was used to. The majority of the wholesalers have reiterated not only the same feeling, but personally have their assets with us. 
Oct 30, 2008 12:07 am

congatulations, now you work for a bank and you’re sunk, dead in the water, done.

Oct 30, 2008 12:33 am

How is that, when our business can be summed up with one basic equation. That being:  (Assets x Velocity = Production)

I don't see any problem with attracting new assets with the synergy of the two firms. I am sure that about 30% of those in my office share your opinion. However, I see the most important variable in my equation rising for more reasons than one. Will be an intersting year for sure. Will update then but fact is, I am looking at my next 30 years. We are all going to need to handle much larger asset sizes and a more sophisticated client than the business did over the last 30 years. What firms are positioning for the changes ahead? We can't compete on price, must compete on value. Who will have the best tools to bring the most value to your larger investor?
Oct 30, 2008 1:56 am

serious…nice post…ez you have to loose the anger…let it go, you are now happy,right?

Oct 30, 2008 1:58 am

sorry, lose. My bad.

Oct 30, 2008 2:00 am

I left last September., and I too am happy after leaving AGE.   Combining the largest brokerage firm in the world with one of the largest banks in the country gives me solid footing.  Did I want ML to stay independent?  Maybe, but in todays enviroment I am very comfortable.

I think people do not like it when others are happy.   You know if things get bad, we can rough it out or even leave, but I will decide that one by myself.
Oct 30, 2008 2:05 am

synergy of what 2 firms?? one never had anything in retail investment world and the other turned out to be a complete flaming failure to their clients. ml= crooks= nearly bankrupt and everyone knows it. bought out by a lousy retail bank outfit. How bad can you get?  a complete embassement.

  No anger here. I'm happy. I just don't like to hear BS when I hear it especially from a snot nosed baby ml broker.
Oct 30, 2008 2:30 am

Rumor in my area that an entire ML office is going to go indy. Not a huge office (maybe 8 brokers), but still over 850mm in AUM.



I am hearing some really bad things about this deal.

Oct 30, 2008 2:35 am

 Wow with that attitude it is no wonder your business has dried up lately. News flash...Money is always in motion especially now.  Clients/ Prospects can sense your negative energy. But in response to your condescending (as always) post, There is no doubt that BAC is weak where we are strong and vice versa. Our private client division is the strongest in the industry. There is no doubt that BAC is the strongest bank as well. They will let us do what we do well.   To help define: Synergy (from the Greek syn-ergo, συνεργός meaning working together) is the term used to describe a situation where the final outcome of a system is greater than the sum of its parts.

Oct 30, 2008 1:07 pm

I know what synergy means and in this case the bank will destroy any synergy you’re talking about. I know because I worked for them, and they run a lousy investment division.

  In the end the bankers will continue to run the investment division because they don't trust ml any further than they can throw them. After all ml can't manage their own money and they proved that to the bank leadership by going nearly bankrupt and being saved by the very same bank leadership that will continue to run all operations.   The bankers are not going to let these foxes run this hen house. As a result the merger may be perceived to ba a  sucess to the bankers but it will be a horrible experience to ml, and it will stay that way.   Sorry for the attitude. Had a few last night. Prospecting has been hell.
Oct 30, 2008 3:05 pm

[quote=Ferris Bueller] I too had been drinking the bank buys us coolaide and its been nothing but trouble… Hate to say it, but WF looks like a much better parent than BAC.[/quote]

 Wow, Ferris, good thing you stopped drinking that bank-buys-us-kool-aid! It’s obvious that you are simply frozen by fear and inertia that will keep you from ever leaving the desk you’re sitting at now. Your desperate excuse-making for AGE as WB as C as WFC is hilarious. You are an employee who will eat whatever shit-sandwich your boss feeds you. Assuming you’re not also lying about your production, you will make about $280k this year. Congratulations, you put about $420k into WB’s pocket! You’re a real big-shot.
 Back on topic, I left AGE for LPL one year ago. I am absolutely ecstatic about my broker/dealer and, most importantly, MY business. I’ll make more than you will this year and probably close to 150% of what you will make next year, Ferris. Keep up the good work!

Oct 31, 2008 12:09 am

Is the new grid 24% up to 10k and 50% over? I saw that on another post and it seems to jive with WS’s grid.

Oct 31, 2008 1:26 am
Gordon Gekko:

Is the new grid 24% up to 10k and 50% over? I saw that on another post and it seems to jive with WS’s grid.

Yes
Oct 31, 2008 1:33 am

[quote=Gordon Gekko]Is the new grid 24% up to 10k and 50% over? I saw that on another post and it seems to jive with WS’s grid.[/quote]
Yes, but there are some caveats…
10-15.00 ticket charges when you discoutn stock trades, 0% payout on money markets and bank deposit, and NO PAYOUT at all on any stock/closed end/preferred etc traded under 95.00, and no payout on any fixed income under 55.00
40% flat payout on Syndicate, 20% on Online Trades.

If you do any stock trades you will be in for a big haircut compared to AGE, I looked at last month and I had almost 3000 that would be 0% payout in teh new system between ticket charges and sub 95.00 trades…nice huh!

Oct 31, 2008 1:59 am
nestegg:

[quote=Gordon Gekko]Is the new grid 24% up to 10k and 50% over? I saw that on another post and it seems to jive with WS’s grid.[/quote]
Yes, but there are some caveats…
10-15.00 ticket charges when you discoutn stock trades, 0% payout on money markets and bank deposit, and NO PAYOUT at all on any stock/closed end/preferred etc traded under 95.00, and no payout on any fixed income under 55.00
40% flat payout on Syndicate, 20% on Online Trades.

If you do any stock trades you will be in for a big haircut compared to AGE, I looked at last month and I had almost 3000 that would be 0% payout in teh new system between ticket charges and sub 95.00 trades…nice huh!

So 20 tickets under $95 dollars? A couple of hundred in money mkt?...I think our min on fixed income is $25,  those trades are a courtesy, nothing more, your time is spent better elsewhere....besides, there are 'work arounds' on all this stuff.  Believe me ,go FiNet or LPL and the ticket charges are much higher (yes I understand that the % is higher)...bottom line is that it can be "traded around".
Oct 31, 2008 2:38 am
shredder:

[quote=nestegg] [quote=Gordon Gekko]Is the new grid 24% up to 10k and 50% over? I saw that on another post and it seems to jive with WS’s grid.[/quote]
Yes, but there are some caveats…
10-15.00 ticket charges when you discoutn stock trades, 0% payout on money markets and bank deposit, and NO PAYOUT at all on any stock/closed end/preferred etc traded under 95.00, and no payout on any fixed income under 55.00
40% flat payout on Syndicate, 20% on Online Trades.

If you do any stock trades you will be in for a big haircut compared to AGE, I looked at last month and I had almost 3000 that would be 0% payout in teh new system between ticket charges and sub 95.00 trades…nice huh!

So 20 tickets under $95 dollars? A couple of hundred in money mkt?...I think our min on fixed income is $25,  those trades are a courtesy, nothing more, your time is spent better elsewhere....besides, there are 'work arounds' on all this stuff.  Believe me ,go FiNet or LPL and the ticket charges are much higher (yes I understand that the % is higher)...bottom line is that it can be "traded around".[/quote]

Sure everything can be worked around, but it does suck to have 10% of your gross at 0% payout that was 28-40% previouslyy!
Oct 31, 2008 9:59 pm

"Is it warm in here or is it just me?" The Frog at Wachvovia Securities

Nov 1, 2008 5:56 pm

No, no, nothing to worry about, its just we wanted to make sure you wouldn’t be cold - Wach Sec management

Nov 1, 2008 6:26 pm

I think what really burns Legacy AGE guys that stayed and drank the laced kool aid is that brokers in their office who jumped a year ago (supposedly early) made the right call in hindsight.  Such is life…

Nov 1, 2008 11:46 pm
Gordon Gekko:

I think what really burns Legacy AGE guys that stayed and drank the laced kool aid is that brokers in their office who jumped a year ago (supposedly early) made the right call in hindsight.  Such is life…

  GG, "Fool me once, shame on you (Bobby B.)  Fool me twice.."   Based on what you're saying here re: RJ, SF, etc., you're looking for the same things we were.  "Look inside your heart, Luke.  You know this to be true...."