Wells Fargo Advisors Hit With Payroll Crisis

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shredder's picture
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AGEMAN wrote:QB wrote:Tropic Lightning69 wrote:It is my understanding that in Oct, 2007 there were approximately 7300 AGE brokers. And, I'm told by a former branch manager that the current number is under 4000. If true, that is approximately 45% attrition.  

 
 
I assume that 4000 is BS, since the 7300 number is BS.  AG had 6,618 brokers at the time of the merger announcement.  Ask that former branch manager what tool he is using to track his fantasy numbers. 
I do remember at some point before the merget that the number was a bit over 7000, but just barely over.
Still, 6618 to under 4000 is far more than 'regretable attrition'.

tdude's picture
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The 7000 AGE fa's was about a year plus before the merger.
They had cleaned out some bottom feeders and also lost a few good teams
shortly before the announcement. At merger time the 6600-6700 was correct. As of August 09 the AGE advisors remaining were slightly above 4200 and dropping. Dont know that number now but under 4000 6 mos later is probable. Big difference is in the first yr mostly bustouts were leaving. Last year plus has seen alot of top tier walking out.

nestegg's picture
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Joined: 2007-06-14

We have 800 former AGE reps at SF...so if you add that to the # that went to wirehouses, RJ and Indy, it could easlity be close to 4k!

fritz's picture
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Looked at the Top 10000 broker production report for January.  Looked like it stopped at 9996.  So that tells you a lot, thousands have walked.

Broker Fee's picture
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tdude wrote:The 7000 AGE fa's was about a year plus before the merger. They had cleaned out some bottom feeders and also lost a few good teams shortly before the announcement. At merger time the 6600-6700 was correct. As of August 09 the AGE advisors remaining were slightly above 4200 and dropping. Dont know that number now but under 4000 6 mos later is probable. Big difference is in the first yr mostly bustouts were leaving. Last year plus has seen alot of top tier walking out.

 

That would calculate into a 40% "regrettable attrition"
Which is slightly more than the 1% "regrettable attrition" that was initially projected by Bagby's boys.

Registered Rep's picture
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fritz wrote:Looked at the Top 10000 broker production report for January.  Looked like it stopped at 9996.  So that tells you a lot, thousands have walked.

 
When this merger was announced didn't the combined broker force come close to 16,000?

conage's picture
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Joined: 2007-06-15

Broker Fee wrote:

 

That would calculate into a 40% "regrettable attrition"
Which is slightly more than the 1% "regrettable attrition" that was initially projected by Bagby's boys.

my question is, how have they kept so many?  all I heard about from the vets when I was at AGE was how great it was when Ben ran the company, and how Bagby was a pale shadow. 
Even a pale shadow was different than a financial supermarket with the "size and scope" of 200,000 plus bank employees.  If most of the AG brokers I knew had been presented with their present situation in a crystal ball 5 years ago, I have to believe they would have said "No way I would still be there.  I'd be gone."  Somewhere close to 4000 stayed. 
 I guess it shows how a severe bear market changes things.

tdude's picture
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Joined: 2009-02-03

Conage. Not sure the hemorage is done. May be at 3000 by year end?

shredder's picture
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Broker Fee wrote:tdude wrote:The 7000 AGE fa's was about a year plus before the merger. They had cleaned out some bottom feeders and also lost a few good teams shortly before the announcement. At merger time the 6600-6700 was correct. As of August 09 the AGE advisors remaining were slightly above 4200 and dropping. Dont know that number now but under 4000 6 mos later is probable. Big difference is in the first yr mostly bustouts were leaving. Last year plus has seen alot of top tier walking out.

 

That would calculate into a 40% "regrettable attrition"
Which is slightly more than the 1% "regrettable attrition" that was initially projected by Bagby's boys.
WS/AGE goal was originally 3% regrettable attrition.  2009 WFA signed 1300 FA's but lost slightly over 2300. Of course the Company line is that "the incoming FA's are twice as productive of those that left".

Davidlara's picture
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Joined: 2014-03-13

Yes We have to think about this very seriously.. It will be dangerous in next few years..
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