What will a WFC/WB retention package look like?
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I am of the belief that brokers want to believe the BS top brass spews, mainly because they don't want to have to make a decision to move. I fell into that trap and have realized that the last bullet point above is most certainly true. I also remember fc's clapping when Grand Master B brought up AGE's match to the 401(k). Bob was great at that point!
[quote=SuperRecruiter]
[quote=Hydeho]
I call BULLSHIT! I would guess you don’t have an agenda do you?
[/quote]
Ofcourse I have an agenda, look at my screen name. I hope to hell everything plays out fine for Wachovia/AGE but if you look at BAC’s agenda and history you will see that they are NOT friendly to B/D’s.
No matter what happens, I will always have a pipeline of FA’s who are interested in shopping around.
[/quote]
Ummmm…BAC didn’t buy WB lol! Thats twice in this thread that you have posted things that make you appear you have no idea what is going on!
[quote=eggward]Let’s see here:
-Bob let the poison pill expire. -Bob put us on Beta - used by many companies, making it easier to merge. -Bob gave up on getting employees to own stock...hence the Computershare deal. -Bob started talking about needing "scale." -Bob's lips were moving.[/quote] Well history has now shown that Bagby intended to sell the firm even as he told the troops he was determined to stay independent. It is what it is.I still have some stuff around the office with the old school AGE logo on it. I wonder what AGE would be like if Bob and crew didn't sell us down the river. We didn't have the scale or scope to survive, right? Not enough pick-a-pay mortgages in California.
In retrospect Bob was the biggest winner in the WB/AGE takeover, he cashed out at the peak of the market for a cool $15 million exit package.
Everybody else lost. Certainly the employees including brokers lost. Certainly clients lost their secure AGE home Oddly enough I think had Bob not made the deal, AGE today would be thriving by picking off disgruntled brokers from ML, UBS and others because the regionals are doing fine.I feel bad for both Bagby and Ken Thompson. They are both pariahs in a company they worked their whole lives at.
I didn’t hear about the divorce but Danny moved up his exit from WS because none of his former troops no longer respected him. Somebody keyed his car badly as a parting gift.
You meant Bob.I didn’t hear about the divorce but Danny moved up his exit from WS because none of his former troops no longer respected him. Somebody keyed his car badly as a parting gift.
That was my point, I don’t think these guys have malice in their hearts. They are all puppets in this big capitalism carnival. If Danny is still having conference calls, I haven’t noticed. I stopped listening or caring as they didn’t tell us anything.
I will disagree. As was previously noted Bob was negotiating and posturing for a sale while he told the empoloyees over and over that they would stay independent.
It is the belief of many that lied. And becuase of it, he has a bad reputation with some employees.[quote=Go_Long]I will disagree. As was previously noted Bob was negotiating and posturing for a sale while he told the empoloyees over and over that they would stay independent.
He lied. And becuase of it, he has a bad reputation with the employees and a sorry legacy imo. It will be interesting to see if they offer their advisors a retention package. Danny has brought it up, so the cat is out of the bag and advisors are looking for it. Things aren't going well I think the advisors will take it as yet another major disappointment if mgt fumbles the ball or spikes it in their faces.[/quote] I can personally state that Bob said "we will not be sold" at an intimate dinner at a AGE trip....lots of wine but that is still the gist. He did LIE! Danny is just as clueless as the rest of us....unfortunately, he now has 0 credibilty in my book.Just got done talking with one of my closest friends still at Agechargo, in fact he’s the guy who recruited me into the business 10 years ago, a 22 year vet, multi mil producer, and based on what he’s saying, hearing and seeing, it doesn’t look like there’s enough freshly printed fiat currency to really anchor any of the legacy AGE guys anymore. With all the unmitigated mess we’ve all been through this past 18 mos., (ARS, market, “safe investments” getting spanked, clients asking Who’s Your Daddy?), what I’m hearing from him and some of the other guys I’m still in touch with is a complete collapse of any belief in what they’re being told, at all levels within the system. Not saying RJ is perfect, because nothing is, but if there’s ever a time to make a move somewhere, I think at this point, your clients will actually help you pack up your office and bring freshly baked cookies to your house as you call them over Thanksgiving weekend telling them that the ACATs are in the mail. No matter how you slice it, the move’s not fun, and I think I’d turn to subsistence farming before I’d ever choose to go through it again, but you need to be somewhere that you and your clients are not distracted by. Just one guy’s thoughts.
I am a 20 plus year AGE guy and am getting ready to make the jump to RJ in the next couple of weeks. So far the clients i have spoken with have all stated that they are happy I am moving as they would feel more comfortable with me at RJ. In fact one client said he has had a referral for me and did not feel comfortable giving me the name while i was at WS. I beleive that Hayes and Ludeman have no credibilty and should not be trusted. Besides how can you trust a full grown man that still calls himself Danny.
[quote=Fortune1]
Besides how can you trust a full grown man that still calls himself Danny. [/quote] What a great line. That was my initial reaction when I met him.I have been with AGE/WS since 2000 and 600k producer. I m at a point where I dont want to wake up each morning to defend whether we are going to change names again or persuade my clients that their money is safe. If the retention is small I m headed to LPL.
[quote=skbroker]I have been with AGE/WS since 2000 and 600k producer. I
m at a point where I dont want to wake up each morning to
defend whether we are going to change names again or persuade my
clients that their money is safe. If the retention is small I m
headed to LPL. [/quote]
I suggest that clients can deal with a change from Wachovia to Smith Barney far easier than from Wachovia to LPL.
Again, anybody who is already at a wirehouse suck it up for a couple of years while this whole thing shakes out.
Fortune1, be really careful about talking with ANY clients at this stage, as that can really come back to haunt you if Danny & Co. set the posse after you. That’s a very touchy area when they start trying to smack you with TRO’s, even if everyone’s doing everything by protocol. I would begin the “quiet period” if I were you at this point. Experience (not so fun) speaking here, as far as the posse goes.
Thanks for the advice. I realize that it is important to be careful because of protocol.
Place is like the titanic after it hit the berg and sat there for awhile before they realized the water tight doors were not going to keep the ship upright.I am a 20 plus year AGE guy and am getting ready to make the jump to RJ in the next couple of weeks. So far the clients i have spoken with have all stated that they are happy I am moving as they would feel more comfortable with me at RJ. In fact one client said he has had a referral for me and did not feel comfortable giving me the name while i was at WS. I beleive that Hayes and Ludeman have no credibilty and should not be trusted. Besides how can you trust a full grown man that still calls himself Danny.