Damn Liebowitz did you have to hit with the truth on my first post.

[quote=Gaddock]I heard another bit of gossip that’s apparently on the rumor circuit as well.

SPECIAL TO THE NEW YORK TIMES (NYT); Financial Desk

June 23, 1983, Thursday

Late City Final Edition, Section D, Page 4, Column 1, 945 words

If the Toronto Dominion has its way, Canada could be on the verge of a fundamental change in the way its financial institutions compete. The Toronto Dominion, one of Canada's big five chartered banks, intends to introduce a cut-rate brokerage service that many stockbrokers fear could threaten their independence ...

[quote=res ipsa loquitor]

[quote=Gaddock]I heard another bit of gossip that’s apparently on the rumor circuit as well.

[quote=whalehunter]It’s been a while. Rumor has it there will be NO deal…[/quote]

Where’s whalehunter?

We should all just chill a moment and reflect.  He made the very first post on this board (above) and we might all want to savor it over the weekend.

whalehunter – wherever you are, please take a bow and bask a moment… 

OK boys, Friday the 13th has come and gone.  Give your honest opinion of what the name will be and what retention (if any) will look like.  How about a time frame as well.

SCbroker, we had our call yesterday.   A bunch of nothing.   Don’t read anything into it. He’s just going to tell you how the Wells FA program is currently structured but then tell you that it’s all subject to change between now and 2010. No discussion of what comp will look like, no mention of retention. Just the party line that “it’s been difficult” and we will be “rewarded in the long run with the best program in the industry”, blah, blah, blah.   That’s what our manager said.   At the end of the call we didn’t really know anything more than we did before it.



The funny thing is that we’ve been told for years that Wachovia’s ISG is the premier “in bank” program in the nation - that Wachovia finally figured it out - that we had the highest average production per FA and that ISG, as a stand alone firm, would be the fastest growing firm in the nation if it were on its own.   Now, all of a sudden, that’s changed and it’s “Wells has the best program. They finally cracked the code. Their FAs are the best in the business, etc. etc.” It truly is sickening.

When will you guys give up on this retention. There is no retention coming period. Wells wants to sell us so why would they throw away millions?? I said before here that we all are a little full of ourselves and are coming down to reality. Making the money we did for as long as we did was never gonna last.  Eventually charging 1.5 percent to manage assets that go down every year was going to come to an end. Its a joke that we think we deserve a retention when our industry is falling apart and things will never be the same again. as i said many posts ago half the guys on these posts will not be in the business in 5 years. Its over fellas!

[quote=jimmymac24]When will you guys give up on this retention. There is no retention coming period. Wells wants to sell us so why would they throw away millions?? I said before here that we all are a little full of ourselves and are coming down to reality. Making the money we did for as long as we did was never gonna last.  Eventually charging 1.5 percent to manage assets that go down every year was going to come to an end. Its a joke that we think we deserve a retention when our industry is falling apart and things will never be the same again. as i said many posts ago half the guys on these posts will not be in the business in 5 years. Its over fellas![/quote]

Eureka!  Here we thought Rachel Dratch had disaappeared.  Turns out, Debbie Downer lives.

jimmymac – if you believe assets go down every year you’re the one who’ll not last.  if you believe retention isn’t warranted, then figure out how to reconcile the overall math of the biz.

have a cold one (or meet Michael Phelps awhile) and wake up refreshed and able to engage your clients again.

Danny, come out of your cave and tender your resignation

“Be Patient” - what a huge disappointment you have turned out to be… along with DL and JH. The lack of leadership from the multiple layers of management is amazing to me. Is this really how a company of scope and scale operates??? I bet all companies that DL had sucked into his web will be extinct in the near future. Now rumor mill has it that the industry is going to starve out all FC’s producers at 400m and under in gross production. Only interested in the big boys/girls – I guess everyone here on this thread will be just fine!

Lets analyze the whole picture…Been with AGE many yrs…great firm. Its gone now. What is the effect.



1) lose .25 on All new Caaps, laffer, alloc advisors, Gallatin/Offitt hiarcut starting tuesday



2) lose .25 on All existing of the above accounts in 10 months for a haircut



3) We lost a 15 bp trail off mny markets



4) AGE clients lost a 1 mil FDIC plus a better yeild on age deposit program mony markt



5) lost our annual 5-7.5% of gross sales bonus pd every march 15th…this is the last



6) lost a 401k pop that was the standard of the industry



7)lost br managers yearly bonus cut by at least a 1/3



8) lost a name that was highly respected



9) lost bukoo $ on WB puke stk



10) prolly lost a few accounts due to the WS name…never know the extent of that.



In the end this has cost me many thousands of dollars





So…What have we gained:



1) handcuffs for 5 yrs and a retention that needs to be paid if we leave



2) a bankrupt holding company and a damaged name



3) a top down bureaucracy that even chooses the office postem notes that we have to order



4) a venture for a week with independence, citi,ubs, and wells who doesnt want us



5) a name still on the front door that says WS 2 yrs later



6) 2500 advisors who have jumped ship and prolly a billion $ spent recruiting replacements.(but they produce more HA-for only a cool billion)



7) hundreds if not thousands of people in both Richmond and St louis whose jobs were upended



8) management with zilch credibility



9) a universal bank failure model…never believed in that model to begin with



10) a firm (WFC) whose CEO doesnt even have the courtesy to mention the b/d in the annual report or do a 5 minute conference call to show us some support



11) a firm who after 5 mos doesnt even mention retention.



This is what I know as tnite…Reg Presidents had a very heated meeting blasting Danny and Jim for not rolling out retention ystrdy …there is a major announcement coming over the weekend or very early next week. …all the above r facts.

Now as to what the announcement is…well thats speculation on my part. My gut feel is a JV with UBS…but it could be the retention or higher grid as there wont likely be any upfront $ to speak of…wat this announcement entails…i just dont know…can u say ubs?

[quote=tdude] Lets analyze the whole picture…Been with AGE many yrs…great firm. Its gone now. What is the effect.



1) lose .25 on All new Caaps, laffer, alloc advisors, Gallatin/Offitt hiarcut starting tuesday



2) lose .25 on All existing of the above accounts in 10 months for a haircut



3) We lost a 15 bp trail off mny markets



4) AGE clients lost a 1 mil FDIC plus a better yeild on age deposit program mony markt



5) lost our annual 5-7.5% of gross sales bonus pd every march 15th…this is the last



6) lost a 401k pop that was the standard of the industry



7)lost br managers yearly bonus cut by at least a 1/3



8) lost a name that was highly respected



9) lost bukoo $ on WB puke stk



10) prolly lost a few accounts due to the WS name…never know the extent of that.



In the end this has cost me many thousands of dollars





So…What have we gained:



1) handcuffs for 5 yrs and a retention that needs to be paid if we leave



2) a bankrupt holding company and a damaged name



3) a top down bureaucracy that even chooses the office postem notes that we have to order



4) a venture for a week with independence, citi,ubs, and wells who doesnt want us



5) a name still on the front door that says WS 2 yrs later



6) 2500 advisors who have jumped ship and prolly a billion $ spent recruiting replacements.(but they produce more HA-for only a cool billion)



7) hundreds if not thousands of people in both Richmond and St louis whose jobs were upended



8) management with zilch credibility



9) a universal bank failure model…never believed in that model to begin with



10) a firm (WFC) whose CEO doesnt even have the courtesy to mention the b/d in the annual report or do a 5 minute conference call to show us some support



11) a firm who after 5 mos doesnt even mention retention.



This is what I know as tnite…Reg Presidents had a very heated meeting blasting Danny and Jim for not rolling out retention ystrdy …there is a major announcement coming over the weekend or very early next week. …all the above r facts.

Now as to what the announcement is…well thats speculation on my part. My gut feel is a JV with UBS…but it could be the retention or higher grid as there wont likely be any upfront $ to speak of…wat this announcement entails…i just dont know…can u say ubs? [/quote]

If not, give Frank a call.  He’s (relatively) straight.  Just don’t get in one of his balloons or race cars.

“Although low-producers may find new homes, some observers lament their loss from the major firms.

Low-producers
"usually run a nice, clean business, spend a lot of time with their
clients [and help] maintain whatever good reputation we have in this
industry,” said Frank Campanale, chief executive of Advanced Equities
Wealth Management, a unit of Advanced Equities Financial Corp. in
Chicago.

Brokers at Advanced Equities produce between $300,000
to $400,000 on average, he said. Mr. Campanale said he expects that his
firm will also be one of the beneficiaries from the wirehouse outflow."

Well BP. You can be an annoying whinney MF sometimes…

But if your for real on this and pulled the trigger on your move the way you described based on a timetable you set as your drop dead date-you got my respect big time.



you are the man.



when I finally made a move i was MISERABLE for months. I went back and forth a million times.   I was a total wreck right up until D-day.    It was horrible.



You got steels balls brother



you got my respect. good luck getting your people.



(put all your assets in your wifes name. its marital property anyway. put some walls up if anything bad happens and they try to get cash)

What a sad day in the neighborhood.

[quote=CDO Squared] Well BP. You can be an annoying whinney MF sometimes…

But if your for real on this and pulled the trigger on your move the way you described based on a timetable you set as your drop dead date-you got my respect big time.



you are the man.



when I finally made a move i was MISERABLE for months. I went back and forth a million times.   I was a total wreck right up until D-day.    It was horrible.



You got steels balls brother



you got my respect. good luck getting your people.



(put all your assets in your wifes name. its marital property anyway. put some walls up if anything bad happens and they try to get cash)

[/quote]



Can we say “B. Madoff”!!! Try an offshore account…

Vet…I kinda went off here tnite…in hindsight ur statement sums it up pretty well…“What a sad day in the neighborhood”

Transferring to a spouse is 100% legit.



only downside is estate tax exclusion angle.

tdude

really?  Is that information as concrete as be patients?