500 or bust?
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[quote=Go_Long]Sam you miss the point. The oh so great managed accounts got wacked. Thats what the firm is pushing these days-- you should know that, and the managers don’t go to cash. FA’s that did move some client assets out of the managed accounts to cash–well that doesn’t generate gross. The majority of advisors did not increase their TTM in 2008, or saw it trail off after the merger announcement. Yes the retention will come when it comes, and FA’s reception positive/negative will be based on what is offered. Payouts are going down and client fees are going up. Give us all another kick in the privates if they want. And then let the chips fall. Personally I will hope for the best, but not hold my breath.
PS I do my call my clients, and yours too. LOL [/quote] There is not one managed program in the AGE system that you cannot do what is best for the client and not take a pay cut doing so, you just aren't thinking hard enough. I don't recomend wasting your time calling my clients, you need to make sure you survive. Only partake in activities that will lead to business for yourself.Go long, what do you suppose they should use? The best any one could hope for would be Nov 2007 to Oct 2008 or perhaps Dec 2007 to Nov 2008. My t-12 in Sept 08 was about 620k. Ending the year at 565k (production and fees have really dropped). If they want to pay me on 565k, fine. Just send the docs and cut the damn checks already. This is ridiculous.
What I see most here missing is that at ML and BAI NO REPS who received a deal after 2004 qualified for the retention. Unless I’m wrong didn’t MOST reps get a deal with the AGE merger? Thus not much for the rest if any…
ML wasn't taken over a few years ago. The guys at ML who received deals after 2004 received upfront money to leave their respective firms and come to ML. As you know, upfront money to move is approx 2x what any retention deal is going to be. In addition they signed an 8 year deal. AGE reps, on the other hand, didn't move to another firm. We were compensated because of the change in ownership. We didn't willingly change firms and merely signed a 6 year forgivable loan note. Now ownership has changed again. Also, legacy WS reps were given a small retention for the changes they would experience from the WS-AGE merger as well. So, pretty much everybody from both legacy firms received a retention. Not saying age reps will get much of a retention. But if a retention is offered, the age reps will receive something IMHO.What I see most here missing is that at ML and BAI NO REPS who received a deal after 2004 qualified for the retention. Unless I’m wrong didn’t MOST reps get a deal with the AGE merger? Thus not much for the rest if any…
ML wasn't taken over a few years ago. The guys at ML who received deals after 2004 received upfront money to leave their respective firms and come to ML. As you know, upfront money to move is approx 2x what any retention deal is going to be. In addition they signed an 8 year deal. AGE reps, on the other hand, didn't move to another firm. We were compensated because of the change in ownership. We didn't willingly change firms and merely signed a 6 year forgivable loan note. Now ownership has changed again. Also, legacy WS reps were given a small retention for the changes they would experience from the WS-AGE merger as well. So, pretty much everybody from both legacy firms received a retention. Not saying age reps will get much of a retention. But if a retention is offered, the age reps will receive something IMHO. [/quote] WOW keep drinking the coolaid. Mngmt does not view it this way.[quote=whalehunter]What I see most here missing is that at ML and BAI NO REPS who received a deal after 2004 qualified for the retention. Unless I’m wrong didn’t MOST reps get a deal with the AGE merger? Thus not much for the rest if any…
The level of self-delusion here is amazing. “I had to go through two transitions . . .” boo-freakin’- hoo. Do you like the company and how it treats you and your clients? Yes -stay. No-Go. End of story.
At AGE/WS we are lucky to ewven be here. There isn’t going to be a retention package.
ML wasn't taken over a few years ago. The guys at ML who received deals after 2004 received upfront money to leave their respective firms and come to ML. As you know, upfront money to move is approx 2x what any retention deal is going to be. In addition they signed an 8 year deal. AGE reps, on the other hand, didn't move to another firm. We were compensated because of the change in ownership. We didn't willingly change firms and merely signed a 6 year forgivable loan note. Now ownership has changed again. Also, legacy WS reps were given a small retention for the changes they would experience from the WS-AGE merger as well. So, pretty much everybody from both legacy firms received a retention. Not saying age reps will get much of a retention. But if a retention is offered, the age reps will receive something IMHO. [/quote] And WS guys under contract got nothing. Go talk to any former Advest broker who was under contract about what kind of retention bonus they got when ML purchased Advest.... A guy in my office moved to Advest about 5 years ago to take over a relatives book of business. He got a nice package to move and less than a year later ML purchased Advest... He got nothing. Sadly for him, he utterly dispised ML. Industry precident is that if you are under a contract you do not participate in retention. WS brokers under contract did not get retention. As an AGE broker, if you were doing 400-500k at the time of the merger you could have chosen to take your Base Retention (50%) up front in a 6 year forgivable loan. If you were doing 400 that means you got a check for $200,000.00 to stay in your seat. In additon to that you also got a 20% defferred bonus. A broker doing 400,000 got a total of 280,000 in total retention. It boggles my mind that AGE brokers feel they somehow got slighted. WS paid the highest amount of retention in industry history and yet you guys say you somehow got screwed? I can't really see why Wells would pay AGE brokers anything. That said, personally it matters not to me one way or the other. My guess is WFC is going to side on industry precident and at best you will get a small amount of defferred bonus but, I would not be surprised if people under contract get nothing.[quote=whalehunter]What I see most here missing is that at ML and BAI NO REPS who received a deal after 2004 qualified for the retention. Unless I’m wrong didn’t MOST reps get a deal with the AGE merger? Thus not much for the rest if any…
I’m under the 6 yr forgiveable loan and I would think with these market conditions little if any will be offered in retention. If they did enhanced payout for a year I feel both parties win…
uh, yes there definitely is a retention package. no later than Jan. 15th, it'll be announced. no clue how much, but there will be retention. mgmt is starting to reach out to us and give some answers, just not all the answersAt AGE/WS we are lucky to ewven be here. There isn’t going to be a retention package.
I’ve read research reports with more suspense. Since New’s Years is the time for predictions - here’s one;
Legacy AGE - Less than $350k - No retention. Greater than $351 -750k original retention restored with new timeframe and NON-Compete. $750 and above gets original restored and immediate vesting of deferred $$. WS - See Merrill PackagePretty funny stuff.
Frankly, for you wirehouse rats, I hope you don’t get a thing. Based on my conversations with someone at WS today, that’s what will most likely be happening.
For those of you who sit at your desks only hoping to get another WS retention package, you deserve nothing. Be thankful that ALL of your clients have yet to fire you and that you can still sling your POS marked up bond positions to your silly clients. Anyone care to tell your clients about the misguided BS retention packages truly are? They breed conflicts of interest, since you are essentially forbidden from telling your clients the truth about the inner-workings of your truly horrible companies. WS, Merrill, SB, UBS and MS are all teetering on borderline collapse, and you think you need to be handed a ‘bonus’ to hang around?
I laugh… hard.
‘Where’s my retention package?’, they cried. ‘Any word on the retention package’, as they swoon by the branch manager’s office… thinking those useless pieces of trash will have the answers. Har-dee-har, har, har.
Wahhhhhhh.
Big babies. You fellas saw what was happening at your companies and still told clients that all is ‘fine with us’, since you were paid to sling the company line. Now, your stocks are practically worthless, you have no currency left, and you’ve gotten what you’ve deserved.
So, ‘management (like they matter) is ‘reaching out’ to give us some answers’… blah, blah, blah… and ha, ha, ha.
Saw a WS guy’s foreclosure notice in the paper today. Buh-bye broker-rats.
Goooooood day.
Buki,
You sounds so bitter about the possibility of legacy AGE FA's getting another retention. It does not effect you in anyway and not taking money out of your pocket. You ramble on about AGE legacy guys getting the best retention on the street and we shouldn't be complaining and then you follow that by saying that you don't care. Of course you care or else you wouldn't be writing a paragraph explaining the details of why we don't deserve one in the first place. Should all age legacy fa's just shut our mouth and be happy with our first retention? Would you not want one if you were legacy age? I doubt it so please shut the fuck up.Wow, we have a prediction of no retention to small retention to big retention. No wonder we are so good at picking investments.
If you look what the legacy AGE broker have lost in future 401k and deferred comp contributions, plus the hit they have taken on the restricted stock and options that converted to WB stock, I don’t think the retention payment they got was enough.
Looks like Whartonkiddie hit the bottle a little early today. Nobody likes a nasty drunk, wharton.
look the deal is 250k to 500 is 50%. 500 to 750k is 75% and over 750k is 100%. Problem is most of its going to ISG. The others that got deals will get a partial, but that is all. I guess it will be prorated for them from the last deal they got.
OK, really?look the deal is 250k to 500 is 50%. 500 to 750k is 75% and over 750k is 100%. Problem is most of its going to ISG. The others that got deals will get a partial, but that is all. I guess it will be prorated for them from the last deal they got.
You are jealous. You just be an unemployed attorney. Happy New year Mr. Bitter