Three of the remaining five brokers from my old AGE office (the one beside a Quiznos and Sport Clips) left last Friday and opened a brand new Stifel office here in town. These were three people who I thought would NEVER leave, under any circumstances. Perhaps a truly mass exodus is forthcoming.

Why would they not wait for March production bonus $ at this late date?

Hays addressed the the Deferred Comp retention for legacy WS when it was announced. Hays is in charge of the sales force I believe it should come from him.

Dunno, I guess they grew tired of finding reasons to “wait”. Just a guess, because they all had $ coming.

[quote=albert]Why would they not wait for March production bonus $ at this late date?[/quote] They must be under the 300k fiscal year mark or else they would stay.  Why else would they give up the last free money from AGE?  They would still get up-front money to move in 2 months.

Not true, they were all between $300 and $450. Beyond that, speculate away.

I have been gone for a while, is Ludeman still claiming they are pleased with hitting his projection of only a 3% attrition rate among AGE FC’s.  I still can not understand a grown man calling himself Danny.

Pretty assenine then…How’s that for speculating? They just gave up no strings attached year end bonus money they will never see again.  Any money they got for moving will still be the same in 2 months.  Maybe, just maybe, (really speculating here) they had a feeling they were going to be asked to leave, or told to get out.  This would not be unheard of since an AGE million+ producer was shown the door recently for a BS accusation.  Oh, that was just speculation also…or a mirage…anyway, it happened…

I’ll pass on your well wishes, Bud, I’m sure they’ll have hurt feelings. Lol!

Has anyone heard what the SB / MS retention will look like?  I would think they might wait for that to come out before we hear anything specific.  I expect to hear abit more information than the last DL call, but nothing concrete.  I would love to know how many people have left in the last three months.  We just had three legacy AGE leave an office in my area.

Pretty assenine then…How’s that for speculating? They just gave up no strings attached year end bonus money they will never see again.  Any money they got for moving will still be the same in 2 months.  Maybe, just maybe, (really speculating here) they had a feeling they were going to be asked to leave, or told to get out.  This would not be unheard of since an AGE million+ producer was shown the door recently for a BS accusation.  Oh, that was just speculation also…or a mirage…anyway, it happened…

It definitely doesn’t bode well for Quiznos!

I would wait 2 months for 5k free money. I guess somebody else would not.  To each his own.  The terminated AGE broker was just disgruntled about the WB takeover and got a little too vocal about. They concocted a charge to terminate him.  Think about all the things that have been taken from us.  I am also disgruntled which is why I would wait for the measly 5k bonus.  It’s mine, I earned it and I will get it,   would be my philosophy.  If I let WB keep it, they win.  A good broker will still take his clients 2 months from now.  And besides, these brokers are still on the hook for the previous retention and who knows, the new retention, (just speculating again, hmmmmmmm.) may provide for forgiveness of some of the attachedness of the old retention if you leave.  Either way, wait 2 months, get last bonus, find out if new retention comes, then leave and still be ahead…

A possible reason to move sooner rather than later is get in what is sure to become a very long line. Wait too long there might not be another offer. Plus if you’re rolling off great months and replacing them with, well, not so great months, that could end up costing way more than $5000. 

Hays addressed the the Deferred Comp retention for legacy WS when it was announced. Hays is in charge of the sales force I believe it should come from him.

[quote=Bud Fox]I would wait 2 months for 5k free money. I guess somebody else would not.  To each his own.  The terminated AGE broker was just disgruntled about the WB takeover and got a little too vocal about. They concocted a charge to terminate him.  Think about all the things that have been taken from us.  I am also disgruntled which is why I would wait for the measly 5k bonus.  It's mine, I earned it and I will get it,   would be my philosophy.  If I let WB keep it, they win.  A good broker will still take his clients 2 months from now.  And besides, these brokers are still on the hook for the previous retention and who knows, the new retention, (just speculating again, hmmmmmmm.) may provide for forgiveness of some of the attachedness of the old retention if you leave.  Either way, wait 2 months, get last bonus, find out if new retention comes, then leave and still be ahead....[/quote]

I would love the forgiveness of attachedness but that would make it eaiser to leave. The choices of places to go would widen because you would not have to have a check to pay back WS out of. They may give us the tail of the first retention and then encumber us more. What are they out then? They already owe it to us.

[quote=WSxAG]A possible reason to move sooner rather than later is get in what is sure to become a very long line. Wait too long there might not be another offer. Plus if you’re rolling off great months and replacing them with, well, not so great months, that could end up costing way more than $5000. 
[/quote]

Bingo.  If there is no retention there will be a very long line IMO.

The deals to move are going away and / or being reduced.  MS - Citi takes them both off the table.  BAC - MER has its own issues.  UBS is still taking but they have come down (since the world is telling them they should) but they are aiming for bigger producers.  That leaves smaller regionals and indy’s.  IMHO - the indy channel is in for a rude awakening.  They have have fought long and hard for all kinds of rules on B/D’s yet they are under nothing more than a few disclosures and a Madoff later, there is an ankle bracelette and a problem. 

Those of you waiting for the 2nd 3rd or whatever retention deal from whatever your company is needs to ask yourself who do you want to work with in 2 years.  The whole business is changing before our eyes.  If it is Wells then it really doesn’t matter what the retention is going to be if it happens at all.  If it isn’t then how is staying at a nameless company for a few scraps in comparison to the few deals which remain a good decision?

Met with regional mgr. today. Asked why the hell it would take so long to receive name, benefit info and retention. said even WB gave AGE almost immediate answers. He said Danny is having to teach Wells how the brokerage business works ie: retention and “educate” Stumpf. Then got a five minute company plug on how fortunate we are to be working for a AA rated bank who didnt get themselves in trouble like the rest and how we are fortunate to pass that on to clients. Took all I could muster to not puke on his shoes

Pretty assenine then…How’s that for speculating? They just gave up no strings attached year end bonus money they will never see again.  Any money they got for moving will still be the same in 2 months.  Maybe, just maybe, (really speculating here) they had a feeling they were going to be asked to leave, or told to get out.  This would not be unheard of since an AGE million+ producer was shown the door recently for a BS accusation.  Oh, that was just speculation also…or a mirage…anyway, it happened…