500 or bust?
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Here are some fun quotes and predictions from the original AGE retention threads. Deja Vu anyone?
[quote=Captain]Wachovia will most likely see the advisors at AGE as dedicated to the firm.
They won’t feel required to pay-up for something they practically own. It
wouldn’t shock me to see the cutoff point for retention packages higher
than the $300k limit for the Pru deal. That would mean lots of advisors
left singing the blues being told 'if you don’t like it… '
[/quote]
[quote=Downunder] While current AGE FC’s are required to bend over and get screwed, the big guys like Bob Bagby will be laughing all the way to the bank with their millions of bucks that was created by the FC’s building the value over a long time. The retention packages in my estimate will be minimal and many FC’s will not be offered anything, especially in light of past WB deals made. [/quote]
[quote=Baller] They have it. You won’t like it. [retention] Please grab a glass of koolaid[/quote]
[quote=OMICO]
I was a Pru guy who got swallowed in the WB/PRU deal…I would be surprised if the retention deal for anyone is much above 20%…WB is not going to shell out another 3-4 Billion to keep an already captive crew…This deal is done!!! The only way a Chairman council member will get 100% of trailing is to go see the Merrill or UBS mgr in your hometown!!!
[/quote][quote=OMICO] Drink Kool Aid…Sit and Wait…[/quote]
[quote=iwork4you]
I am a recruiter with multiple ties to AG Edwards brokers (especially now!) Here’s what we’ve heard through 3 seperate sources. These are 65% cash / 35% stock.
0-350K T12: 0%
[/quote]
Reggin,
Your use as precedent of a deal that was an unmitigated disaster doesn’t exactly inspire confidence in the outcome of this deal, whatever it turns out to be.
[quote=Sportsfreakbob] [quote=mnbondguy][quote=frickster]
Danny's modified retention was rejected AGAIN last week in SF. WS to be sold soon so retention will come from aquiring firm. ISG nothing.
[/quote] I doubt Wells will sell it, there are no buyers except for maybe Goldman. I could see them wanting a retail brokerage firm, and they have the capital to do it. Problem is that Wells would lose 50billion in the money sweep program that is about the cheapest cost of money a bank can find. It makes more sense to spin off and retain a minority ownership.[/quote]What is the money sweep program?> If it is the cash balances in the brokerage accounts, then that money is not available for general corporate purposes to the bank. It is not the same as bank deposits.
[/quote] the cash sweep money fund that WS is like any other fdic insured acct. It is a low cost source of funds the bank uses the same as they use their other funds. What do you think they do with it? They lend it out for car loans, credit cars, mortgages etc. It is not the same as money market fund ran by an investment management company like vanguard.
Short it your an idiot. If you cant score a deal right now you must be a really small producer. I have 3 offers on the table right now, 160%, 160% and 120 upfront 60 back end but am waiting for march 16 bonus and will have an answer with retention by then.
Reggin, thank you for your posts. Its like the market, when everyone has given up BUY. Now everyone on this post has given up, great - leave and let us keep 1/2 your accounts
[quote=BE PATIENT]Most has already been said. Heres what we know…
1. Danny was in S.F. last Thursday/Friday
2. Wells needs to look over proposal, fine tune and approve
3. Retention needs to be passed through legal
4. Hays said "Right around corner: be patient
Therefore I would imagine the week of February 9th[/quote]
Exactly the timing I thought…right before the AGE ACAT Blackout…coincidence…
[quote=Reggin] [quote=short it] man no retention.
im outta here[/quote]
Don’t believe the hype. When WS bought AGE there was a retention thread here as well that had a bunch of douchebags claiming zero retention. You can search for it.[/quote]
Yeah but we knew on teh first day we were getting one and they kept telling us how good it would be…not like this time…this situation has been the polar opposite
Yes, just as Stumpf planned it. He planned this whole devious plan in his dungeon. Not like he had multiple divisions of a company to run in the midst of the work bank meltdown in history. You must be a day trader - no patience
[quote=BE PATIENT]Yes, just as Stumpf planned it. He planned this whole devious plan in his dungeon. Not like he had multiple divisions of a company to run in the midst of the work bank meltdown in history. You must be a day trader - no patience[/quote]
I have been very patient…people have to earn my patience and respect…Danny had it for a bit, he ha lost it and can’t get it back…as for Wells, they have told us nothing so I can’t say I have any for them. Retention is not the issue for me…it is all the other issues we have been through and will cotinnue to go though with this debacle. I need to work for a firm that is best for my clients…and me as well…and this place seems far from it for either side.
Then quit bitching and leave. Third biggest broker in our office left to of all places Merrill for 150% and I have eaten 11 million of his accounts in the last 3 weeks. Good luck with your new firm. I hope they give you the respect you deserve
[quote=Sportsfreakbob] [quote=mnbondguy][quote=frickster]
Danny's modified retention was rejected AGAIN last week in SF. WS to be sold soon so retention will come from aquiring firm. ISG nothing.
[/quote] I doubt Wells will sell it, there are no buyers except for maybe Goldman. I could see them wanting a retail brokerage firm, and they have the capital to do it. Problem is that Wells would lose 50billion in the money sweep program that is about the cheapest cost of money a bank can find. It makes more sense to spin off and retain a minority ownership.[/quote]What is the money sweep program?> If it is the cash balances in the brokerage accounts, then that money is not available for general corporate purposes to the bank. It is not the same as bank deposits.
[/quote] It's called the bank deposit program and is FDIC up to 750k and you are saying its not the same as bank deposit? Houston, we have a problem here.....
Bud
Read my post dude…What is the money sweep program?> If it is the cash balances in the brokerage accounts
Sorry, but not everyone here works at Wacho. I said IF it is the cash balances. Didnt know if it was bank deposits.
The question is does Danny possess the balls to have a call and tell us the only thing he came back from San Francisco with is a sore backside?
[quote=Danny Isadouche]
The question is does Danny possess the balls to have a call and tell us the only thing he came back from San Francisco with is a sore backside?
[/quote] uuummmm well ooohhhh OK you see, uuummmmm well, David what do you think...ummmm ooooooffff....[quote=YHWY] Reggin, Your use as precedent of a deal that was an unmitigated disaster doesn’t exactly inspire confidence in the outcome of this deal, whatever it turns out to be.
[/quote]
The point of my post is that every idiot in the world predicted no retention for AGE yet we had a good one. The eventual outcome of the deal was not material to the quotes or the purpose of the post.
Shredder:
"Great offers out there, just don’t know if I want to subject myself to more BS…dispondent and depressed…"
I feel for you. Just bad shit all around. The stress of this biz is taking a toll on a lot of peoples lives. Not just the retention debacle but everything all added up. Definitely a marriage buster this biz can be. I know a lot of guys going through a lot of crap right now. Me included. Stay tough.
[quote=BE PATIENT]Then quit bitching and leave. Third biggest broker in our office left to of all places Merrill for 150% and I have eaten 11 million of his accounts in the last 3 weeks. Good luck with your new firm. I hope they give you the respect you deserve[/quote]
How true. The grass seems greener until you realize its just concrete painted green.
Had one leave for ML just before all the headlines hit, freaked out his clients. No ACATS yet!
Several large households not going.
Why did he leave? Cause he couldn’t get his wife to stop spending like Paris Hilton. Why do some have to live on the edge?
Then quit bitching and leave. Third biggest broker in our office left to of all places Merrill for 150% and I have eaten 11 million of his accounts in the last 3 weeks. Good luck with your new firm. I hope they give you the respect you deserve
Nice snag!
I guess I need to read more than every third word in your post dude…
Okay, I read it again...I stand by my words....It IS the cash balances in the brokerage accounts, whether a single, JT, trust, or IRA acct. The cash in the account automatically morphs into what is called the bank deposit program. Wacho took away our Centennial Money Market and it is simply the cash sweep into the Bank Deposit Program that is paying like .03% on 100k. Maybe you need to be lookin at a deal from Wacho so you could participate in this wonderful cash sweep program they have provided us with to rob our clients blind. Typical of a bank, take away something where the client was making more interest than the spread the firm is making on a cash deposit....Todays posts have gone from Week of the 2nd to week of the 9th to no retention, to f— Wells, to talking about our money market. Wow
Just trying to BE PATIENT and get this thread to 100 pages of useless banter that will result in nobody being further ahead than they were yesterday…