[quote=Whomitmayconcer][quote=pratoman][quote=Whomitmayconcer]

Well, let's see, I have my own brand name and I've been out for four years and I still have a major brand name that I'm "coasting" on...

Meanwhile, when I recruit new brokers to come work for me in my office, it REALLY helps that I have the big name for them to use when bringing over their book.

[/quote]

Are you a wirehouse BOM?

[/quote]

No, and yes. I own my own office and I use Wachovia Finet as my backoffice (which is like having a wirehouse in your back pocket!). I hire brokers from other firms to come and work with me on a splitnumber basis (the percentages vary by production). They are very successful at bringing in existing and new clients by taking advantage of the Wachovia Finet name.

I laugh when I hear these indy guys crowing about getting 90% payouts. Last month I got nearly 150% payout on MY production because I get a piece of everybodies production in my office!

Boys and girls THAT is the ONLY reason to go Indy!

[/quote]

Where did you get the idea that it can't be done at indy firms?

Where did you get the idea that i had that idea?

I didn't say that it was the reason to join a specific firm, I said it is the only reason to go indy.

The only reason being that you can then use the differential in pay to give employees a wirehouse level income and keep the rest.

It could be done at indy firms, it couldn't be done at a wirehouse. Now it can, however (at least to some degree) at Wachovia with their PF program. This (IMHO) is why the AGE takeover is so significant to the wirehouse world. When the number two player has a program like this, it will force the rest of the field to create something that is competitive with it. I predict you'll see more and more of these programs, or you'll see more and more teams with a $1mm producer at the top moving to the shire at W BAGEnd.

Where did I get the idea that you had that idea do you ask?



From the next to last paragraph of your previous post.

For those who know...If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[quote=Quicksdraw]

For those who know...If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[/quote]

I'm sure Wachovia knows this.  I bet they have a plan in place to form "teams" in addition to doing everything possible to stop a mass exodus.  I highly doubt they'll P-Off these 200-300k brokers or assets.   They knew what they were buying.

[quote=Quicksdraw]

For those who know...If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[quote=Quicksdraw]

For those who know...If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[/quote]  Oops...sorry bout that

Actually, 400M isn't exactly a "star".  Average at AGE is around $375, 400 doesn't even get a trip.

400M would get a little sales bonus, granted it shouldn't.  550M is second recognition level, 800M is above that and top recognition (top 50) averages about 1.5MM or so.  I know this as we do about 1MM at AGE.

And I agree WB has taken this into account. 

[quote=Rugby][quote=Quicksdraw]

For those who know...If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[/quote]

Or maybe they WANT them to leave, figuring they'll keep half the assets, and thus make the numbers look better for those who stay and inherit the books.

I'm sure Wachovia knows this.  I bet they have a plan in place to form "teams" in addition to doing everything possible to stop a mass exodus.  I highly doubt they'll P-Off these 200-300k brokers or assets.   They knew what they were buying.

[quote=Quicksdraw]

For those who know...If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[/quote]

Sounds like you've discovered something that Wachovia must have overlooked. How smart you must be!

No Bobby Hull....I don't think I discovered something WB overlooked.

Even a Dip S... like you could see what the numbers are.

I'll try and be nicer if you get you head out of your A--

[quote=Quicksdraw]

No Bobby Hull....I don't think I discovered something WB overlooked.

Even a Dip S... like you could see what the numbers are.

I'll try and be nicer if you get you head out of your A--

[/quote]

I don't think so, either.

[quote=Quicksdraw]

For those who know…If your a 400K+ producer

at AGE your a star.

If the cut off for retention packs is 300K for T12, well…WB might just

lose about 3500 brokers. Thats because thats how many AGE brokers are

under the 300k mark. So, who knows…Maybe the new Wachovia Sec.

won’t be # 2 or 3 or 4

All will become clear when the broker retention package is put on the table (obviously). My input is that if there is no substantial cash (or deferred cash) offer to brokers at or near $300k, there will, in fact, be mass exodus. The world is full of $300k and below indies who seem pretty contented. Call them whatever names make you feel better about yourselves. The $300k AGE broker will not stand for an immediate pay cut, instant product quotas, etc. Everyone in the business knows that AGE is home to the @$310k median average producer. It seems unlikely that Wachovia would be making this deal knowing that they’re getting @3000 brokers that they don’t want. We’ll see, though. Good luck all!

[quote=Quicksdraw]

For those who know…If your a 400K+ producer at AGE your a star.

If the cut off for retention packs is 300K for T12, well...WB might just lose about 3500 brokers. Thats because thats how many AGE brokers are under the 300k mark. So, who knows......Maybe the new Wachovia Sec. won't be # 2 or 3 or 4

[quote=Broker010]All will become clear when the broker retention package is put on the table (obviously). My input is that if there is no substantial cash (or deferred cash) offer to brokers at or near $300k, there will, in fact, be mass exodus. The world is full of $300k and below indies who seem pretty contented. Call them whatever names make you feel better about yourselves. The $300k AGE broker will not stand for an immediate pay cut, instant product quotas, etc. Everyone in the business knows that AGE is home to the @$310k median average producer. It seems unlikely that Wachovia would be making this deal knowing that they're getting @3000 brokers that they don't want. We'll see, though. Good luck all! [/quote]

Wishful thinking on your part.  I agree, the folks under 300K don't have many options.  Sure they could go indie, but most won't.  You might be the exception, but most will just be happy to have a place to work and not have to exert a ton of effort moving their client base somewhere else that is even more uncertain.

I'm meeting with a Ray Jay independent next week to assess the opportunity @ RJ. I'm also going to pay a visit to St.Petersburg the following week. LpL is also on my to do list. 

In my office, I can tell you at least half the rep's have meetings set up with other B/D's.  Every last broker has received calls from recruiters and the recruiters are swarming like sharks with blood in the water.

The major error that WS has already made is that they should have had the retention bonus deals in the field starting this week instead of delaying the rollout for 2-3 weeks.  I guarantee you they will loose many more rep's than they planned for...but maybe this was what they wanted since they have to have assets to get the remaining brokers production up from an avg. 544k to the WS avg. of 688k.

Either way...this sucks.

Morgan Keegan. That is where I will end up I believe.

[quote=Broker Fee]

I'm meeting with a Ray Jay independent next week to assess the opportunity @ RJ. I'm also going to pay a visit to St.Petersburg the following week. LpL is also on my to do list. 

In my office, I can tell you at least half the rep's have meetings set up with other B/D's.  Every last broker has received calls from recruiters and the recruiters are swarming like sharks with blood in the water.

The major error that WS has already made is that they should have had the retention bonus deals in the field starting this week instead of delaying the rollout for 2-3 weeks.  I guarantee you they will loose many more rep's than they planned for...but maybe this was what they wanted since they have to have assets to get the remaining brokers production up from an avg. 544k to the WS avg. of 688k.

Either way...this sucks.

[/quote]

That 544K average is not right.  It's in the mid 300's.  During the PRU deal they retained 97% of the 300K+ producers.  So this delay appears to be strategic.  They would rather have people leave initially, while the existing infrastructure is in place.  In a year it will be too easy for someone to slip away.

Ferris, I think you mis-read my message. There was nothing wishful about it. I don't know if you're with AGE or not, but, based on my relationship with fellow brokers there, what I wrote is simply truth. AGE is busting with $300k and below producers and Wachovia knows this. If you will re-read, I never opined about the probibility of an offer to @$300k producers. I simply stated my oppinion about what will happen if there isn't one. These posts seem to gravitate towards one-upping each other. I don't care about one-upping any of you, I'm just hunting for insight I may have missed. I'd love to argue and back-bight (I'm actually very good at that) but it isn't productive to the situation. Have a nice day!

AGE targets different markets than WS does.  AGE is more small-mid sized urban areas, whereas WS is mainly in larger urban areas.  One of the reasons WS bought AGE was instant market exposure to these middle America areas.  Out of 1500 or so offices combined, they only share 230 market areas (15%) so by combining they essentially increase their footprint by 85% (in total).