[quote=ezmoney]Ag brokers no longer own their book, the bank does. Do you think Wac is going to honor that little agreement you had at AG after paying a premium for your assets. Come on![/quote]

If AGE didn't own the brokers' books before, Wach doesn't own them now. AGE can't sell something that it doesn't own in the first place.

[quote=ezmoney]Ag brokers no longer own their book, the bank does. Do you think Wac is going to honor that little agreement you had at AG after paying a premium for your assets. Come on![/quote]

They don’t own the book yet, but they will as soon as AGE brokers sign that little agreement that comes with the retention bonus.

Watch and see, your branch manager will drop the contract by, and either stand there and wait for you to sign it or they will follow up in just a few hours.  They’ll also remind you that you must sign it to get the retention bonus, and that it is “waiting” to be delivered to you.  The whole idea is to exert subtle pressure for you to sing the agreement without carefully reviewing it or contemplating it’s implications.

Joe, great insight. If an AGE broker signs a contract, he is then contractually obligated. Thanks for clarifying.

In point of fact, AGE DOES own your book. You are forbidden to act against the firms interests (including encouraging the firms clients  to another firm while you are an employee of the firm you are an employee of! Hint hint!) . They can toss you out on your rear and keep your book. They can redistribute your clients to other brokers in your branch (or in any other branch they so choose). They can shut down any account at any time.

Are they likely to do any of these things, no. Why? Simply because it is not in their best interest to do so. When/if it is (like when you resign) be sure they will.  As they say in the book Dune by Frank Herbert "He who controls a thing, owns that thing!"

BTW, the WSFinet paradigm is "It's your book, period." What I mean to get across to you with that is... If you think indy is the way to go, then go indy through the WSFN channel (assuming they let you) and then, if you absolutely hate it two, three years down the pipe, hire a different BD. You stay where you are and WSFN is the one moving out of your office. Even if you're going to go back to a Brix and mortar someplace, at least they'll KNOW that the assets are coming, because there is no office where you were.

I haven't heard of anyone going back after indy, but it seems to me that you'ld be able to get a better price for your book coming from Indy in that it's pretty much a lock that your clients are coming. Maybe some of the headhunters here can talk to that idea.

Here’s some insight that I think AGE brokers have that others tend to miss: Our CLIENTS own our books. We’re talking about THEIR money, not OURS. Who “owns” the clients? NO ONE. The AGE broker, however owns the RELATIONSHIP. That’s the real value.

FerrisBlowhard:

Easy on the personal crap. I know this biz like your hairy palm knows your netherloins. Not fanning any flames just stating facts. You sound like a shill for WAC. Back up off dis.

Boy, some of you are such tuffguys! I’m getting all shivery!!!

[quote=daytradah]

FerrisBlowhard:

Easy on the personal crap. I know this biz like your hairy palm knows your netherloins. Not fanning any flames just stating facts. You sound like a shill for WAC. Back up off dis.

[/quote]

Tradah, that was actually pretty funny.

[quote=Omirp222][quote=Gaddock]

Broker010,

Thanks for the thoughts. I have a great relationship with my manager. He said he would see I was taken care of one way or the other. I'm just going to keep working as hard as I can and cross my fingers. Even though I have not been there long I was PROUD to be an AGE broker. I dont know how I feel about W beyond recently moving my personal account for poor service.

[/quote]

Not sure if we have to sign a new contract or not but I didn't notice a transfer clause in it.  

This just sucks no matter how I look at it.  I honestly can't find good in any of this LOL.

[/quote]

Hello Omirp222,<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

There sure is one in the contract I signed. Clear as day, look at number 15. The choice is already made for me or us if you signed the same. I'm going to stick it out and make the best of it. Not much choice so I'll have to adjust my gray matter to a positive. I tried to say Wachovia when I was making some cold calls today … was hard to get my head around it. All in all I got the same number of hang ups as usual J but also the same number of good calls.

[quote=daytradah]

FerrisBlowhard:

Easy on the personal crap. I know this biz like your hairy palm knows your netherloins. Not fanning any flames just stating facts. You sound like a shill for WAC. Back up off dis.

[/quote]

You sound very ghetto.  I'll bet you're a 13 year old wigger that wears a sideways NY Yankee's hat, flat brim, and baggy pants.  You know exactly nothing about this business because everything you've posted is complete and utter Bull$hit.

[quote=daytradah]

The successful AGE producers are going to LOVE working for a big bank...it'll be a bureaucratic nightmare that they will regret and will definitely go indy.

[/quote]

I thought you were posting facts?  No conjecture or speculation above. Get real you troll.

Bob Bagby is the one who sold out his own AGE brokers and staff. It was Bob Bagby who continously told all FC's and staff that the company would remain independent when in fact he was working to sell everybody out back in Nov 2006. He didn't even have the courtesy to inform the grassroots brokers and staff that the Outside Board had retained Goldman Sachs to sell the company. Bob Bagby was the guy who mostly likely influenced the outside directors to sell the firm. It's not a merger, it's a sale. Bagby walks away with $15,000,000 in market value from his shares alone, + any stock options that he has. Proable total in excess of $25 million $$$. In reality, he didn't care about his employees who made the bread and butter for him and his family. He sold everyone out. There is no doubt that there will be major changes within the new company, and WB can never compare to the rich history that AGE has always had. The notion that we can solicit auto loans to the clients is ridiculous in itself. The Beta conversion and the recent move to an AGE Bank Deposit program appears to be another reason to match the WB image and product. WB clearly states that there will not be compensation on sweep accounts or Bank Deposit programs. Thats a big savings right there, and for all the AGE FC's that worked hard to convert the present clients to AGE Bank Deposit program will get screwed in compensation. WB clearly states that on the first $100,000 of production the payout is 20% thereafter it's 50%, but on what products? There is no doubt that the rich history of AG Edwards has been distroyed, and I could only wish that Ben Edwards was back, or that his son Tad Edwards, would emerge to revive the company in it's present state. I am quite sure that 70-90% of the brokers would quit WB and go with Tad Edwards if that was possible. All AGE FC's should fear the worse with reduced payouts, reduced bonus's, reduced income, reduced 401K P/S programs. WB is the one that's paying the 6.3 billion so they will dictate what goes on eventually not any of the co-managers that Bagby implies. Guys like Peter Miller, and Gene Dietchrich and the rest of the group up in the Ivory Tower back in St. Louie will only continue to stroke the present FC's and staff over this deal that it was the right move. They had nothing to do with the deal and after one day they endorse it without any consideration to the FC and staff that put their hearts and souls to build a top notice organization. The WB deal will never be the same as the OLD AGE was we know of it on Wall Street. 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.  The idea of retaining multi-million dollar producers in quite ridiculous as there are not that many out of 6700 + FC's. The bulk of the AGE FC's are under $350,000 to $400,000 producers who have worked hard over many years to build a business and created food for their family. Some posters may complain and consider a $300,000 to $400,000 producer poor, but that's the AGE system.  Many FC's have given up higher incomes in doing and providing whats right the client, putting the client first. Now Bagby and WB wants the FC's to be "auto loan" officers writing auto loans. As far as I am concerned, Bob Bagby should be out in the gargage washing those cars he expects his FC's to write loans on. The new WB will never be the same as the old AGE. Any AGE employee past or present can realize that. I suspect big changes are coming and will come slowly, but they are coming, and those changes will not come at the advantage of the AGE FC, but will come to the advantage of the big salaried big shots that will reside on the 15th floor of the Ivory Tower and smile while they are cashing their big payroll checks, bonus, and stock options while the guy in the trenches who has always worked hard with the original Ben Edwards attitude and philosphy sucks wind.

It will be very interesting to see how many FC's take the crap that is served to them and stick around, or the number of FC's who really see the light at the end of the tunnel and are proud enough to walk away with pride, that of the old A.G. Edwards & Son's as they really knew it.

Just an opinion from a person close to the Edwards family. This whole process was misleading to current FC's and Staff and disgrace to the A.G. Edwards family.

A class action suit on behalf of all employee's should be considered especially over the disceptive remarks and actions that the CEO Bob Bagby repeatedly made to his entire organization.

I believe that your post rings with allot of truth…unfortunately.

Downunder, your clients value YOUR relationship not the relationship with a firm. The fact that AGE will no longer exist only strengthens this bond with your clients. $300k+ producers can make great money by going indy, and ALL of our clients will go with us. If Wach expects to keep us with no retention offer and guaranteed paycut, we cannot accept it. Keep the culture alive by not changing your client relationships. My 2 cents…

I agree with you Downunder. It’s really a shame Bagby sold everyone out. 

Broker010,

You are not going to make a lot more money going Indy (not necessarily anyway). And all of your clients are NOT going to go with you just because you went indy. And you're going indy against a really strong name (especially in Fla! what are there, about 4 WB branches per block in occupied Fl?).

Well, maybe MAYBE YOU are going to make more money but the vast majority of most will not. Being indy is not as easy as it looks (especially when you're looking hrough rose colored glasses). It eats start up capital for breakfast lunch dinner and snacks. You need office space, signage, computers, phones, advertising, accounting, postage, overnightage (heavy overnightage for your acat efforts) and then there are the ACAT fees, are you going to pay them or is your client going to be charged $100 per account for the honor of doing business with you? one hundred accounts is $10,000 dollars in the first month when you're not doing any business because you are trying to run a business and bring in clients! Letterhead, got any? No? you'll need some and envelopes too. Are you going to have cable in your office; how about a receptionist (don't forget, she'll need a computer and phone system too) what about paying for your own health care by yourself (even though you get to COBRA) and then there are those pesky taxes. You'll probably net net the same or less than you're making today when you figure in your capitalized costs.

It can be a tremendous business experience if it is something that you have the burning desire to do. But to say, wholesale, " $300k+ producers can make great money by going indy, and ALL of our clients will go with us." is incorrect and irresponsible. 

OTOH, if you can partner with a few others in your branch and create a $1MM indy branch... now you have something.

Whomitmay,Thanks for the concern. I never said I'd make "a lot more money" going indy; in fact I never said I'd make ANY more money. I said I'd make "great money". Here in BFE SW FL, $120k is great money for a 36 year old building his own business. I've run my own business from the time I graduated from college in '92 until I took my job at AGE in '99 (which allowed me to run this business as my own business). I completely understand the risks and rewards. What I will not accept is suddenly being an employee subject to the whims of a corporation. And yes, I will take all of my clients. I've already confirmed this with all of my A and B clients (I don't care to take the C's). They are fearful of the takeover and relieved that I will keep our relationship the same. Hopefully you won't scare any others reading this from doing the right thing with your posts. Many of us in this business are entrepreneurs just like you, believe it or not.

I think you WILL make a lot more money as an independent, and IF you took good care of your clients and created loyalty, you'll take the majority with you.  Here in BFE-MidWest, $120K is pretty good money also and I made more than that in my first full year of independence.  Better yet, the transition money is getting much better at indy firms with averages now in the 8-10% range all the way up to over 40% of trailing 12.

I don't blame any of you for taking a long, hard look at your new employer and taking an excellent opportunity to sail your own ship.  Whomit, you of all people should know that running your own firm pays a lot better than being an employee.  I'm personally netting almost 70% of my gross after everything (including assistant and assistant benefits) except income taxes.  My after-tax net is considerably higher than when I was an employee because of various tax-preferences realized as a self-employed.

AGE-ers, if you want your freedom, now's the time to take it.

I’d sell you all out for $25MM, too. You know you’d sell your Mama out for that much, too! IT’S CALLED BUSINESS!! Sign on the line or get the heck out. Either way, crying about it isn’t going to get you anywhere.

Indy, Thanks for the words of encouragement! I hope all the AGE brokers out there read them and take them to heart. I will wait to see what (if anything) Wachovia offers, but I and many of my pears will not simply eat a s%*t sandwich if that’s all they’re serving.