AGE Retention Money
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[quote=PinBroker]
In my opinion, I think there will be more defections coming up. Several middle of the road guys that I know are right under $300k were sticking around until Dec31 to get the last AGE profit sharing. They are not eligible for the production bonus and 2 of them have told me they are “seriously” looking now.
The other part may come in when all of the bonus' are paid in mid to late-March. Just my 2cents.[/quote]According to my calandar Dec 31 already passed lol
Clearly there weren’t the mass defections as was once portrayed. WS has to be happy with the numbers thus far & yes in retrospect Bagby timed this deal perfectly.
In fact this was such a smooth transaction that I wouldn't doubt it if at this moment that Wachovia is on the prowl for there next meal at these deflated market prices. Before years end I wouldn't be surprised if they pounced on a midwest bank like NCC, USB or KEY.Anyone not eligible for a production bonus is someone we don't want anyway. As Wachovia we just became a top tier firm, we don't need bottom feeders anymore.[/quote][quote=PinBroker] They are not eligible for the production bonus and 2 of them have told me they are “seriously” looking now.
Yup
The fcs who left my office went to :
Smith Barney (Citi since fired CEO and SSB is rumored to be up for sale) Merrill Lynch (enough said, Cramer said they were teetering on BK until the oil money came in) So far, Wachovia is looking pretty darn good!Just remember, all you AGE fellas, now in the “new combined firm”, on an average production basis, you guys are the bottom feeders. Maybe if WB swallows up SSB (I assume you meant UBS) and Merrill really is in trouble, WB can replace all you AGE heavy hitters with real big producers. Sounds like fun to me! ROFLMFAO!
Here's what I think: WS is a BD that is going to give us more tools to grow our business then we know how to effectively utilize....most of the people that are going to stay are going to see a significant increase in their gross production. Most of the FC's that WS wants to stay aren't "bottom feeders" anyway. We are decent producers (Crest Club and above). The "bottom feeders" are the unregretable attrition that has left or is in the process of leaving. Sorry but that's the real world. I wish them nothing but succes in their new ventures, but they will not be sorely missed (hint, hint). Some good producers WILL leave but that is not anything new. The top half and AGE in general has carried far to many underperformers for far too long. "ROFLMAO" right back @ uJust remember, all you AGE fellas, now in the “new combined firm”, on an average production basis, you guys are the bottom feeders. Maybe if WB swallows up SSB (I assume you meant UBS) and Merrill really is in trouble, WB can replace all you AGE heavy hitters with real big producers. Sounds like fun to me! ROFLMFAO!
There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
As a CC producer I think I can say: "Talk to us when you get to the avg production at ML before you dis it." I thought that you actually had to be at ML at least 5 yrs before they allowed you to get the super M tattoed on your chest?There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
What do you clowns tell your clients when their managed money accts…drop 50% over the next 3 years?
"buy more" "it will come back" "im switching firms for a better culture" "we are in this for the long haul" "don't lose sight of your goals" Just curiousAs a CC producer I think I can say: "Talk to us when you get to the avg production at ML before you dis it." I thought that you actually had to be at ML at least 5 yrs before they allowed you to get the super M tattoed on your chest?[/quote][quote=Sedona] There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
Shredder,
I meant no disrespect to you or any CC producer. Regardless of what firm you're with, that's a respectable achievement. My response was directed specifically at FB because of the way he responded to a previous post ("suck on that little man").
I just wanted to give him some perspective that unless you are by far the #1 producer in the country (I'd assume tens of millions in production) there's always someone doing better than you, so there's no point in dissing anyone.
I know guys in their mid-thirties, 10 yrs at ML doing 1.5 mm, that are the nicest guys around, open to helping and coaching. So high production is no excuse for being a dick.
[quote=Ferris Bueller] [quote=YHWY] Just remember, all you AGE fellas, now in the “new combined firm”, on an average production basis, you guys are the bottom feeders. Maybe if WB swallows up SSB (I assume you meant UBS) and Merrill really is in trouble, WB can replace all you AGE heavy hitters with real big producers. Sounds like fun to me! ROFLMFAO!
[/quote]
I’ll do Chairman’s Council this year so suck on that little man.[/quote]
I’ll do Chairmans NET Production on less. Once I’m fully up and running I’ll do Chairmans Gross with about a 50% Pay raise from AGE/WS. Just wait till after the bonuses are paid. The defections will pick up quickly. The best thing going for WS now is the looming recession. That will keep brokers in their seats.
Why does no one recognize the option of going FiNet? You go indy AND get to keep the retention bonus! I know several FC's that are going to do just that. Yes, you have to wait a year but you also don't have to worry about the office raiding your book.
shredder,
This is what I am doing. I did extensive due diligence on LPL, RJFS and Commonwealth and was ready to go to Commonwealth. But the Finet option seems to make too much sense. I keep building my book while i wait a year.
Ferris,
You’re still a far cry from a BIG PRODUCER at a “Top Tier Firm” (of which I’m told you are now a part).
I control 92% of my money, chew on that. As far as my size goes (your little man reference), only those lacking feel the need to over-compensate verbally. LOFLMFAO
You seem so bitter YHWY??? Looking @ your posting time, shouldn't you have been doing something manly and watching the football game??Ferris,
You’re still a far cry from a BIG PRODUCER at a “Top Tier Firm” (of which I’m told you are now a part).
I control 92% of my money, chew on that. As far as my size goes (your little man reference), only those lacking feel the need to over-compensate verbally. LOFLMFAO
[quote=Sedona]
There you do… At AGE that really meant something. You were the big swinging @$%* in a sleepy office.
I’m sad to see AGE go, I really liked the folks there, but reality really sunk in when coming to ML and seeing POAs (trainees) doing the same level of production (let’s say 200k by 3rd year) of “seasoned vets” at AGE. There was a feeling that 200k was something and the reality of our business is that it just isn’t. I know school teachers making $80k and our business requires much more effort and determination than theirs.
Reality though is that “Chairman’s Council” at AGE (WS) if I recall means $850k+ in production, something that is close to the average production at ML.
In my office of 80 FAs (including 10+ POA trainees) I can count 5 doing 2mm, 5+ doing 1.5 mm, and 10+ doing 1mm, and a dozen others doing 800K.
Reality is that there are a lot of people needing our help, and the low production at AGE lead meny (including myself) to think there just wasn’t enough business out there.
I’m glad to be at a place that actively encourages personal growth and competition. ML is the true wealth management firm.
[/quote]
Wow their Kool-Aid is strong!
Shred,
Insightful that you see my post(s) as bitter. I encourage you to re-read them carefully. Have a great weekend all!