The sky isn’t falling.
 Certainly not. That’s why I’m so surprised that some are so eager to argue with us (apparently few) who have chosen to leave.

[quote]

Tell me why it is in my best interest to not have my brokerage account with the world's second largest broker/dealer backed by a huge bank and all their financial resources.

 Because, Wachovia (including Securities) is, at their core, a bank. This will result in clients getting much lower interest rates on cash and many more account related fees. These things are part and parcel of banks and are expected of the bank by its shareholders. Also,
 Wachovia does have proprietary funds (Evergreen, which are dogsh*t) and there will, inevitably, be some degree of pressure to use these funds, otherwise they wouldn't have a proprietary line of products at all.

[/quote]

The "pressure" to use proprietary funds is not applied to the client--it's applied to the "advisor."  Are you saying that you are so weak that you have to not even be around something for fear of falling victim to it?

The securities side of Wachovia is remarkably autonomous.  There many acquisitions--Wheat, Prescott, First Union, Bache and now AGE--have provided them with a HUGE pool of talent and experience.  The bank side has been, and will continue to be, a very happy owner without being a micromanager.

In this business access to capital is what it is all about.  Wachovia is now the second largest broker/dealer on earth.  Merrill is larger by most traditional measures--but Merrill does not have the access to capital that Wachovia Securities enjoys.

There is NO REASON for a client to flee a relationship with the world's second largest brokerage firm, and when they open their August statements they are going to wonder if leaving AGE for LPL is a smart idea when they can simply allow themselves to be absorbed by the second largest brokerage house in the world.

The importance of the broker/dealer is never appreciated in a rising market because a rising tide raises all ships--but in a falling market clients are going to stare at their dwindling accounts and will wonder aloud if their mistake is not allowing their account to be held by one of the firms with a recognizable name and reputation.

Okay, Quincy, either you are a BOM who’s doing anything he can to retain branch brokers and production to get that BIG FAT manager bonus (including trolling websites), or you’ve put blinders on and swallowed the AGE corporate line hook, line and sinker. Either way, best of luck to you. I’m still leaving (and taking ALL of my A and B clients with me). Sorry.
 

[quote]

Okay, Quincy, either you are a BOM who's doing anything he can to retain branch brokers and production to get that BIG FAT manager bonus (including trolling websites), or you've put blinders on and swallowed the AGE corporate line hook, line and sinker. Either way, best of luck to you. I'm still leaving (and taking ALL of my A and B clients with me). Sorry.

[/quote]

I have no doubt that Wachovia can get along without eleven accounts--but will you be able to when they wake up and think that they made a mistake by not staying with the world's second largest broker/dealer and all that it offers?

Again, Quinc, VERY curious that you care so much.
P.S. The feeling of loss will be mutual, trust me.

Just think, when you're an indy you can sleep late then get up and play with Internet forums in your jammies!

No mean branch managers setting standards like showing up at the office at least once a week.

Pretty soon you can be just like Joedabrkr and play with your kids all day using your home's equity buildup like an ATM.

Man, Quinc, you may want to seek help. Seriously, how can you POSSIBLY care so much that some brokers are leaving AGE/WB? You are actually trying (failing, of course, but trying) to personally insult someone who has chosen to leave. You may want to spend a few moments in self-reflection because that’s obviously where your real problem lies.
 Just trying to help, buddy.

I couldn't care less if you or anybody else changes firms.  The entire industry is actually a giant game of musical chairs.

What I am saying is that you're being dishonest when you say it is the merger that motivates you to become an independent.

What motivates you is that you're barely making it at AGE and the idea of working out of a closet at home and keeping 90% is the only real chance you have for long term survival.

So you're using the occasion of the merger as the excuse to make the move now.  You can tell your clients that it's best to do it now and don't have to explain that the real reason is that you'll be gone by the end of the year if you don't get an accelerated payout.

I know more about this than you do, including more about what motivates those of your ilk than those of your ilk know.

Quinc, you have no idea what my “ilk” is.
 Have I thought about going indy before the merger? Yes. Would I have done so without the merger? Probably not. I would have stayed with AGE for my whole career (another 20 years or so). Since AGE is going bye-bye, it has proven a catalyst for me. It will get my clients and myself into a superior situation (regardless of propaganda) for the next 20 years. Your anger and made-up scenarios about me really are an obvious case of projection on your part. Let Quincy worry about Quincy, to paraphrase what we say to out 4 & 6 year old daughters.

What a surprise...another thread ruined by Putsy.

He's not allowed to post at regreps.com

[quote]

Quinc, you have no idea what my "ilk" is.
 Have I thought about going indy before the merger? Yes. Would I have done so without the merger? Probably not. I would have stayed with AGE for my whole career (another 20 years or so). Since AGE is going bye-bye, it has proven a catalyst for me. It will get my clients and myself into a superior situation (regardless of propaganda) for the next 20 years. Your anger and made-up scenarios about me really are an obvious case of projection on your part. Let Quincy worry about Quincy, to paraphrase what we say to out 4 & 6 year old daughters.

[/quote]

I am not worried about you at all.  What I am seeking from you is an honest acknowledgement that you are not going to leave the nest because of the merger.

I am of the opinion that in this merger there are still too many unknowns for any intelligent conclusions that it is in a rep's, or their cient's, best interest to move on.

So the merger is not a catalyst, instead it's an excuse.

Do you disagree?

Putsy,
 Congratulations, you’re getting a little better at disguising yourself. Your unnatural NEED to be here and to try to prove your superiority (when you’re anything but) will always be your dead giveaway, though.
 You know nothing about this merger, nor do you know anything about the indy channel. You are a pitiful old man whom we own. I wonder if admin. is working today?

I can say that I am sticking with AGE/WB but it adds to the stress level when the branch starts to break apart. When half of a small branch leaves, it leaves the other half reeling. Does anyone else see this happening?

GG,
 I think all we can do is use our common sense at this point. My area shakes out like this: we are in a small-market area; there are now two AGE branches (both about 1/2 full) and one Wach. Sec. office, about 1/3 full with ultra low producers within about 7 miles of each other. Do you think that WB is going to keep three offices, three branch managers and about twenty empty offices (This doesn’t even count future attrition due to the merger) going forward?
 Since WB refuses to announce anything for a year, I think we can extrapolate some accurate information.

My situation is different, big market but no other age/wb in a booming part of town.

GG,
 That’s cool. Hopefully your branch dynamic can stay as it is. That’s one less thing to have to be concerned about.

we are actually looking forward to getting some bigger WB fc’s in our office. We’ve had a lot of defections lately and it’s amazing how they can turn an otherwise boring friday afternoon into full-blown chaos.

GG,
 I do find it interesting that you’re seeing so many guys actually walk out the door already. I can’t believe that’s a good sign. (As you know, and, I’m sure don’t care) I’m leaving and there are at least three others in my branch of 8 that are seriously thinking about going, but non of us will actually depart for a couple of months while we make final arrangements. The fact that you’re seeing exodus already is actually quite disturbing for the merger’s success, at least as far as holding on the the #2 (or 3, or 4  for that matter) largest retail brokerage spot is concerned.
 I know of about ten that have left, but not right from my own office.

It’s probably not a good sign for WB shareholders if this turns into a trend for bigger producers. 4 of the 6 were below 400k tt in my case. I agree, to move so soon indicates some degree of jumping the gun. Maybe the Aug. 31 date spooked people with the retention bonus election.

good posts guys.  I know our BoM was on high alert yesterday and a bit nervous, but we lost nobody.  Again, I know of a few going in the next 6 weeks though.  It takes time to get space if going indy, or to get a book in order before jumping to another wire. 

What is starting to annoy me if I was going to stay is the WS ads (those are ok), followed by the WBank ads (not ok) on TV that push the bank reps.  I live in a suburb of one of the largest cities in the country that WBank will be expanding into.  At the end of the day WB/WS will promote the system, not you.  For me and many others its just time to stake our own claim.

The options for leaving are large with every major firm here in town, including WS, and about 200 total wire reps/indy & private CFPs in town. Very affluent area and all the local Indy reps I’ve talked with do just as well if not better than  the average wire rep.