Shredder...

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!!!

Pru's deal was 10% of trailing on production 300k and above....that meant a annual check of 5,000.00 gross for 6 yrs.....Obviously for me..It wasn't worth sticking around for higher account fees and a tiered money market....How do you sell that to you loyal clients???

Good luck to you all

PS...listen to ymh_ymh_ymh...she knows what she is talking about!!

OMICO, The Pru deal was done withing spitting distance of the market bottom (Oct 2002). At that time, brokers were being fired left and right. I’m not saying AGE will get lucrative retention offers, I am saying that market/business-climate conditions are readically different now than when Wach did the Pru deal. Our branch has been unable to hire and keep a single broker for the past three years, trainee or veteran. It seems odd that Wach would by the potential to have @3800 broker it doesn’t want. If there are no offers below Crest and only modest poffers above, I guarantee mass exodous, and I beleive Wach knows this. This business about AGE brokers being captives is pure BS.

What you have to understand is that WB didn't buy the broker(as you like to call yourself)they bought the client!!!  It is merely the assets that WB wants....Market bottom...market top, it doesn'treally matter.  The currency is higher today than it was in Oct 2002....

I am not looking for an argument, I just want all my friends at AGE to know that their world has changed.....Oh, by the way, the only way a client of AGE will be able to have their account custodied in STL is to transfer to ED Jones......your movin to Richmond

Peace

OMICO, I’m not looking to argue either, this is a constructive process, sharing points of view (hence “chat room”). Wachovia did NOT buy our clients. I keep hearing that and I want everyone reading this to understand beyond a shadow of a doubt that Wachovia does not own our clients, our books or us. 90% of my clients would have gone with me had I left up until now, but now that AGE will not exist anymore, I can guarantee close to 100% client retention if/when I go indy (those other 10% had loyalty to AGE and WILL NOT to Wachovia). Please, don’t buy into this panic mode of our clients suddenly being owned by someone else. There are a lot of disgruntled brokers out there who feel shorted by previous retention offers and AGE may be in the exact same boat, but we won’t sign 6 year retention deals that cut our payout, change our culture and tie our hands without substantial monetary compansation. We won’t make the mistakes made by so many Pru brokers. By the way, Wachovia is moving its headquarters to STL, so, no, we’re not going to Richmond. This has been widely publicized.

Know this broker 010, Wach bought and owns your client's assets. Meaning, if they want to give you a hard time about moving them, they will. What's a hard time? Try a restraining order to not make contact with your clients, suing the broker for assets taken and the benefits derived, suing the broker for nonsolicitation, suing the broker for noncompete etc....

You may think you own them but technically and legally, now you don't.

EZ, You’re wrong, it’s that simple. Wachovia doesn’t have my signature on a single piece of paper. A. G. Edwards has no contract with me. Wachovia cannot prevent me from contacting anyone I like; my clients, your clients or anyone one of you others’ clients out there… If I sign an retention offer, then I’ll be constrained (which I will not due unless I am HANDSOMELY paid). Right now, all I need is an ACAT form and every one of my clients goes where I go.

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%

350K-650K: 35%

650K-800K: 65%

800K+: 100%

Thoughts? Confirmation?

iwork, Thanks for the input. Can’t confirm or refute your numbers. You do know that well over half of AGE’s brokers produce less than $350?

Iwork4you,

Did that information come from brokers or management.  B/c quite frankly I don't think anyone really has a clue at this point!  It is a bit frustrating as the head-hunters and others are beating down our doors...but I guess we all need to deomonstrate some patience (as difficult as it is for me..)

That information came from sizable advisors who pressured upper management, saying they needed to know now. It is preliminary information, but again, we have heard it from 3 independent sources.

As far as recruiters calling, there are many advantages to learning more now. The main advantage is that when UBS announced their retention package, they attached a 30-day shot-clock to it. This effectively limited the amount of time that the Piper advisors had to do their due diligence on any other firms they might want to investigate.

From AGE home office: they expect to present the broker retention package the week of 06/11/2007, for those who haven’t seen this…

Broker010,

Thanks...I saw that on the system a while ago.  I am wondering if the conference call scheduled for Thursday will be fielding questions from the field.  Have you heard anything?

RETENTION PACKAGE UPDATE.....

Im speaking with insiders at AGE, the retention package has not been determined yet.  The amount of money to be allocated to each production level will be determined once all the "Nest Eggs" have been auctioned off within the local branch offices.....Auction is scheduled to take place sometime in Late August....

Stay tuned....

UncleC., Nope, haven't heard any details about the Thursday conference call. Call me pessimistic, but the fact they they are not making the original conference call available as a replay does not bode well for the next one. I'd be shocked if they took questions. Good luck!

OMICO, why even bother with posts like that? Are you just bored?

Actually I am a bit bored....I'll leave this alone...Good Luck to all...

Over and out

Broker,

I just heard from another source locally that the package may indeed be as described by 'iwork4u'.  Either way, I just want this all to end so we can get back to focusing on WORK!

UncleC, if that’s the package (that iwork4u cited), then “Mary, bar the door”, becuase there will be mass exodous. I’m with you I just want the details. I’m grinding out my production since the announcement, but neither my heart nor my head are really in it. I’d imagine production firm-wide is suffering.

[quote=Unclecharlie]

Broker,

I just heard from another source locally that the package may indeed be as described by 'iwork4u'.  Either way, I just want this all to end so we can get back to focusing on WORK!

[/quote]

Thank God the guessing game will end sometimes next week and then we can all get back to work!

Heard the exact same #'s. I question the $650k b/c PC is $550k and might fall more in line with rewarding Chairman’s/President’s/Crest

[quote=Broker010]UncleC, if that's the package (that iwork4u cited), then "Mary, bar the door", becuase there will be mass exodous. I'm with you I just want the details. I'm grinding out my production since the announcement, but neither my heart nor my head are really in it. I'd imagine production firm-wide is suffering.[/quote]

My major mutual fund trailer fee's hit this month...otherwise it will be an absolutely crappy production month for me.