WSJ article about brokers leaving the big wires
28 RepliesJump to last post
SF is making some very strategic openings. Most of the WFA Long Island branches are a shell of their former self. Mo. and the St. Louis area are easy pickings for Ben & Co, and SF. No one that I know trusts Danny and the boys, they have used up what little credibilty they have and moral is low at all AGE branches. Past experiance as guide, they will roll up those smaller branches in time. Michigan has had a moral problem for some time now. Apparently, the Regional Pres. is a total a-hole, just like the NE Regional.[/quote] I think it's clear that WFA could care less. They make their money from bank deposits. I'll bet in 5 years or less WFA has nothing but bank brokers. Danny loves em. They can get fired, they don't bitch and moan and they get paid far far less. I think a lot of the consolidation is pretty much over for some time. Another year or two the remaining firms will show their colors.[quote=Tropic Lightning69]There is some truth to your comments. The individual in question was the branch manager of an office outside of Detroit. This guy had been with Edwards since Edwards bought another firm in 1977. It was a good office. He took some other guys with him, although not all. Now the questions is whether WFA will keep this office or roll it into another office. His leaving, along with the others, cut the heart out of that office. And, it will never be the same. I know him personally, and he was quite unhappy. The reason that it didn’t happen sooner was that SF had purchased a number of offices from UBS in 2009, and they were not opening new offices until they digested the purchase from UBS. Lastly, the BOM of another Michigan office was heard to say something to this effect…" is SF going to back up a truck to all of the other WFA offices and empty them out…?" Finally, if the upper management of WFA is reading this, those guys that just left did not trust the management of WFA. Take note WFA, you have no credibility with the AGE brokers. The morale, at least in Michigan, is at the bottom of the barrel.
Anyone know if this was a legacy AGE office? or was it a Wach office and the AGE guys got x-ferred into it... I have heard there have been many closures of legacy AGE offices and being merged into Wach offices...There is some truth to your comments. The individual in question was the branch manager of an office outside of Detroit. This guy had been with Edwards since Edwards bought another firm in 1977. It was a good office. He took some other guys with him, although not all. Now the questions is whether WFA will keep this office or roll it into another office. His leaving, along with the others, cut the heart out of that office. And, it will never be the same. I know him personally, and he was quite unhappy. The reason that it didn’t happen sooner was that SF had purchased a number of offices from UBS in 2009, and they were not opening new offices until they digested the purchase from UBS. Lastly, the BOM of another Michigan office was heard to say something to this effect…" is SF going to back up a truck to all of the other WFA offices and empty them out…?" Finally, if the upper management of WFA is reading this, those guys that just left did not trust the management of WFA. Take note WFA, you have no credibility with the AGE brokers. The morale, at least in Michigan, is at the bottom of the barrel.
That's the guy I am talking about.[/quote] I heard this guy had the great lakes taken away from him and he was given a lesser territory in the central or home region. Not sure if it was because of his arrogant personna or what.[quote=Tropic Lightning69]The RP for Michigan and Ohio is a former AGE RP, his office is in Cincinnati. He is a decent guy. The Wachovia RP that Michigan had when WB took over AGE was the biggest loudmouth anyone can imagine. The first time I met the s.ob., I thought to myself, I ought to quit right now! Mr. Loudmouth likes to tell everyone that he was a million dollar producer with Merrill in Chicago. What Mr. Loudmouth didn’t say was that he was the 7th man of a 7 man team. Million dollar producers don’t walk away from a book to be regional manager that can get fired at anytime.
"2) 25% witholding from dollar one (affects guys under 750k)
seriously a multi trillion dollar company cant fix that-what a
joke
"
Outside software, Peoplesoft. in the process of being rewritten and then has to be tested.
Ever written or updated a large software program?
Didn’t think so. my brother-in -law does it for a living. Not an easy process.
seriously a multi trillion dollar company cant fix that-what a
joke 'They' say this is a one time issue and should be fixed by next year.....yeah right.
Was this a legacy AGE or a Wach office? Not that it matters but it would seem to be a bigger slap if it were a legacy Wachovia office and advisors.
its a legacy AGE office…The FA was either the number one or two producer in the MI/OH market place on the AGE side prior to the merger.
Dont know what his numbers were post bear market and one of the larger FA’s in the great lakeas region