Do they justify sending 1000 Advisors to Nashville along with Regional Support Clowns, “National” sales people and Market Leaders who can’t do their job? Yet they are letting people go to save money. That Nashville soirée cost at least $5-$10 million.
14 replies (most recent on top)
@aj Would love to see how far Sales would get generating revenue without the infrastructure that supports them.
@kn that new RE from Truist puts on a show wherever she goes!!
@OP you should’ve been in Dallas not long ago. Unreal how wasted those leaders were
@hh you aren’t wrong!!!
@f4
Ding do-g - it was an Advisor Growth Summit no sponsors. Comes out of WFAs coffers. Why lie, you weren’t on both sides of the business
@OP this happens across the company. Most of these extravagant trips end up turning into pl----y mansion style parties in the evenings, I guess sales pressure requires a release and leadership allows it to happen
So accurate!
Same thing, different day…these “meetings” are just a huge party and all eyes are turned to what happens after hours
@ds these are not reward trips. These are educational conferences that are in fact paid for by the vendors. I have been on both sides of the table working for WFA and an annuity company. I have been to several of these as an attendee and vendor.
@c0
Learn your regulations. Companies can’t write a big of a check for a conference especially since It was a Wells sponsored event.
Strict FINRA and SEC regulations generally prohibit Wall Street firms from having third-party companies pay for luxury, multi-day reward events for their sales teams. These rules prevent conflicts of interest, bribery, and the improper influencing of financial professionals by product providers
There was the Disney World trip for the new college hires, pretty sure that wasn't covered by vendors. Pics on LinkedIn. (Search under Wells/College)
Those Nashville trips are not paid for by WFA,, they are paid for by the vendors. If an insurance company or mutual fund group wants to have their products sold through WFA they have to write really big checks just to get on the platform, then additional checks to sponsor meetings like the Nashville ones. The firm probably makes a small profit on these events.
The people being let go dont generate revenue. These people do. If you dont like it get into sales, but be warned that if you dont cut it you get canned or starve. There isnt any sitting around all day with nothing to do or any of the quiet quitting BS. Go ahead and give it a try and let us know how it goes for you.
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