I’m hearing all Wealth Advisors and Investment Strategists will transition to FAs. Is this true? It seems like a big mandate. If so, I wonder if they will sell the Trust business next. Could help with expense reduction and efficiency ratios.
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@1hlb+1fBdoCjm
That's laughable. Instead, they are moving to AI.
“Know your business”
Heed your own advice. Institutional Retirement and Trust was sold. As was Corporate Trust. Trust Services under WIM is still around.
The fact is that Private Bank should have been consolidated into WFA over 10 years ago. Why it wasn’t done shortly after the mergers is mind boggling, but better late than never I suppose.
It has been run as a completely separate business with its own set of resources, different systems and unique policies and procedures. The moves happening now should eliminate a lot of redundant costs and simplify operations. I am critical of many things that WF does but this one actually makes a lot of sense in my opinion.
It’s called how do we show we are bringing on more FAs, here is a great idea, we will try to “convince” WA and IS to move into the role. Of course, it’s not going to plan.
This story has been written before, the end is coming soon.
There seems to be an engagement issue here all through the bankers. How do they not know about shareholder services going to ComputerShare and bankers being eliminated. We need to start hiring above retail level Starbucks kind of jobs and require finance, economics and other degrees + MBAs. We cannot survive with our customer facing employees being less educated in financial services than our customers. It’s simply not sustainable.
Yeah trust was sold a while ago lol. Know your business?
It’s possible that they could move trust over. They already moved corporate trust over to a different company a few months ago (ComputerShare)
All of WIM actually