If front office attrition isn’t solved, soon back office won’t have to worry about RTO.
7 replies (most recent on top)
Definitely not talking about branches, I don’t think they deliver much to the bottom line after expenses. I’m focused on RMs, LOs, Advisors, and other high level Bankers that drive real revenue. I understand attrition is real among those positions.
@cws+1fLUSiHk
Plans are to keep turning the sc--w as some of them would get big severances and they don’t want to pay. So instead they will neuter them as much as possible, which also has a double purpose of making it harder to find a new job.
At WFA - we are losing/have lost our experienced and knowledgeable back office operations people to the detriment of us all. Higher paid people are hanging on, hoping for a severance package, but the young and smart are leaving are getting out.
@nti+1fLUSiHk
Robo-advisors are taking care of that. They don’t care if FAs go, they have shown that.
FA retention bonuses needed - FAs always jump 7 to 10 years before retirement to get the big check.....average FA age is 59 years old....
If you mean front office as in branches, we’re fine. Half are closing this year and we service far more customers through digital products than in branches. The writing has been on the wall for branches for a while now.
What are you talking about? Frontline call center employees are still WFH till September while staff/back office started trickling back in yesterday? If anything, staff attrition will be higher.