Little surprised that no one is discussing the big cluster bo-b that TIS dropped in the Wealth division last Friday.
17 replies (most recent on top)
@292 you are correct. The issues with the business environment is what makes them take the call, but eventually a firm that wants that advisor (sorry, wants their revenue) will just keep stacking dollars til they agree. It’s an industry norm (used to be a check for one year’s trailing revenue, subject to a 7 year declining payback schedule, but probably a bit different now). The entire brokerage business is flawed, not just TFC’s version of it. In TFC’s case though, they finally realized that the broker/advisor doesn’t own the client, the bank does. Rude awakening for many but the advisor usually wins and the bank will lose. This has been in the works ever since banks started brokerage operations to disintermediate CD’s into sales-loaded mutual funds and annuities back in the 90’s.
@ep which shows you know nothing about what drives revenue for this company.
@hv and that example has absolutely nothing to do with a Truist team going to CapTrust. Usually the big check the advisors get is why. Although in Truist’s case, our systems are HORRIBLE, management support is non-existent, the rollout of FSC has been a gigantic flop and then telling advisors what they are going to charge their clients will probably be the final straw for many. Headhunting firms are falling all over themselves calling Truist advisors.
@ep and you could not be more wrong. Sorry.
@hv so what changes are being made?
@jk Its all a big mess.
@ja I'm in it. I've watched Wealth Brokerage run it into the ground and constantly talk about the good ole days at BB&T. Everything is looking backwards of nostalgic greatness from S&S and never a vision or path forward. Didn't work directly in it but the one area that gelled as Truist was OMNI and that was busted up a couple years back. I worked with Rusty a long time ago in legacy BB&T and he was a good guy as an example. Not sure raising fees now across the board is wise and it is certainly painful for some advisors that can probably justify not doing it, but leadership failed the FA's and missed this for years and now its forced on them all.
@cm then it doesn’t affect you.
@ht and it is the advisors decision until now when the big dictator tells an advisor what to do. THAT is their BIG mistake. And since you are posting generalizations, you obviously aren’t in the wealth management world.
Not only leaving money on the table, but having it go out the door too. Per yesterday's Tampa Bay Business Journal - Captrust Financial Advisors closed a second major local acquisition this year with the addition of a group of veteran advisors from Truist Bank's wealth management division in Tampa. The seven-member team, included three CFPs, that collectively managed $1.2 billion in assets for 200 clients at Truist....
@ep the separate post that Bill is Hot Mad seems to be the same item and explains it a bit more. Seems that Wealth has been leaving hundreds of millions on the table each year.
Wealth should be a big $ maker and from what I understand it has been sh!tting the bed since the MoE.
@why post if you are not going to share context?
Then you aren’t in the wealth management division so it doesn’t matter to you. I figured there weren’t many here.
Probably because no one knows what you are talking about.....
Well, go on. Tell us about.
What was it?