We have been losing AUM in Wisconsin hand over fist. Minneapolis has experienced similar losses after their two top teams walked out the door. Texas is losing money hand over fist. Kansas City is losing assets and advisors. When is someone going to look at "leadership," and finally make some changes? I don't know if it's possible, but I am guessing they will find someone even worse to take over for DF. On BL's call, she repeated talked about the $2BN in assets that has left. What do they think is going to happen here? You cannot simply rely on mortgages to carry the day.
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@cq what’s special about JP and WF for wealth management?
@cq but we have an investment bank now. Won’t that be fun? I’m sure we won’t chase all the talent away and squander the 750 million it took to buy them.
@ap If you are actually are a client of PWM, you should be running for the hills. So many better options available with real wealth management firms. US Bank just promoted an empty suit to CIO with no real investment experience. USB has 2 or 3 stock analysts that work in SEG. They can’t possibly cover the market in a thorough way, so your PM has no support. Most of the PM’s have no real experience and have been riding the wave of the market, but if you ask them any meaningful questions, you can immediately tell they have nothing between the ears. All of the talented investment professionals have left in the past 5 years for real firms that actually have research, support, and compensation.
At its core, USB is a commercial bank that has a wealth management division that has zero resources. Unfortunately, USB isn’t even that good of a commercial bank. They can’t really compete on product, rates, or technology. If you want a real bank, you should be considering JPM or WFC.
This is what happens when you have BL & DF leading. They are both terrible leaders who have no clue what is going on. They keep trying to put out fires rather than fix the actual problems. Unless they are willing to change the business model, nothing will improve. Whoever decided to promote DF to CIO should also be fired. There is no way that SF can look at DF’s last 2 years and think he should not be fired, let alone promoted.
@OP the good news is that you’re finally getting rid of your regional executive.
We are an unserious organization led by unserious people.
Wow, I have a good amount of money with them that has done well. I wonder if it is wise to leave it there.