https://www.advisorhub.com/wells-fargo-advisors-stepped-up-hiring-sustains-2-billion-recruiting-loan-tab/
That's where the money goes
4 replies (most recent on top)
WFA will spend a fortune bringing on lets say a 2 man Merrill team and their CA with 120m aum. They very well may hire a outside contractor to help with the transition that will cost a ton. Next thing you know 1 FA will get his mother hired and the other his wife hired as sr CA’s with no experience. The transition will blow up and they are lucky to get 60m in the door. This is an example of a huge success for this desperate skeleton of what once was
@frs+1lOTRm8c Wouldn't success for WF look like what the Glass-Steagall Act was designed to do? The awareness for corruption and otherwise were well known 90 years ago. A lot of financial products and services have been invented to blur the lines to cause legislation to appear outdated, which then falsely promotes more opportunity and limited risk when laws are repealed. Now we always expect that once something bad happens, a new bad something will happen in the next 10-15 years.
Should WF become investment banking centric, to their benefit, any future legal infractions will be more complex to report and less understood by most people. This is how Goldman Sachs and JP Morgan Chase operate today. No one cares about the hilarious Sons & Daughters program or the corrupt Malaysian Fund, both far removed from anything well known to most of us like checking, savings and credit card accounts.
C-Suite does everything they possibly can to alienate and put the squeeze on our FAs, and then wonders why they have to pay top $ to replace the ones who leave.
My suggestions:
- Invest in more user-friendly technologies which talk to each other and help FAs to focus on their clients rather than struggling with the basics.
- Stop laying off and offshoring experienced Home Office employees who can provide intelligent meaningful customer service to the FAs.
- Treat Home Office staff with dignity and respect and improve the culture so that employees will in turn provide our FAs with excellent service and support.
- Get oversight and ethics under control, and seriously work towards improving the bank’s reputation. It’s difficult for FAs to bring HNW customers to our tarnished brand.
- Start over with InfoMAX. The concept is good, but the product is frustrating to navigate and provides ZERO help to most branches.
- Stop pushing Managed Money, which is beneficial to Wells Fargo rather than
our clients.
- Stop frustrating our FAs with minutia compliance bs and focus on getting the big stuff right.
- Wells Fargo needs to learn to put clients first and will continue to fail until they get that one basic right.
Charlie wants to turn WF into an investment bank and destroy/divest the community bank. This is why things seem so nuts and why he doesn’t care about getting rid of the asset cap.