Thread regarding Capital One layoffs

CApital One Investing

Rumor. Is COI gone Friday?? Is someone trying to recruit advisors to Woodbury Financial??

Let's check back after a Thursday meeting

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Post ID: @OP+RQfNd79

12 replies (most recent on top)

Received my check in December, Sarah assured me it would not be taxable. My accountant just told me that the settlement check IS in fact taxable as non earned income. Despite what the law firm tells you please be advised you will receive a 1099. It would have been nice of them to give me the correct information before participating in the settlement. I suggest talking to your tax preparer prior to fully understand any tax ramifications of this settlement before making a decision.

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Post ID: @bFsiw+RQfNd79

Has anyone else received a call from Sarah from a law firm regarding a wrongful termination settlement? It sounded fairly promising. Has anyone had any success?

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Post ID: @bEovu+RQfNd79

seems valid. make sure the bankers have your contact info handy. had 2 customers call me already not happy about this new company taking the investments and were sent my way. banker was told if customer is upset and looking for the fa to be as helpful as possible to keep them calm and follow customers request was nice to explain the situation and assure that I was not fired or do anything wrong

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Post ID: @6cub+RQfNd79

Yea HR not into the bullying going on happy we received such good training and documentation of the importance of being a fiduciary under all circumstances. Good to. Know there is somesorta nice news

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Post ID: @6lfw+RQfNd79

Bank management communicates they will continue to take pride in associates values of excellence and do the right thing INCLUDING those impacted from any recent business model changes. Cap1 will assist the group and their families under all circumstances through this difficult time. sounds good for us. anyone else hearing this?

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Post ID: @5mjr+RQfNd79

Capital One Financial Corp. is closing its small bank-branch-based brokerage business and is working to move some of the affected advisors to Advisor Group, the independent broker-dealer holding company, said people familiar with the plan.

The McLean, Virginia-based bank company last month announced that it is closing its online brokerage business and selling its more than 1 million brokerage accounts to E*Trade Financial Corp. for $170 million.

The wind-down of Capital One Investing and its in-branch broker-dealer that employs about 130 advisors, furthers the company’s decision to exit peripheral businesses and focus on its core banking and national credit-card operations.

Capital One is planning to give the brokers details of the wind-down this afternoon, said the sources.

As part of the plan, Jeffrey Sills, head of advice and planning at Capital One Investing is joining Advisor Group, the parent of FSC Securities, Woodbury Financial, Royal Alliance Associates and Sagepoint Financial, with a mandate to persuade some Capital One advisors to follow him, according to one of the sources.

Sills, who spent the first two-thirds of his almost 30-year brokerage career at Smith Barney and predecessor firms Lehman Brothers and E.F. Hutton and who is on the Certified Financial Planning Board’s commission on standards, did not return a request for comment sent through LinkedIn.

Spokespeople at Capital One did not return several requests for confirmation, and an Advisor Group spokeswoman declined to comment. Yvette S. Butler, the president of Capital One Investing and a former head of Wells Fargo Advisors’ self-directed investment unit, did not immediately respond to a request for comment sent through LinkedIn.

In an interview in 2016, Sils discussed plans to grow headcount by 30%-40% by focusing on its investment advisory business and recruiting certified financial planners and junior advisors from other firms. At the time, advisors oversaw around $26 billion in assets under management.

—Jed Horowitz contributed to this story.

https://advisorhub.com/capital-one-close-bank-based-brokerage-business-exec-join-advisor-group/

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Post ID: @1yim+RQfNd79

about 75 mins away from finding out what is happening. Anyone know what severance is looking like or any additional information?

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Post ID: @1irr+RQfNd79

Good luck to all who are traveling today because of this debacle.

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Post ID: @1ytj+RQfNd79

This will go down as one of the biggest disasters in brokerage history. Good luck to all and even better luck to whoever of the 30+ advisors who decide to stay on board.

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Post ID: @mdm+RQfNd79

What’s the severance? Or the incentive if we’re sold?

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Post ID: @yyr+RQfNd79

This entire company is going downhill quick and is run by complete morons. Screw this place, I hope they go bankrupt.

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Post ID: @wqp+RQfNd79

Oh buddy, are you in for a wild ride over the next couple of days

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Post ID: @rkj+RQfNd79

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