In one region, they have laid off or fired BOAs 3x (that I know of ....there could be others) within the last year.
Pattern: All women over 50. All single wage earners, worked at EJ for several years and one was getting ready to retire in September. Told the news out of the blue on Zoom calls with Associate Relations.
Simply got rid of them to bring in younger inexperienced people.
If anyone else experiences this situation, call an attorney and the EEOC.
I know exactly what region you are talking about. Bunch of loons. Got rid of the most educated of the bunch and kept the high school grad who regularly announces they need to hire "young people because 40 is too old."
This is the level of intelligence folks 🤪 protected by the local EJ elite / FAs.
@OP Document everything, especially how/when they began treating you differently and the timeline. If you are in a protected class and experience disparate treatment, duties are changed, put on a PIP or on FMLA and loose your ǰob - the EEOC needs to know. It is time-consuming to file with the EEOC, but Jones needs to be investigated for their illegal activites es
pecially the ageism. These people (esp. Financial advisors) need a check and balance system. You wont get it talking to HR. They are NOT your friends.
Contact the EEOC regardless. From what I understand, your protected class complaint has to be registered with the EEOC before you can file a lawsuit.
@h8 Yes. This is the direction the firm is moving. Merge offices to save on real estate costs. 1 BOA to 3 FAs per office. It’s an actually metric for each market to eliminate a certain amount of BOAs each year through 2030 and go to 3+ FA offices. No raises for those BOAs as stated. Wells has 1 Client Associate (BOA) to 3-5 FAs, they save lots of $$ doing this. And those CAs are mostly all registered. So if you aren’t a registered BOA and/or make too much, be expected to be kicked off. Hence the RL BOAs being replaced by an RC at home office and an AFA program in pilot at home office to serve whole regions vs in single branches.
Home office is in the know. RLs are too, they just aren’t telling their regions. Why would they? It would cause a ruckus. Easier to not tell regions and be a surprise vs telling and people leaving before they are ready.
@ss Hhhhmmmmm Market 8......Region 211? By all accounts, they have a good system to study called "Cancel and can BOAs 101"
@ss "optional" maybe. Strongly encouraged to "boost" FA pay for attraction/retention purposes - absolutely.
@k9 From the meetings I sat in at the home office where "teaming" was brought up, it was never pitched as "optional". I'm just a peon though, and those decisions are well above my pay grade. Just never heard leadership use the word optional when talking talking about it.
@OP, Teaming may remain an “option” but it will likely be the only option. Remember, this firm is now being run out of NYC by McKinsey and Citigroup castoffs with the key support staff in Bangalore.
@h8 more like an attrition program. Firm gets two benefits: 1) gets rid of older workers and 2) with teaming and office mergers into joint ventures, it will be very difficult to take any clients if an FA decides to leave and the client wants to go with them.
@k9 in 2023 and 2024 the operations division was told that we were "optimizing". We were told to train our indian replacements and had a few months to find work somewhere else. When asked about the moves being done for cheap labor, we were told that it was "not about cost cutting, it was about optimizing the costs." So yeah, "optimal"= Some of you people need to be fired...Tick Tock! (as penny says now)
@h8 Thanks for the information. We're being reassured that teaming will remain optional.
@j1 Publicly we're being reassured that teaming will remain optional but thanks for your input.
@gb , no one needs to belong to a "clique" to realize several BOAs will unfortunately be out of work by end of 2026.
@gb it's kind of funny that this stuff is talked about openly in the home office and branches are still in the dark.
EJ is moving away from the 1 FA and 1 BOA office. You're going to have 1 BOA doing the work for 2-4 FAs. Since pay will not increase for BOAs, they know this will not fly, so they're going to be replaced by new ones who don't know any better.
It's officially a "pilot program", last I heard, but it is the direction the firm is moving.
@dy Would you (or anyone) care to elaborate? I'm not in "the clique" in my region so it's pretty difficult to find information.
Yes, this is another disgusting move by the firm. BOAs with experience are being pushed out for younger d-mber bimbos to provide "eye candy" for the new hubs and will be paid cheaper wages. This is how it's done on the east coast. We are nothing more than backwards hicks to these soulless ghouls. Notice how penny ain't humble braggin' about these layoffs??
@OP, I heard through the grapevine its going to be ugly for the branches...