https://advisorhub.com/wells-fargo-broker-count-falls-below-13000-as-firm-fires-salaried-advisors/
4 replies (most recent on top)
I'm in the top 10% of WFA producers and have contemplated interviewing at UBS, Morgan Stanley, and Raymond James due to the enormous challenges the firm faces. The tech and support have suffered tremendously and I can't keep putting my clients through that. I hope it improves as I don't want to go through the trouble and inconvenience of switching firms.
I'm in the top 10% of WFA producers and have contemplated interviewing at UBS, Morgan Stanley, and Raymond James due to the enormous challenges the firm faces. The tech and support have suffered tremendously and I can't keep putting my clients through that. I hope it improves as I don't want to go through the trouble and inconvenience of switching firms.
Post ID: @vom+17rrcARa
What flavor of Koolaid are you drinking? That is the false “company line”.
FA’s have been leaving in droves, on their own, since the scandals. Wells tried to disguise our falling FA numbers by bringing in salaried young understudies, making them big promises, and the coverup failed. That is who they are laying off. A small part of the problem is FAs retiring, but believe me: it’s too difficult for our FAs to bring in new wealthy clients when you work for a firm who has tarnished their reputation. We are down from approximately 17.000 FAs pre-scandal to 13,000 now.
The only way Wells has been able to recruit high producing FAs from other firms is with ever-higher upfront packages. Once the new prestigious FAs arrive and they see the limitations of our systems, our back office, compliance, the call centers where you can not get a right answer: they are not happy. And on top of that, we treat them like first graders. Compliance is good, but we take it WAY too far in ways that are never going to matter, and then we have other areas of real risk to the firm and our clients that we do not manage at all because our systems are so terrible. Or because it might reduce profits.
Seems normal. They are laying off underperformers to make room for external talent.