Financial Advisors are already feeling the difference in service and are talking about leaving the firm and going to a competitor. And why not? What kept them at Wells was the reputation (that went bye bye a long time ago) and the service they received for themselves and their clients. Now that service and backoffice have shown a quick downturn, FAs are looking to jump ship and shopping for the big check at Morgan or Stifel. Wells management really screwed the pooch on this one. They implement a totally new service model while at the same time, change Hub management with inexperienced team members all to save a few bucks. Really? No one at the upper levels would see this as a recipe for disaster?
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I’m surprised that business is even alive. I would never take advice from a wf advisor. Shows how complacent consumers are. Wait for the great wealth transfer from boomers.
They found a way to stem the exodus - bribing people to stay until they retire.
https://www.google.com/amp/s/www.bizjournals.com/stlouis/news/2019/12/16/st-louis-brokerage-signs-up-1-000-advisers-with.amp.html
I don't know where you've been OP but FAs have been leaving en masse for about 2 years.
Wells Fargo is a legend in its own mind. Denial abounds...
My theory is that WIM will be sold off in parts. Retirement business already sold. Rumors abound that Trust business is being shopped - very expensive incomplete tech project cancelled. Loads of regulation without much net revenue compared to a Wholesale and Community Bank.
This place has become slave labor with low pay .