WFA is done. Some good people were let go. They will find better jobs at other firms. Others were close to retirement so they got paid to leave. No one wants to talk about the dumbest move in the brokerage industry.
There was nothing wrong with having 3 channels in the first place. All that needed fixing was to align the rules among the channels and to cut the senior management who added no value. Instead, they went for the people who actually ran and kept the business going day to day.
PCG = The FA and the client are the most important thing to support.
WBS = You better worship your Manager, your dotted line Managers, do activities that do not benefit the client so senior leadership can get a bonus. The FAs are treated like trolls in the diamond mines and the their client associates are treated much worse. Pray that someone in upper management is not in a bad mood or you will be the scapegoat. Threats are the normal way of doing things. Managers claim the are too busy recruiting (having lunch on the company with friends and family) and will bring in someone to fail to save their own jobs. Tons of stupid projects that waste time. We had one last year where it involved a lot of meetings and no one running the business day to day. It involved trying to remove the FA as the focal point for the client claiming a better client experience.
FiNet = same as PCG
WIM and all their channels can be defined as a Dumpster Fire. All but a few senior leaders are empty suits tasked with managing check the box activities which don't enhance the client experience: Simpler, Faster, Better is nothing more than a tag-line goal that will never happen. Too big to fail? Yes, management knows it but force the Kool-Aid on everyone.
All the Wealth offices are full of Robots that are told what to do because no one knows how to do it!! This is just the beginning, time to trim the fat!