Other than the FRAs being laid off, are there any updates concerning the Investment Products Group or Compliance Group?
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@2xmj: I’m so sorry to hear that. I agree with your assessment of why no announcements. It wasn’t a bad concept in theory, but I’m imagining that clients were not happy with their business being given to someone else no matter how good you are at what you do. Wells Fargo never did get that a client’s loyalty is with their FA, not Wells Fargo. I hope you did gain good experience that will lead to a solid job elsewhere.
Hey I missed the whole FRA news. Did Wells stop that program? I always thought it was just a way for them to get their “advisor-cou
nt” back up since advisors were leaving in droves after 2016, and they were having trouble recruiting from other firms without huge upfront packages. Did it not work out?
Truth be told, though, the FRA experience should be great for building on to your resume.
I was an FRA that was laid off this week and I was told by my branch manager that there would be no announcement made both nationally or in our branch. I believe that is because it would upset the FAs who have segmented so many accounts to us.
I believed them when they said they were going to be transparent and honest. Then the FRAs got culled and there’s been no word at all. Team members cut loose and it swept under the rug. To be honest, it gives me the creeps. Management has signaled that it is not planning on being forthright.
I am not a Financial Advisor but I have spent my career helping them. Wells fleeces them every chance they get. I have NO idea why any of them stay here, constantly having to defend the Bank’s now terrible reputation to their clients. The FAs are bringing in the money that is paying our paychecks and yet our management smugly sits up in the ivory tower and keeps taking away services, reducing their payouts, leaning on them to bring in new wealthier clients and then we tell those new wealthy clients that we can’t’ accomplish/won’t allow half the things they want to do, our technology is from the 80’s, we bury them in compliance bs, we’re making them get rid of their assistants, they can’t get a straight answer from anyone because it’s all call centers now, we pressure them to put all their clients in to managed money (not always best for the clients, but is always best for Wells), we’ve completely screwed up Research and taken away the true voice of our economists.
Frankly, many of us who work at WFA wish we could be acquired by another brokerage firm who understands and supports the business.
FRA was doomed the minute they started rolling it out last fall. You take a licensed banker and pay them a salary to handle the lower balance accounts and to refer to wells trade and robo advisors. FRA gives general advice like Suze Orman. Anything to prevent them from building a book and leaving.
Wells Fargo Advisors went through cost cutting last year with the pcg/wbs consolidation. What came out of that was more area managers for the FAs and and additional sliver now called Private Wealth. With a new division are more middle managers that do zip. No cost savings there, just less support for FAs.
Wealth on the other hand is full of useless id–ts that add no value. This is private banking, trust, portfolio management. Many layers of people trying to offer services and grab clients from the FA. If the need a few names to lay off, I can give a list to the ceo
My opinion they screwed clients by screwing their credit.. Clients that have credit and have paid on time everytime they reduced their availability of credit to what they owe thereby screwing those of us trying to build credit profiles to buy a home.. JP Morgan/Chase, care credit, Amazon, bp, Texaco/chevron and community bank, & Home Credit all have done the same. Putting middle class America in a c-appy position making a 710 credit score drop to 600 or less.. There should be a regulation for banks that have closed credit cards with excellent payment history of 7 years ruining Americans good credit. There should be something in the cares act or our government should do something about it. Our care credit was for emergencies and credit building, as were all our other cards.. This will be twice wells Fargo screwed us but at least they and chase didnt close out accounts like the rest of them did. Without notice mind you.. They have middle class America screwed utterly and completely. I think there should be a clean slate since most all banks got a bail out that should cover whatever we owe and it should be taken care of..
I wish if people were to share more - we'd be able to pool info.
I know a branch that just laid of 3 CA’s. Also cuts to compliance and product group if they didn’t happen yet should be a lot more next round.
My opinion only, they may look to scale back some CAs. Many are not registered and do cover as much revenue as the bank CAs.
Also eager to hear any updates. In the meantime, the FRA matter is a pretty significant development but, oddly, there’s been no word on it. I keep refreshing the news section of Teamwork’s/InfoMax in search of the candor we’re embracing, but perhaps there are technical difficulties today.