The new Head of Wealth Is running around talking about the urgent need to “up market” Wells Fargo brokerage clients to the Private Bank to generate more fees for the company. Small clients can fend for themselves via the digital platform, yet “we should be thinking about what is best for the client” every step of the way-Uh huh.
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Non sense. The problem is self dealing, that's when the private bank uses WFAM funds in their asset allocation models and charges fees twice (oversimplified, but you get the picture).
@vrf: classic thinking that keeps getting the bank in trouble with regulators. Who, in the world, upvoted this guy? Please explain yourselves.
Wealthy clients can afford to pay fees. Let them pay the fees. No need to feel sorry for them.
This may or may not be well known: but remember when Danny Ludeman, the head of WFA, “retired” In 2013? Word was that he resisted the bank’s pressure to force our FA’s in to the cross-selling scheme. He tried to play somewhat nice with bank leadership by encouraging FA’s to sell their clients on refinancing through Wells. But he wasn’t nearly aggressive enough. The bank pushed him out and brought in Mary Mack from the bank side. We liked Mary very much, but that is what we heard from people who knew Danny personally.
Of course they are going to go after the brokerage accounts for fee generation. That is the hall ark of the Universal Bank Model farce.