- Sommers is completely destroying wealth- not just former private bank but wfa too- his vision is s—t, has no executive gravitas , can’t communicate, just count the umms and like you knows and f bo--s every time he talks.. his leadership or lack there of is causing the firm to hemorrhage advisors and leaders daily all the while he is trying to pin it on Hays, Alexander and former Tpb leaders so he can hire more sickophants ( pun intended) like his mini me M Liersch.. who is just plain crazy.. they think they are Dimon reborn, but are really JPM rejects - yet they are protected by chain saw Charlie- enough said..
9 replies (most recent on top)
Barry is a buffoon. He couldn't grow Chase Wealth so he sold his way into WIM. Total Chase reject. That said, I moved to Morgan Stanley and it's night and day difference. MS has their sh/t together. WIM was such a cluster run by entitled bureaucrats who were petulant and clueless when it came to wealth management.
Wealth has been a train wreck for years, why do we think the new guy is making it worse? Is it even possible to get worse?
Post ID: @lmd+1c2pC3zb
Clarifying my use of WFA vs WFC: I’ve worked for the brokerage side long before we were acquired by Wells. I work for WFA, but blame the bank side (WFC) for ruining the brand (Stumpf) and for making most of the bad decisions currently affecting us (Scharf). I consider Barry Sommers to be on the bank side. I report up through Jim Hays.
I am in a position to help on the tech side. What do you need the most?
Wealth was sh-t for years, it was a good move to blow it up. WFAM only had inflows in money market funds which we don't make any money on.
That said, we'll see how "WIM Vision" plays out.
I work in WIM and don’t know what we do. Something about customer journeys and we have to build out a path or some nonsense.
When you keep mentioning WFC, it makes me think you don't know what you're talking about. WFA pays them and completely WFA's decision. 75% of WFC doesn't even know what WIM is or what they do.
In my position, I talk to FAs all day and none of them can stand him. WFC pays $multi-millions to recruit FAs to bring their clients to WFC and then we pi$$ them all off and they are (continuing) to leave in droves.
Great business plan WFC! Could we get someone in charge who actually understands the business?
Meh...FAs we're leaving before Barry all thanks to the bank. The LoB just needs a ton of funds for technology. I don't really agree with the international exit though and I think wasn't well thought out. I think they underestimated how many would leave.