Photo Illustration for Barron's Advisor / Courtesy of Wells Fargo Advisors. The four-person team, OnPointe Wealth Management, joined the bank's Private Client...
https://www.barrons.com/advisor/articles/wells-fargo-recruits-ubs-team-51627588075
10 replies (most recent on top)
Incredible. They will be a $50 Million Dollar group by the time they leave Wells.
The international advisors WFA lost or will lose due to their shut down manage over $40 billion. That's going out the door, so 800$ team gained is nothing. WFA has no idea what they are doing.
Post ID: @kbz+1c5lxT61
Oh please! That is the exact same attitude that has kept WFC in trouble for so long. Execs and managers only wanting to hear the positive bs and not wanting to look at what’s going wrong much less fixing what’s going wrong. All the people who don’t have one foot in reality need to get out now. This is a business, not Disneyland.
Love the positivity OP! Great job. Good news for us at Wells Fargo (if you’re reading this and collecting a paycheck from WF and aren’t excited by this, get out right now).
Post ID: @sif+1c5lxT61
I’ll tell you why WFA is losing top teams:
Yes we are paying top recruitment dollars, but they are disappointed once they get here. Our sales pitch sounds promising but the truth is ugly once they move over. I love WFA, but being affiliated with the bank is what’s destroying us.
The brand name of Wells Fargo is still associated with scandal, which makes it more difficult to bring in new clients. A big mistake was made in eliminating international business, frustrating many FAs and eating in to their earnings. Our technology is outdated and not intuitive. Policies are ever changing. The right hand doesn’t speak to the left. Compliance is overly restrictive and overbearing, compared to other firms. We are losing institutional knowledge with Charlie at the helm - so FAs are stuck with turning to understaffed departments and call centers (with high turnover) for service. InfoMAX is an unhelpful outdated maze. I could keep going….
Let's keep it real but I'd like to understand why we think we are losing great brokers and teams. It's not because we aren't offering record deals to come here nor not paying competitively. Why are people leaving? The change in org's really has no impact on the day to day servicing and sales to clients. It's not because they aren't trying to recruit either. It can't be the scandal because in 2019 and 2020 plenty of FAs were recruited. Many are going independent I understand which is why lord Hays is trying to build that up
Hey OP - what gives? You post about the ONE team Wells Fargo has successfully recruited recently.
I’ll be happy to post news every time Wells Fargo loses a high producing team.
In just the past few weeks, WFC has lost an $800 million team to Insigneo, a $1billion team to RBC, and a $1.3 billion team to LPL.
Let’s keep it real.
Yeah our brokerage side is better than others
Clearly Barry has no idea what he’s doing
They have no idea the mistake they've just made......