If the operating group had a clue as to how much the integration process costs they would all freak out. Wells is holding the bag with complete id--ts manning the ship. Take a peek people you have uneducated sc-m destroying what’s left of a once profitable line of business
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I think the point about it being a mature business is a good one. Leadership could use some self awareness instead of trying to chase “growth” that just isn’t there. Focus instead on maintenance and making it easier for advisors to do business so that advisors stop leaving for competitors.
I’m so tired of Sol Gumby emails, and all his office visits.
Do you really think Sol Gindi was brought in to run this business for the long term. I have seen how this story ends, Take a look at what Citi did with Smith Barney.
I think there’s a natural problem in this business: FA’s that have been around awhile and are making a ton of money get super lazy and complacent.
FA’s that are new and super hungry have to face a super higher barrier to entry?
So how do you grow? Right now we’re trying to do it by going “all in” on WF premier so hopefully that works.
There’s an old pacifist saying, what if they threw a war and nobody showed up for it? In the case of WFA and its mass exodus of qualified employees, what if they threw an efficiency reorg and nobody showed up for it?
I thought that it was pretty telling when that lady that ran the “advisor experience scorecard” (a new initiative that was hyped up as a means to hold WFA management accountable and transparent) left within a year of launching it
Can we just sell it? Would anyone want it?
You all must not work closely with some of the senior management. Honestly, Sol is what we needed. Nobody was held accountable for anything and there was no urgency. He's looking to fix all that and kick some people in the rear. Too many people were or are hanging around because they were part of the friends and family deal with Kowach. I feel a lot of the morale problems are coming from the parent company with RTO BS, etc. That's not a WFA problem, but an Enterprise problem
That last reply basically sums it up. Executive leadership needs to find a way to boost employee morale. We don’t need Sol Gumby sending emails About his vacation/office visits with team members across the nation.
This is a business, not the Rotary club.
What’s in it for me/us?
WFA is indeed a mess. I’ve been in mid-level management here for 12 years and never seen such terrible morale—at home office and out in the field. People, including bosses, are openly discussing their external job searches (I guess that’s the idea-sharing and collaboration they wanted from RTO). After three years of living in fear of getting the axe from constant reorgs, people are burned out and have lost their loyalty to the company. We were kept on our toes by it for a year or two, now we’re just fed-up. The company’s consolidated the field governance structure into unwieldy, unresponsive, multi-state units in attempts to save money on managers, but backsliding on important risk management in the bargain. Job titles are ludicrously verbose, keep getting changed, and do not reflect the tasks one performs. Attrition has hit a critical mass where the remaining people are quitting from being overwhelmed. The results of poor, unfocused management are everywhere you look. In three/four short years, a once-mighty institution has been devastated.
I’m taking about the hiring of experience FA with no business…… this whole company is a joke of individuals trying to preserve themselves it’s so sad to see so much money getting wasted on garbage
Blame the Wachovia merger. The Wachovia WFA team and the Wells Fargo WBS team did not work together well. For example, those clients who had brokerage accounts with both banks, did not have an information sharing agreement for years after the merger. Now, WBS does not exist, and WFA is all we have. For example, just take a look at the brokerage section in the WF app and compare it to the TD Ameritrade app.
WFA Is trying to discourage you from using their lethargic online trading as it’s more profitable (for WFA) to work with a financial advisor. Also, forget the new intuitive investor Robo advisor. The ROI is so low that you’re better off investing in a FDIC insured product, instead. Don’t forget, Banks
make money for banks and shareholders.