Trying to post this for the third time. Keeps getting taken down. Asking when DF will be replaced. For his efforts in losing talented team members and hundreds of millions in AUM, he was rewarded with the Chief Investment Officer role for the fifth largest bank in the US-you heard that right. Leadership, and I use that term loosely, has lost scads of talent and BILLIONS of assets under management. No one ever pays the price in PWM. When Minneapolis lost their most talented team members, and some of its most lucrative relationships-those managers remained in chair. There are never any repercussions, unless you point out the problems which are so glaringly obvious. The dirty kittle secret in PWM is that the thing driving sales is banking-primarily mortgages, which don't even count towards goals at any private death shop worth its salt. Those of us who have been in chair for a long time will muddle through. Younger members should run not walk to get out of here.
4 replies (most recent on top)
To be fair there are structural problems in general with regional bank wealth management. First of all in general the talent pool will self select such that the higher producers will go to the non banks who will pay higher commission splits. Second the synergy for a regional bank having wealth management is often oversold (on two dimensions, one being the likelihood of cross selling wealth management to existing bank clients and the other being the fact that while theoretically fee income should be ROE accretive the net income from wealth management after paying all expenses barely moves the needle)
Important note - he isn't the CIO of the bank. He's not a C suite member. He's just the CIO of that small WM area.
WCIBO is worse part of Wealth. Jobs are getting off shore to USBank India , even you haven’t lose your job because you aren’t in one of the main Hub like AZ, OH, MN
@OP Danny boy must check the site. Thin skin, it appears, which is a good trait for a CIO.