https://riabiz.com/a/2023/10/11/wells-fargo-spins-heads-and-ki-ls-fax-machines-with-radical-plan-to-counter-wealth-management-erosion-by-five-fold-building-of-its-ibd-network-even-it-if-means-cannibalizing-its-own-advisors
9 replies (most recent on top)
I don't watch CNBC anymore since Maria Bartiromo left. Now I watch Fox Business.
Barry has survived by his chiseled good looks and flirting with CNBC hosts
True, but no previous manager changed it. Upgrades were always deemed too expensive and we were always looking for costs saves. Now we can finally catch up to the industry just to stay relevant
I work in WIM and am tired of hearing the executives brag so much about getting rid of fax machines and using docusign. Great, you have finally figured out how to modernize some processes with account opening. Somehow every other industry and competitors have been doing this for years with little fanfare. Replacing outdated processes with newer technologies is necessary to run the business and keep up with the competition, it is nothing to celebrate in itself.
All the people flocking from pcg to finet are planning a move away after one year. They all hate the poor service from WFA and finet as it’s not good. Even that channel transfer is a total joke because people don’t care
FiNet is possibly (?) a good move for PCG FAs who already know all the down-sides of Wells Fargo. But any outside transfers should receive a full-disclosure warning document.
How important is that upfront bonus to you?
This is a good read. Outsiders see through his bs too. These Hudson Yards guys are all good at talking the talk, but are incapable of walking the talk.
FAs are leaving the regular PCG channel to go to the FINET independent channel at a rapid pace. They had to slow it down. Nothing is well thought out, only reactive.
I heard from other executives (former and current) that he's really d-mb, arrogant, and a bully.