WFA meets the Bank

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Mar 7, 2010 10:10 am

From the mouth of David Carroll, Wells Fargo wants to grow their bank-branch division:
Full article here:
http://charlotte.bizjournals.com/charlotte/blog/bank_notes/2010/03/report_wells_fargo_could_hire_10000_more_advisers.html?surround=lfn
Wells Fargo wants to drastically expand the number of wealth managers working in its branches.
David Carroll, Wells' chief of wealth management, told Reuters in an exclusive interview that the bank would like to add 10,000 more advisers to its roster over time. Most of those people would be based in bank branches.

David Carroll, Senior Executive Vice President for Wealth, Brokerage & Retirement Services at Wells Fargo

From Reuters: [i]Among the nearly 15,000 advisers employed by Well Fargo are 3,000 working inside Wells Fargo branches nationwide. Carroll said he's trying to grow the branch-based force as quickly as he can, constrained by the ability to find the right people.

"If I could double the number of people (in the branches), the market would support probably twice as many people as we have" in the branches now, Carroll said in an exclusive interview at his Charlotte, N.C., office.[/i]
[url=http://www.reuters.com/article/idUSTRE62429S20100305]Read the full report here.[/url]
Carroll is the lone senior Wachovia executive still employed by the bank. At Wachovia, Carroll was president of Wachovia Securities. That unit has been rebranded Wells Fargo Advisors.
Many observers thought Wells Fargo would slash the wealth-management and investment-banking operations at Wachovia when it acquired the Charlotte-based bank. However, Wells has signaled it intends to grow the operation with moves like Carroll's comments this week.

Mar 7, 2010 7:42 pm

WFC does not want or like us.     The goal is all ISG.  All in branch.  Cross sell.  lower payout.  The BANK's clients.

watch

Apr 20, 2010 4:48 pm

[quote=Jennifer Nettles]WFC does not want or like us.     The goal is all ISG.  All in branch.  Cross sell.  lower payout.  The BANK's clients. watch[/quote]

Preaching to the choir sadly.

Apr 21, 2010 1:53 pm

I don't buy the conspiracy.  We are incredibly profitable.  They certainly haven't been taking funds away from WFA or it's ability to grow and do business.  I've seen far more signs of a commitment to WFA than a distaste for it. 

The desire to grow brokers in the bank just seems like Wells is adopting that philosophy from Wachovia.  I am no fan of ISG and their complete disregard for professional courtesy among channels, but I think you guys are reaching.  Just my 2 cents. 

Apr 21, 2010 4:36 pm

I tell people that if they still do business with the big banks, whose fault is it next time there is a blow up?

Is it the governments fault or yours for enabling them by still doing business with them?    

They are set up for corporate clients.

Apr 21, 2010 8:56 pm

[quote=QB]

I don't buy the conspiracy.  We are incredibly profitable.  They certainly haven't been taking funds away from WFA or it's ability to grow and do business.  I've seen far more signs of a commitment to WFA than a distaste for it. 

The desire to grow brokers in the bank just seems like Wells is adopting that philosophy from Wachovia.  I am no fan of ISG and their complete disregard for professional courtesy among channels, but I think you guys are reaching.  Just my 2 cents. 

[/quote]

Ever wonder why WFA takes a 25 bps 12b fee from America funds in the managed platform but the trust company uses another class of funds that are not available to us due to their fiduciary duty to the client? Or why it's OK to murder them with fees on options trades that are no longer allowed in asset adviser? Or if a grandfather wants to start out a kid with a couple hundred bucks in a brokerage account they take 30% in fees year one? How about the aggressive advertising about the 100 free trades as a discount broker? How about all the new programs for professional development that teach you how to sell sticky banks products? Why the tax newer brokers, and old ones as if they are producing $800k+ ? Have you ever hear of a company screwing an employee on taxes and offering a fucking loan to make up for it? Have you ever hear of ANY firm that cant get the taxation correct?

Shall I go on?

I think your 2 cents are two 50 gallon drums of kool aid. I sure could be wrong.

Just my humble opinion.

Apr 23, 2010 12:17 pm

QB it did sound like a lot of Kool aid, reminds me of the rookie EJ advisors that come on preaching about there new firm.

WFA is just a pure crap firm to work for .

It make Walmart look like the Garden of Eden.

Apr 23, 2010 7:12 pm
Apr 23, 2010 7:13 pm

[quote=Greenbacks2]

QB it did sound like a lot of Kool aid, reminds me of the rookie EJ advisors that come on preaching about there new firm.

WFA is just a pure crap firm to work for .

It make Walmart look like the Garden of Eden.

[/quote]

Word.