WFC/WB marriage?

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Oct 28, 2008 2:57 pm

I am an advisor at a Wells Fargo hub.  We have been given no clear direction on what our firm will look like in the future.  Has anyone heard of what will happen to a WB office and Wells Fargo hub in the same town? 

Oct 28, 2008 3:03 pm

I assume by HUB, you mean branch or I think you guys call them "stores"?? 

Oct 28, 2008 3:05 pm

Hub and store is a little different but along the same line.  I am in the Wealth Management area of my branch.

Oct 28, 2008 3:43 pm
bondqueen:

I am an advisor at a Wells Fargo hub.  We have been given no clear direction on what our firm will look like in the future.  Has anyone heard of what will happen to a WB office and Wells Fargo hub in the same town? 

 
It depends on which Rep is doing more business.
Oct 28, 2008 9:56 pm

My guess is you will, depending on weather you are a branch"store" FA or more of a brokerage FA, you will be either kept in a branch or moved to a brokerage branch.
Wachovia has three channels:
ISG- Bank branch.
PCG- Brokerage office
Finet- Independent owner

Really need a little more info on how Wells works.

Oct 28, 2008 10:12 pm

I am with Wells as well as a hub based broker. What that means is that i do not work in the branch/store environment. Who knows how it will all play out but more than likely it will be geographically determined. They may consolidate offices and they may not. More than likely the will end up doing some sort of segregation based on the Private Bank offices. Any producer who is not part of the Private Bank will be moved to the hub/brokerage office or a branch/store.

Oct 28, 2008 11:35 pm
bondqueen:

I am an advisor at a Wells Fargo hub.  We have been given no clear direction on what our firm will look like in the future.  Has anyone heard of what will happen to a WB office and Wells Fargo hub in the same town? 



Stop worrying about it...you'll know soon enough.  Keep your head down and stay focussed on your clients until you get definitive answers from management.

Oct 30, 2008 5:27 pm
bondqueen:

I am an advisor at a Wells Fargo hub. We have been given no clear direction on what our firm will look like in the future. Has anyone heard of what will happen to a WB office and Wells Fargo hub in the same town?





I can tell you what has occurred with the AGE/WS merger. There are still major markets that have not yet consolidated real estate. That usually is not a front burner item with these kinds of mergers.



My guess (and that is all it is) is that the WS management team will run brokerage.   WS is by far, the most profitable major firm on wall street.   It would seem illogical to take a management team that is arguably the best on wall street running the #2 firm and have Wells brokerage management team take over. WS management team has a long track record of successfully navigating these mergers.



The real estate issue will probably be decided based upon cost and capacity. Who runs the branch is a wholly separate issue. My guess is that in major markets the WS branch manager is going to end up running things. My guess is that the average production per FA in a Wells Hub is significantly less than a major Market Branch in the same city.



As a FA for Wells you probably are going to be pleased by the depth, breadth and amount of options to serve your clients.

Oct 30, 2008 5:37 pm
BukiRob2:

  WS is by far, the most profitable major firm on wall street.  

Sweet.
 
But other than THAT, how did you like the play Mrs. Lincoln?