Wells Fargo Sales Assistants Cut Back
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I think this is nationwide, I heard branches around the country in different regins have had SA cuts this week and more coming. It makes sense…WFC is super cheap, the market is down do it gives them a great excuse, and a large # of brokers have already left.
[quote=brokergirl]Chazzy…what region are you in? How many years did she have with you and were the only FA she worked for? I am registered SA and am getting a little nervous since the “newest” merger.[/quote]
Im in the South - She was my firm provided SA who covered 2 other FA’s.
Be afraid, brokergirl, very afraid…sorry to say that but its reality. Best bet is to talk to your FA’s about going BFSA
good luck 2u
it's a work in progress, which is why details have yet to hit infomax. here's what i'm hearing thus far... wealth won't be in a hurry to move the assets, but the transition should begin by year's end. they will be selective - only those playing ball will be considered as they certainly aren't interested in feeding non-participating fas. if you're not referring biz to wealth, don't expect to receive biz from them. the most important part is that the referring fa will maintain the role as relationship manager with the client. the process is almost like adding wealth as an option to dma, compass, etc. (but it's not the same). wealth only does fee-based biz, and the referring fa shares in wealth-generated revenue (about 40bps to the grid for the 5mm household). fa may hold assets such as bond ladders and annuities within the same relationship. the fa can also surrender the relationship for a 1-time lump sum payout. this makes the most sense for clients with which the fa is not particularly dialed in. the fa would receive about 125bps. not a bad payout, but a 1-timer. there are various roles in wealth, but they generally get paid salary plus bonus. same with trust. they both tend to over-value their platforms as an fa could address just about everything they do. this is going to make the process of ramping up the arrangement a challenge. i imagine the structure will change a bit before final implementation, so don't rewrite your biz plan with this post! wealth make sense for the high end client that expects almost daily contact. complicated cases with assets in different countries, family limited partnerships, special needs trusts, etc., could likely be best served by wealth and allow the fa to run his own book. i think the collaborative effort could open doors to biz that i've never thought i could pursue - that's why i'm involved. half of something is better that all of nothing. a few new $5mm relationships from this arrangement would be most welcome. one last thing, don't let wealth get too comfy. if your fs refers the biz, you could be out. set expectations with both your branch and wealth that the process goes through you. they're as confused as everyone else, be straight with them now and it could work out well. [/quote] Why in the world would an FA after doing the hard work i.e. getting ink on paper and then give the account to someone that will stick them in a run of the mill asset allocation model that can be found in 10,000 other places? To me it feels like FA's are last on the totem pole. Once the other team or whatever handle the case THEY control the relationship. Next thing you know they don't even remember your name and every-other channel prospects the hell out of them. I hear the lip service about the FA retaining control but I don't buy into that claim Your comment about "moron FA's" not being able to handle a 5 million dollar case speaks volumes. You ever prospect? Anybody can employ a cookie cutter strategy which is all I've seen from that dept.[quote=3rd ID]go_huskies…interesting. Are you stating that Wealth will be referring out “existing” relationships under 2mil or is this just new biz going forward. How are the Wealth guys comp’d? Are they on salary/bonus or do they get commissions? I havent come across and Wealth people yet. As I said, Ive met the Trust guy, but no one from Wealth. How will Wealth determine how they refer biz? Will it be geographical without consideration to biz referred by FA to wealth or will it strictly be going to the FA’s that refer the most to Wealth? I ask this because if its judged by referrals from FA, then obviously the biggest FAs will be able to monopolize these partnerships right off the bat. Thanks
To me it feels like FA’s are last on the totem pole.
Now you know the Wachovia way.[quote=Sam Houston]To me it feels like FA’s are last on the totem pole.
Now you know the Wachovia way. [/quote] sigh.... I just have to get past it. Coming up on year three. Negativity is like cancer. I chemo myself everyday. Luckily my branch manger is the greatest leader one could ever have.Big Banks understand Trust and Asset Management----the bank controls the relationship and the assigned employee covering the account is replaceable. The client belongs to the bank.
Big Banks do not understand a retail brokerage environment where the broker drives the relationship.
Entrepenurial vs Proprietary 2 different models and 2 different mindsets. All this talk of collaboration between bankers and brokers is intended to tie the client to the bank and make it more difficult for the client to leave if the broker is no longer there.
Playing ball will probably put more money into a broker’s pocket, just be sure you know who owns the ball.
[quote=exUBS]Big Banks understand Trust and Asset Management----the bank controls the relationship and the assigned employee covering the account is replaceable. The client belongs to the bank.
Big Banks do not understand a retail brokerage environment where the broker drives the relationship.
Entrepenurial vs Proprietary 2 different models and 2 different mindsets. All this talk of collaboration between bankers and brokers is intended to tie the client to the bank and make it more difficult for the client to leave if the broker is no longer there.
Playing ball will probably put more money into a broker’s pocket, just be sure you know who owns the ball.
[/quote]
+1
i love how presenting how a process can possibly work gets turned upside down on these boards. lots of fear and paranoia out there…
don't embrace the wealth process if you don't want to. i believe it has it's place, and i only intended to shed light on the subject. i will not be turning over my 5mm investment mgmt relationships over to anyone as i am more than capable of addressing the needs. i am a cfp and i run a sophisticated practice. i have found many clients via prospecting that present cases far too complex for me to address. family limited partnerships encompassing real estate holdings and other closely owned businesses. cases which employ lending strategies and asset swaps across entities to minimize taxes. qualified real estate. such encumbered households would be a massive challenge to be serviced by an fa and his sa, nevermind the compliance headaches such strategies present. these are the opportunities in which wealth mgmt can be effective. involving wealth is likely the only way to land the client, hence my belief that it has it's place. getting paid for being the point person makes it an worthwhile use of time. if one were to try to address the needs independently, there would be little room for other clients. again, this about closing biz you wouldn't likely win by yourself, or even attempt to pursue. why not get paid for the referral? my point is that there can be a win-win with wealth and the fa. as far as "moron fa's" reference, they're the guys that sell nothing but packaged products and will likely be out of the biz within 2 years. fixed annuity and loaded-fund salesman fall into this category. they provide minimal value and won't be relevant much longer.All this talk about Wealth management and the bank side. On the PCG side, No they are not going to ask you to turn over the large relationship 5+ MIL to them. In fact you don’t have to have any involvement with Wealth. If you are part of ISG. well the bank owns you get use to it!! In our market we have a bunch of clients come to us from the bank side and wealth unsolicited with no problem.