How Wells Fargo is using 'counter-punch' to get unheard-of upper hand in the poaching wars with Morgan, Merrill and UBS
The DOL rule, abject opportunism and a little luck give the non-wirehouse wirehouse a window to reverse decades of getting bludgeoned by big checks
Author Janice Kirkel June 15, 2017 at 10:42 PM
Jeff Bischoff
June 16, 2017 — 7:15 PM
Great article. One note, all the deals signed in '08 (1,000 hires that year at UBS) were 9 years. They are coming up as we speak. We have entered the biggest recruiting period since the chaos of the housing crisis. The RIA space is going to be flooded with breakaways. Absolutely flooded
Stephen Winks
June 16, 2017 — 8:27 PM
A refreshing thought, how about firms recruiting on the basis of the quality of its support of expert advisory services rather than the size of the recruiting bonus. Wells Fargo could be blind sided by a short interlude of recruiting gains yet suffer from inattention to the competitive market standing of its brokers. You are who you say you are and Wells Fargo is saying transactions, not the client's best interests, is the driver of their business. SCW
Related Moves
In RIA custody milieu, Charlie Scharf's BNY Mellon exit for Wells Fargo is latest unforeseen vapor trail after Lisa Dolly, Tim Hockey, Terri Kallsen, Andy Gill and others fade into the firmament
The CEO-for-rent will face a monumental challenge turning around Wells Fargo, but perhaps not as bleak a landscape for profit margins; Is the RIA free ride coming to an end?
October 1, 2019 at 1:06 AM
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Top Executive: Robert Stanton
