Everyone has an opinion and a certificate on the wall, but nobody seems to know how to actually run anything anymore. Where is the management that has done the job before and can make a call? Because I am not seeing it. What I see is vague suggestions, meetings that end with no clear decision, and then people just doing whatever they think is right. Give me a real leader over a room full of advisors any day.
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How is it that GK has not taken a hatchet to the management ranks in PWM? Layer upon layer of duplicative middle managers.Their only purpose seems to be kissing the a$$ of "leaders," like DF. How many stupid mosaics can you create in the face of advisors leaving in droves and assets flying out the door? And, yes, the lift in the market has carried PWM, but also, the laughable practice of allowing private wealth advisors to stick their names on mortgages, where they have not met the client, let alone sourced the business. No other wealth shop on the planet does that. But, it's an honor among thieves ethos, because "leaders" like DF know that most of his markets only barely meet goal because of that practice. The whole thing is a house of cards, but as long as you have a "good attitude," lousy advisors and cr@p middle managers will continue to live off the corporate welfare id--ts like BL and SF offer.
This is where you end up when you sacrifice egalitarianism for equity, the E in DEI.
True leadership was replaced more with politics across the organization. That increased more under GK because no one knows what they’re doing and all the top talent left that don’t want to play political games. The only “lifers” left here have survived a decade of politics and like playing them.