Thread regarding Wells Fargo & Co. layoffs

LPL Financial Lands $1.45 Billion Team from Wells Fargo -- Barrons.com Yet another Tech fail

LPL Financial Lands $1.45 Billion Team from Wells Fargo -- Barrons.com
By Andrew Welsch

LPL Financial recruited a group of Wells Fargo advisors who collectively oversaw $1.45 billion in advisory, brokerage, and retirement plan assets, the company said.

The advisors previously operated as three teams at Wells Fargo but are forming one independent practice, Carnegie Private Wealth, at LPL Financial. The Charlotte, N.C.-based advisors ....
The advisors said they made the move in part because of LPL's technology and resources. "Having the chance to start from scratch and build things exactly how we want them has been so rewarding and we are so excited for clients to experience what we have built,"

by Anonymous
| 2660 views | | 8 replies (last March 7, 2023) | Reply
Post ID: @OP+1lv7FCzV
Comment! It's anonymous!

8 replies (most recent on top)

Price must have been right, this group has been approached and offered in the past few years

Something must have aligned in this investing environment to pull the trigger now

by Anonymous
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Post ID: @1ani+1lv7FCzV

Wells Fargo is an aging dinosaur with a toxic culture, an untrustworthy reputation and self-serving leadership who’s only interest is keeping the money train going for themselves. It’s very difficult for FAs to convince new clients to bring their assets over to Wells Fargo, a bank known for exploiting their clients. I’m surprised we have an FA’s left.

by Anonymous
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Post ID: @1ngt+1lv7FCzV

: @1urj+1lv7FCzV

This is the only way WFA has attracted new teams in the last two years, so what is the difference in this situation?

by Anonymous
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Post ID: @1xwz+1lv7FCzV
I don't know. Just reviewing their job postings. You can tell a lot about a company's tech from their job postings. Looks like they are listening to the customer with a unified, SOA driven, .NET/ Angular stack. And they are near Charlotte (Fort Mill) as well as remote. And their layoff board is pretty vacant.
by Anonymous
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Post ID: @1bho+1lv7FCzV

Great news! If only we could exit the remainder of WIM as painlessly.

by Anonymous
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Post ID: @1avd+1lv7FCzV

That's what they say, but it's BS. They got a check to join LPL. The Tech between the two isn't that much different. I would even say the resources are greater at WFA.

by Anonymous
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Post ID: @1urj+1lv7FCzV

Excellent job leaders, we are now 1.5 billion under the asset cap… at the cost of highly productive advisors.

by Anonymous
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Post ID: @hym+1lv7FCzV

Woohoo! Go team (my new one)!!!!

by Anonymous
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Post ID: @qka+1lv7FCzV

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