Pinnacle hires away 9 Wealth Advisors from Truist. Ouch!!
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Think what you want about Pinnacle, but I’m just over a year in after two decades back through hBB&T. I wish I had made the jump a long time ago.
Pinnacle is better than BB&T ever was. It very well may not last forever. It may get bought one day. The culture may go away, just like BB&T’s did. But until that day comes, me and everybody else that have made the jump are going to enjoy going to work every day.
Pinnacle and these other small banks have no future. They will be bought as well. They are loading up in markets for brand value. They will pay a nice comfy salary (bonus is much smaller). Leaving to go to a small bank now is not a good long-term career plan. Every teammate that leaves Truist realizes it is still banking/wealth. Different name tag. Same drum being beaten.
The former Regional President worked for suntrust for an extended period before he worked for BB&T for a long time. He said “sc--w you guys, I’m going home” early in the merger. He knew exactly what suntruist was going to turn into.
Happening all over NC. Commercial Bankers, about 20(!) Market Execs, 20-30 Wealth Advisors….and they’re replacing none of them. Clients leaving in droves because their new banker or advisor is from 50 miles away.
The Regional President that took early retirement was only 57 yrs old when he left and a great leader. The market President did t get early retirement package, she just retired when her leader left during early phases of merger. They took their time off and strategically opened pinnacle in this market.
That is the pinnacle model, steal away entire Truist teams in a market to grow their bank and it’s been a successful model. They did this in Nashville and Atlanta, now in North Florida.
Also, we are also starting to see good bankers who left at beginning of merger starting to return to Truist that left for smaller banks. Pastures not always greener and after the first couple years of the shiny new toy feels fades, they are left at a smaller bank with less capabilities, they can’t be true advisors to their clients the way the smaller bank promised continual investments to go up line with capabilities. They are facing their own problems, it’s simply an industry problem.
Yep, the prior N FL Regional President and prior market president for Jax, both who took the VRS package have come out of “retirement.” The wealth people leaving was actually the second wave. The first wave happened a couple of months ago.
People are dropping fast. Not including the Jacksonville people, i personally know six that have left within the past 30! days. This place is like an airplane in a nose dive and we are quickly approaching that point where physic take over and no amount of force can level it out. Jump off if you can, and if you can’t, then hold on tight because the ride is going to get rougher and I don’t think it’s going to end well.
This is what happens when you have leadership that has no care and purpose in what they do. Systems that are antiquated and not user friendly for the client. How much longer is the BOD going to allow this to go on. It’s well known on the street that everyone is trying to get out so competitors are cherry picking the talent. It would be sad if it weren’t so pathetic.
Happened in Wilmington, NC a few months ago with RBC as well