Just heard from a very reputable source that they are closing Denver all together and the previously mentioned PAS folk.
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https://www.thelayoff.com/t/SUABhNe
Fidelity firing people
Denver is absolutely NOT closing. None of the sites are. All of the service teams, PAS included, need to be reconsidered and restructured. If you work in an RC, you know that it makes no sense for a HNW rep to wait on hold, sometimes 20+ minutes, to have a distribution or contribution processed f on a managed account. It only makes sense to upskill reps who are able to handle additional responsibilities so they can own the issues and be efficient for he company.
I am genuinely upset about the loss of some wonderful friends and colleagues from my site. No amount of business accumen or market foresight can change how much this s---s. It S---S. but I'm still bleeding green for a company that cares about our employee experience as much as they care about our client experience.
No
Fake
PAS WILL LOOK PRETTY DIFFERENT, BUT IT'S NOT GOING AWAY. Fidelity makes millions per PAS book and pays peanuts to handle the relationship. If they truly set aside a large group from PAs right now, they are shooting themselves in the foot.
No way the entire Denver call center will be eliminated. You must be smoking some good legal Colorado weed if you believe that rumor. Too much money invested and tax breaks received for that to happen..
Denver is not being closed, I know that for a fact. Can't divulge the evidence - would be too easy to identify me, but I assure you that rumor is not accurate.
Agreed it's not "sales". But to retain the $250 billion paying Fidelity 1% to manage it is a profitable endeavor.
Let's be honest. The sales roles in pas play goalie to retain the assets. They don't sell. Reps who can't sell go to pas, reps then can sell go to the branches
PAS is already the most profitable function of PI. Those sales roles retain the clients and sell more money into PAS. That's what I meant by the previous comment. Although your simple comment without any thought probably seemed comical before you sent it out. Nice.
Profitable.....?
I'm assuming you mean PAS service and not the PAS sales roles? They've been testing getting rid of PAS Service for awhile now. Not sure what PAS even is without the CMR, PS, SPS and PAS FC roles existing.
What about all the new go green space they just built out there? Are they really walking away from all that expense?
It would be cheaper to "weed" them out by weekly mandatory drug tests.
I heard about Denver but it's going to be more than PAS teams elsewhere.