Financial Advisors

Have another 12 mo on 10 yr contract w WFA (still owe about $400k of $2MM). Another $250k deferred comp awaits if I can make it to next April. Getting pretty bad here. Should I stick it out or not?

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works at

PCG. I just wonder sometimes how bad this firm is ruining my reputation, ability to build business, etc. If its clearly not best place to run business, I think clients expect us to act in their best interest (not our own) and seek out best solution. I am just so frustrated.

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OP, sorry about your frustration. If it were me l, I would wait it out but I’m a small fish. I can’t imagine losing out on 250K. Is a lot of your reputation built on Wells Fargo or do tour clients value you over the brand? If it’s the latter, I’d stick it out and stress the asset you are to your clients. I think it will help the transition later

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I’m sorry hear that and I hope it doesn’t effect more of your clients.

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Get out while you can!

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We are on Profit Formula platform.

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Are you Profit Formula? If not, your payout is probably mid-high 40s. There are super high quality places to go to get trans comp plus a payout in the mid 50s

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Got my first email today from a family transferring out that I’ve had for over 15 years. In email they flat said they would stay with me but can no longer stick with the lack of values and corporate greed now that the advisory business is impacted. If they wrote it, how many are thinking it????

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Clients hate Wells and and see our inability to run our business properly in this day and age. They are dying to get out but only tolerate because of us.

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Lol.....it goes waaaaaaaay beyond the reputation damage and headline risk. Management’s sole focus is covering their own arse from a compliance standpoint. Nobody is doing anything for FAs and their businesses. The culture is a disaster. This may be the most beurocratic management cluster____ I have EVER witnessed. FAs are leaving left and right. Head guy is an old stock jockey from Pittsburgh who is clueless where our industry is evolving (still stuck in the 80s/90s). It is stunning what we cannot utilize for communication w clients/prospects in 2018 without it being dumbed down to a completely ineffective level. Ok, enough ranting. I could go on for hours.

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Definitely getting out of this sinking ship. Just have to decide if I can wait another year for deferred comp and more drawdown on note AND whether to go RIA (already 100% fee-based) or take some trans comp (relocate note) on semi-indie 1099. Not sure I can afford to pay off note (400k ish) and set up RIA w no trans comp. #stuck

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If you have that much out there for waiting one year, why would you leave?? Are you losing clients? Seems like you’re jumping the gun.

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There can only be one answer...Ameriprise!

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Finet is still Wells Fargo so what would that accomplish ?

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Stay with WFA. It can only get better from this point. To tell clients that the Federal Reserve has completely swept the firm if all bad apples is a powerful value proposition

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I have been very loyal through several mergers. For the first time ever I’m open to considering options. Anyone talking to Finet?

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Management has been fair and upstanding during this whole debacle. Not sure who you are referring to but WFA management have been straight up honest. Plus three risk managers have recently left the firm making room for new blood in that area. WFA can only get better!

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Not our management (branch, market, regional, divison and all the way to head guy) team. They are all paralyzed by compliance, DOL, etc and none of them understand where our industry is going. IMHO.

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For that I would be staying for sure

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Are you wbs or Pcg?

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OP figure out what’s most important to you. It is indeed a frustrating situation with no easy or right answer. What kind of practice do you run? What kind of relationship do you have with your clients? What kind of person do you see yourself as? What does your intuition tell you when you think about staying? What does it tell you when you think about leaving? I know that’s a vague answer. However so many people can argue why you should go, and others can argue you why you should stay.

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