Weird things at WFA

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NOVA's picture
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Joined: 2005-01-11

1)  Remote access - you can not "power up" your office PC remotely to connect.  You need to be powered up and then you can connect.  Unusual in that it requires you to leave your PC powered on when you leave the office.  I'm told that the firm is in the process of eliminating remote access capability altogether.2) Branch Managers are calling the top 100 clients in every region.  They have a 2 page survey to complete - big font - not a lot of questions.  But one was "who do you consider to be your primary advisor"One other issue i can disclose, but it makes me wonder if someone is doing some pre-sale due diligence.  God i hope so.  As long as it isn't Ameriprise i hope so.

Jennifer Nettles's picture
Joined: 2010-03-01

NOVA wrote:1)  Remote access - you can not "power up" your office PC remotely to connect.  You need to be powered up and then you can connect.  Unusual in that it requires you to leave your PC powered on when you leave the office.  I'm told that the firm is in the process of eliminating remote access capability altogether.2) Branch Managers are calling the top 100 clients in every region.  They have a 2 page survey to complete - big font - not a lot of questions.  But one was "who do you consider to be your primary advisor"One other issue i can disclose, but it makes me wonder if someone is doing some pre-sale due diligence.  God i hope so.  As long as it isn't Ameriprise i hope so.Strumpf and his henchmen never wanted Wachoviasec.   They are bankers.Dont like cowboysUBS the buyer?McCann spins it off from Swiss and adds danny's peeps?

BigFirepower's picture
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Joined: 2010-07-09

Wow Jenni, you sound like a spy novel! YSaC....

gethardgetraw's picture
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Joined: 2009-10-22

UBS has a lot of spare cash. WFA does not. Possible buyout in the near future.  Poor WFA clients. Their statements have been from 3 different firms over the past 2 years and it may change again.

Gaddock's picture
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Joined: 2007-02-23

A buyout for WFA?  mmmmmmmm I just went to a warm and fuzzy place

Greenbacks2's picture
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Joined: 2010-03-03

Correct me if I am wrong. But I thought Wachovial got sold to Wells Fargo advisors?   Please excuse me for not being able to keep up with all the moves! 

QB's picture
QB
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Joined: 2009-01-31

NOVA, your PC shoudl always be left on for nightly maintenance, but if you happened to turn it off, it can be turned on remotely quite easily via online access.  Whoever is telling you that the firm is going to get rid of online access doesn't know what they are talking about.  It's never going away.  I also think your sale speculation is completely unfounded. 

NOVA's picture
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Joined: 2005-01-11

Try firing up your PC tonight.  Power it down at 4:05 then go home and try to power it up.  Peace out bro.  UBS would never buy anyone.

BigFirepower's picture
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Joined: 2010-07-09

I worked at a firm that sent everyone of us, a release form. This release form allowed the company to check our references and financial background, up to and including calling our friends, relatives, and neighbors. The form, not only was authorization for a one time check, or during our tenure, but even BEYOND our employment at the firm. I was one of only a  very, very few that refused to sign the release. The firm claimed, it was to protect the firm from reps that had been selling away during employment with outside insurance companies. Smelled like BS, and I suspected there was an ongoing effort related to M/A activity. The eventual happenings lead me to believe I was right, and I'm very glad I never signed that form. Today, and then, I wonder if the effort to induce us was coerced, and possibly criminal.

N.D.'s picture
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Joined: 2009-07-14

NOVA wrote:1)  Remote access - you can not "power up" your office PC remotely to connect.  You need to be powered up and then you can connect.  Unusual in that it requires you to leave your PC powered on when you leave the office.  I'm told that the firm is in the process of eliminating remote access capability altogether.2) Branch Managers are calling the top 100 clients in every region.  They have a 2 page survey to complete - big font - not a lot of questions.  But one was "who do you consider to be your primary advisor"One other issue i can disclose, but it makes me wonder if someone is doing some pre-sale due diligence.  God i hope so.  As long as it isn't Ameriprise i hope so.They have the cash and was rumored to be looking at UBS but purchased Columbia Management insteadJennifer Nettles wrote:Strumpf and his henchmen never wanted Wachoviasec.   They are bankers.Dont like cowboysUBS the buyer?McCann spins it off from Swiss and adds danny's peeps?NOVA wrote:Try firing up your PC tonight.  Power it down at 4:05 then go home and try to power it up.  Peace out bro.  UBS would never buy anyone. I thought McCann was putting lipstick on that pig looking for a buyer not the other way around.

skillopie's picture
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Joined: 2008-11-19

It's killing me. What in the world does a productivity manager do? Ours doesn't have that title anymore, but rather some generic title, but still does the same thing: Forward e-mails (that I have already received), shake down wholesalers for money for events, maybe get a speaker every once in a while, provide coaching (asking you what is working and then telling you to do more of that), etc.I am annoyed to no end that we waste money on a person like this. They add zero value. Someone please tell me they make 20 grand a year and I might feel better but I think this fool makes about 150k. Sickening. How do you know someone's job is meaningless? If that person was gone for 2 weeks would things completely shut down? Would they even be slowed? In my office where I believe that we have about 15 people doing the work of 9, nobody notices when this productivtiy clown is gone. There's never a "well we need to wait for him to get back to handle that". That means that you are fat that needs to be trimmed because I am freaking paying for it.

Jennifer Nettles's picture
Joined: 2010-03-01

I think UBS/Wachovia Sec deal almost got done in 08 when world was comming to an end.Forget who buys who now.......the Universial Bank Model.....well.......didnt work too well.........how bout a retro old school flashback.....Interstate securities/AG Edwards/Stifle et al model with just.......you ready........FA's managing peeps money?I think both Danny and McCann have got religion and have had acid falshbacks to the good old days without CDO's, Swiss Commies and MF banks BS............................spin wach sec and ubs wealth management off.............merge em.    make them a private partnership owned by employees  (a la......who was that?  JC Brardford?).Use the partnership shares to retain FA's.  focus on high end fee based teams.ramp it up.   real secular bull comes backIPO in 2017.        we all get rich.      retire in lake TahoeDanny and Bobbie are Co-Ceo'sbase it in Richmond    (not MF cesspool NJ)    they could call in EF Hutton.

BOLIO1's picture
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Joined: 2010-05-27

People who complain about WFA... have never worked for UBS.

albert's picture
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Joined: 2008-11-04

UBS must have really sucked.  So has WFA. They seem to be trying to get better. I don't know if it is WFC folks straightening out the WFA incompetents or will WFC swoop in and try to treat our clients like bank customers and us like tellers.

NOVA's picture
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Joined: 2005-01-11

Back office:UBS: smart people with an edge to their tone - sometimes sound annoyed to get a stupid question.  If a process is stupid the impatient guy is clever enough to find a work around.  The investment "mechanism" is definiyely heavy on wrap, structured producrs, managed money.  FA portfolio managers are treated like dinosaurs.  Most client touch points are high class.WFA: Friendly people all around.  And ineffective.  Great at following a process.  If the process leads to a wall they will stay at the wall forever.  95% of the time process works perfectly.  The other 5% is impossible to fix.  Investment platform much wider, maybe too wide.  Tpouch point mediocre.  I meet lots of internal sales support who i wouldn't put in fron of a client.  Lending is more annoying too and their process isn't better.,  

Jennifer Nettles's picture
Joined: 2010-03-01

BOLIO1 wrote:People who complain about WFA... have never worked for UBS. UBS is 1000000000000000000000000000000 times better.McCann is the manPlace actually is pretty darn good now   managers have tons of authoritythey have blown up most of the UBS bsfired middle management assw*&^%es from beforepeeps attitude is awesomethey think  aggressivly knowing FA drives business you wtach recruiting numbersthis will be best wire on street(i know indy, you will say that is an oxymoron)i still owe them 7 figs   aint going anywhere

Vet20's picture
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Joined: 2008-10-29

Did WFA advisors ever get paid for the ENVISION plans they had to do for a poor excuse of a retention bonus?If so, how long did it take?  I believe it was in December 2008 it was announced by Danny, but to my knowledge, no one was paid until maybe September 2009????I would love to know if someone could help.... 

albert's picture
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Joined: 2008-11-04

Yes  WFA advisors have been paid for the plans.The process is still ongoing and last checks maybe Dec/Jan. The whole process is a massive waste of everyones time as the plans are vetted to be sure they are real.

j20a00g's picture
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Joined: 2011-01-05

NOVA wrote:1)  Remote access - you can not "power up" your office PC remotely to connect.  You need to be powered up and then you can connect.  Unusual in that it requires you to leave your PC powered on when you leave the office.  I'm told that the firm is in the process of eliminating remote access capability altogether.actually, there is now talk of all FA's getting company issued laptops. the program has already started rolling out..

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