I’m hearing that Bill is super angry that some wall st analysts caught him over dinner and informed him that our advisory fees in Wealth are way lower than the industry. Word is the old Scott & Stringfellow advisors gave giant discounts and they complain anytime they are minority inconvenienced so Wealth leadership ignored it for years. Turns out we were leaving hundreds of millions of lost revenue on the table. Guessing some leaders in Wealth that have presided over things since merger might be feeling their seat get warm finally.
2 replies (most recent on top)
What did they do/announce?
@OP let me guess hat you aren’t a TIS advisor otherwise you would have facts. The problem with cluster bo-b Cram et al detonated last Friday is that big brother got angry that advisors wanted to control what they charge clients especially HNW clients. When advisors had many other things to deal with (including the cluster known as the horrible rollout of FSC which is STILL causing major problems with no resolutions two months later) and wanted to “snooze” the option to hike fees (household by household and only could be done by the advisor). Truist didn’t like it so they dropped the bo-b. Well, guess what Truist? You are going to see a mass exodus of advisors who will take their books with them.