Opens the WM town hall and verbatim blames employees for being down 10% when the industry is literally thriving. Zero leadership. Just blame. I’m sure it has nothing to do with your raising of minimums to $10mm and horrid treatment of employees, favoring the unethical ones, and lift out after lift out happen. Pathetic. Will RV ever wake up or just let her sink it?
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Please, come on now. When was BONY Wealth Management ever a great franchise?
Pittsburgh Wealth Management served a who’s who of famous Industrialist leaders. Virtually every family name on the History channel were clients over a hundred year span. Nothing could stop us except for instant destruction by shipping it to New York.
Absolute train wreck. So sad to see such a great franchise get destroyed. Laughingstock of the WM industry now
Those of us working with her have seen how she drives down morale. A true race to the bottom. Organic growth, organic growth! In the right environment, it would be simple to attract new clients. When the internal structure is toxic, well, then not surprisingly, the result is no new clients. But, then we are swimming upstream right? I mean, why get 10 clients when you can take on one larger one. Think of how much staff you could reduce! If that truly is her thinking, we are all in trouble.
And here is some Free Advice to Keating and all for the next phase:
When interest rates top out at around an unsustainable 15-20%, buy into a long term bond fund. Then, as interest rates gradually fall over the next one to two decades, the N.A.V. of the bonds in the fund will steadily rise. It’s a risk free high return strategy. For reference see, oh… the entire 1980s - 2000 for example.
The “WM Industry” is not the equity market. The industry is the line of business. There is more to successful
WM than the equity markets, or markets in general. WM is not in an investment manager. They are an advisory business first and foremost.
@OP is an id--t for assuming hat she is down 10% “when the industry is literally thriving”.
Yes, Keating is totally incompetent with wealth management but nobody has made money in the equities markets in the past two years, even with the small possibly brief rebound.
But Keating is a fool for not pursuing REITs and other real estate based investments.
She’s almost as old as I am and should remember the 1970s. We took advantage of Biden’s hyperinflation and wreckage of the value of the dollar to buy property. It was an obvious move. Our purchase has more doubled in value in two years and we get unsolicited offers to buy several times a month. We made far more on appreciation than we lost in equities than made up our 401K and IRA losses. And to make it even sweeter we are paying only 2.625% interest, and that is in worthless Biden dollars. Normally I hate debt but I remember everything about Jimmy Carter and it literally has played out the same.
We should just ditch her and the entirety of WM. Hard to compete in the WM business without all of the other products like banking and lending to complement the WM offering.
Keating being in her position is tantamount to a Manson being in charge of Human Resources. Wow- this is interesting, indeed.
It’s “she” and she married into the family and definitely fits right in.
Is he any relation to the Keating from the infamous Savings and Loan Scandal from 1989-1990?!!!!!!