10 Burst results for "Wells Fargo Advisors"
Northwest Newsradio
"wells fargo advisors" Discussed on Northwest Newsradio
"Their homes for several days. Mountain residents in San Bernardino county remain cut off, now officials warn in other storm could hit the area as some residents face dwindling supplies, and several dozen inches of snow. A passenger who died from severe turbulence on a private jet is being identified. The jet had 5 people on board and was headed from New Hampshire to Virginia when it was diverted to Connecticut. This happened Friday, the NTSB confirming that Dana Hyde of Maryland is the one who died at a hospital after that severe turbulence. From Alaska down to Mexico throughout the puget sound too, starfish, along the Pacific Coast, are essentially melting away. They've been turning into goo, and it's been happening for about a decade, more than a dozen species have been decimated by a mysterious illness dubbed sea star wasting syndrome. Dino grandoni is covering it for The Washington Post and spoke with northwest news radio's Tom hudler. You say this is a mysterious situation. Does anybody know what's causing these starfish to melt away? Yeah, that's a good question. Scientists have been researching this issue for about a decade now ever since they first spotted the melting sea stars off the coast of Washington. And really we don't have a good answer yet. Or at least we don't have consensus at certain answer. There are some people who think that it is caused by a pathogen like a virus or bacteria and there are other folks who think that this has to do with sudden change in the environment. Is there anything that can be done right now for these 6 starfish? How quickly does this illness kill the individual animal? It can kill an animal within a matter of days or even hours. After symptoms are first noticed. Obviously, the animal could have been sicker for longer and we didn't notice. But what can be done? The folks at the Oregon coast aquarium have come up with a novel treatment for the sea stairs that basically involves giving them the equivalent of a spa day where they basically get a mineral bath, some probiotics. They get disinfected with iodine. But it's really hard or next to impossible to try to treat an entire ocean of starfish that are sick. So there are efforts underweight to try to breed starfish in captivity and with the thought of one day releasing that much a while. Starfish are critical to holding off global warming, aren't they? They are, they are. Yeah. What do you see in particular the sunflower starfish is very important for the kelp forests that exist off the coast of California and Oregon and Washington state, the species, which is massive about three feet in diameter. Sea urchins, which in turn helps keep their numbers down and help keep kelp forest healthy. And the kelp forests are important for sequestering carbon dioxide out of the atmosphere. Well, interesting story, which we had more tied to delve into it, but you can read dino's story at Washington Post dot com. Thanks for being with us. And that's northwest news radio's Tom hudler. The trial of a social media influencer begins today in Dallas, ABC's Jim Ryan says Brittany Don Davis is accused of failing to deliver what she promised to paying customers. Brittany Davis has 1.3 million followers on TikTok another half million on Instagram fans who watched her fitness video, many buying fitness and nutrition plans customized to their needs. That was not at all what I received. The first document I received didn't even have the right name on it. It was someone else's name. Kenji and dino said she paid $300 for a plan in 2017, in the past Brittany Davis has pleaded ignorance. I jumped into an industry that had no instruction manual. She now faces fines between 250,001 $1 million if she's convicted of deceptive trade practices. Jim Ryan, ABC News. One 20, time for our stock charts dot com money update, and the markets today closed mixed with the NASDAQ losing 13 points. That's just a tenth of a percent. The Dow, on the other end, gaining a tenth of a percent, or 40 points, and the S&P 500 relatively flat but up by just a little more than two points. Oil futures are trading at about $80 and 57 cents per barrel that's up 1% on the day for West Texas intermediate crude. With more money news, here's Jim chesko. LPL financial has recruited a group of Wells Fargo advisers who collectively oversaw nearly one and a half $1 billion in advisory brokerage and retirement plan assets. LPL says those advisers previously operated as parts of three teams at Wells Fargo, but are forming one independent practice Carnegie private wealth at LPL financial. The adviser group will be based in Charlotte, North Carolina. Police in Germany say they've disrupted an international cybercrime ring that has been blackmailing large companies for years with help from the FBI and Interpol, the authorities say they've identified 11 people linked to the group whose ransomware tax date back to at least 2010. European officials say they exploited companies in the U.S. paid more than $40 million over the last four years. That's your money now. News radio 1000 FM 97 7, the information you need when you want it on your smart speaker, just say play northwest news radio, stay connected, stay informed, your information
Bloomberg Radio New York
"wells fargo advisors" Discussed on Bloomberg Radio New York
"At event in Washington in the noon hour. Adele Crockett Wells Fargo advisers tells investors to sell after recent market gains all near term indications suggest you're probably overbought at this level. So we would fade this latest rally. We still think it's probably a bear market rally. The S&P 500 up 5 points right now the Dow, down 55 points the NASDAQ 100 up 70 points. We check the markets for you all day long right here on Bloomberg radio on John Tucker at your Bloomberg business flash couldn't map. John, thanks very much, Sean Tucker there with your Bloomberg business flash. We're going to talk a little corporate finance right now from the perspective of a FinTech that's trying to make the world a better place. AJ amadi joins us. He's head of corporate financing there. Over at atomic financial. So atomic financial is an infrastructure for connecting apps and services to payroll accounts and AJ. It's great to have you on the program. You're talking about the delta between what companies can earn on deposits if they have their money at say chase or Wells Fargo. As opposed to what they can earn on a one year treasury and it's massive right now. If you get nothing if you put your money in a bank and a one year treasury is paying more than four and a half percent. That's right. Thanks for having me on the program that. And I think that's the issue that we're trying to solve. The fed continues to hike rates. So as the yield curve continues to move up. And so that provides an opportunity, banks continue to pay low interest rates for depositors. And that provides an opportunity for FinTech such as atomic and others to provide accessibility to higher yielding products. So is this something you're doing only for corporate clients and how much of that difference can you make up? I mean, if I'm a small business and I have, I don't know, half a $1 million sitting with Bank of America, earning nothing, can you can you give me closer to treasury rates on that and let me maintain the kind of liquidity I'd need as a small business? That's exactly right. So if you're a smart SME or if you're a corporate or even an individual depositor, you're likely to earn just a few basis points on your checking account, maybe slightly more on your savings account. What we do is offer a suite of products and we don't offer these direct to consumers, but what we do is we provide a white label investing services and we connect with banks fintechs and credit units so that they can connect with us and then provide these services to their end customers. The yields that we are able to provide are very close and sometimes in excess of UST bills. So right now, anywhere on the curve that you look at up to one year, it's roughly four and a half to 5% now. And continues to move up. And so we are able to build structures either through money market funds through to their ladders or other such instruments and reach four and a half and 5% yields. So this is really a function of the Federal Reserve. It's a relatively new phenomenon in the last couple of months or so. At a time when we're talking about when the fed will go back to quote unquote normal, how long does this dynamic in the last? It's a good question. I think there's a few ways of looking at it. I think first of all, the current economic context most analysts would say is a tough and challenging economic climate. But what we're doing by offering such corporate investing products is what we hear from clients is that it's very attractive. And it shows that these kind of offerings can continue to grow even in a down cycle. Now, when the fed begins to normalize, and it's increasingly looking like that's going to be pushed out further, given the very high jobs number that came out last week. But eventually, when they begin to normalize, I think there's a few things to consider. I think one is that it's very unlikely that they'll go back to a zero interest rate environment as has been the case over the past decade. And so even at a fed funds rate of two to 3%, I think this kind of product would continue to be attractive. And I think second is it's a countercyclical product. So atomic also provides offerings in the equity space. We're looking at providing offerings in alternative assets. And so as clients shift from perhaps this product to an equity product, a few years down the line, we will be there. We have the offerings to switch between these type of profits. One of the benefits of putting your money in a bank is it's FDIC insured, you know, businesses often have a lot more than the maximum limit of 250,000, but consumers may be don't. So is this product just as safe? Is it safer even? Do you manage to structure it so that it's just as safe as the treasuries that you're investing in? That's right. So depending on the exact product, which acquired would invest in. It comes with different types of structures. So for example, we have a suite product that is FDI insured. Even more than the typical FDI insurance amount. We have we provide access to T Bill ladder structures. And of course, those are fully guaranteed and considered safe by the market. We also offer other products that enhance yield, but provide less protection. And so we work with our clients to understand their risk tolerance to understand their liquidity needs and based on that structural product that would, I think, provide the safety if they require it or additional yield if that's what they're looking for. So where consumers listening to this right now and thinking that I would love to have instantly accessible money in an account that earns four and a half percent, where can they get that? You say you don't go to direct to consumer. You're a white label service that allows, I guess, other banks and fintechs to do that. What are some of your big clients then? I think it's, I think rather than name the specific clients, what I could say is the clients could earn individuals can contact atomic and we could put you in touch with some of our partner banks fintechs and credit unions that we partner with. Alternatively, they can request this from their institution that they usually partner with. And then their institution can reach out to us so that we can form a partnership with them. It sounds like a pretty interesting product. I kind of wanted to use it myself. Yeah, it is. My financial advisers always telling us, you've got to have rainy day cash enough that you could
Bloomberg Radio New York
"wells fargo advisors" Discussed on Bloomberg Radio New York
"Ringing off the hook in this year 2022 saying my stocks, they're not working. My bonds, they're not working. Maybe I own a dollar, I'm feeling okay, but what are the conversations like with your clients these days? Well, thanks for having me on. It's always a pleasure to be on Bloomberg. Yes. You're absolutely right. Clients are calling. But they are prepared for this. I mean, the fed has spoken pretty clearly about what they're intending to do. And they carry a pretty large mic. Everyone's listening, they've heard that the rates are going up. And so folks are my client specifically, are expecting volatility because when you're having a fed that's tightening quantitative easing is not going to be there anymore. Everyone's expecting for there to be a little bit of pain while this happens. And so the long-term investor is the one that's still in this. And I got to tell you, there's a lot of folks out there that are in this for the long term. They've been trained. I think for the 2008 2009, going into the pandemic that if you kind of buy and hold good things happen. And so that's what I'm hearing a lot of folks looking for opportunities in this environment. Are you looking at the tech sector? There are a ton of them. There are companies that we all know and love that are down 50, 60%. So folks are nibbling, all right? There's dollar cost averaging. I think that's one term that investors need to write down from their fridge, dollar cost averages. If you see a bad day in the market, buy a little bit of some of those names that you've been hoping and praying that would go down this much. Don't get nervous when fearful when people are fearful to be greedy. I hear you. You know, that's solid investment theory and put to practice. I mean, if you step back and look at the charts over a longer term, you have to admit that it always proves correct. What do you like right now, Mark? Where are you seeing the best opportunities? In this environment, I think the best opportunity is in the financials and here's why. Since O 8 O 9, the really one of the sectors that haven't rebounded as much as everyone else. Number two, in a rising rate environment, historically, financials outperform. You look at the data. The financial sector is poised because of that interest margin and because of Dodd Frank, what the banker forced to do in the O 8 O 9 to shore up their balance sheet to make sure we never see another Great Recession again and having a bank run. These banks, I think, are primed for this environment. They are lean and mean they've been doing the right things because the fed made them do the right things in O 8 O 9. And they're really undervalued as a sector compared to every other sector in the S&P 500 coming out of O 8 O 9. If you look at the charts. So I like the financials. The regionals specifically, I think are going to do really well in this environment. But any of the large banks as well. I mean, you're going in there who's keeping their money in Bitcoin right now. That story is over. People are keeping their money in banks. It's the safest place to be. And I think you're going to see them do well over the next couple of years. Mark energies had its day in the sun, a rare day in the sun over the last couple of years. I'm starting to see a little bit of a pullback in oil here. Do you guys have an energy call there? Should I take my money and just say, all right, I've done okay. Or do I stick around? Listen, I think if you look at where we are, because when you think about energy, you gotta think about it globally, right? You can't just think about it here in the U.S.. So if you look at what's going on, we still got lockdowns and the one of the largest economies in the world in China. Once they fully get back on, I think energy is going to take off. You've got a huge issue with Putin and Europe. And going into the winter. These are all, I think geopolitical risks that are out there that could make energy go up. And I think until all this is realized, I think you've got to have a position in energy. Given what you're seeing globally going on from Europe and Putin to China and having them still to be in lockdown. When all these things kind of swatch out, I think you could still see some upside there. All right, supreme fish delight. Where was that restaurant? That was in Harlem, and thanks for bringing that up, although I closed it down a few years ago. That was a restaurant that I ran at Harlem for a couple of years. I was a restaurateur owner operator and it was one of the hardest things I've ever done in my life. I give my hat to all the restaurant owners around the country for the work they've done over the last couple of years because it has not been easy. It's hard to find good workers. I don't know what these folks are doing nowadays, but they're not coming back to restaurants. Yeah, interesting stuff. You think about the restaurant business you got inflation on your costs? Yes, on your menu. Obviously, and then very difficult lately. But you know what I imagine being senior VP for investments at Wells Fargo advisers in this climate is also fairly tough because Mark, you gotta be fielding a ton of calls from people who are freaking out, especially, you know, investors who are close to retirement right here, we have seen in the last 9 days we've seen 9 consecutive drops in global stocks, and that's the worst run we've seen in 11 years. Yep, tough stuff. All right, Mark, thanks so much for joining us here, Mark Smith, senior VP, investments for Wells Fargo advisers, former restaurant owner, supreme fish delight in Harlem formally up there. So very interesting background. But we got a little green on the screen today. You know, we'll take it after what we've dealt with over the last few weeks, S&P up about a half a percent, but WTI crude oil off more than 3%, 84 bucks a barrel for WTI crude. Right now let's head down to Washington, D.C., world of national news with Nathan Hager. Paul at least one of the secret documents seized from former president Donald Trump's home in Florida last month included
Bloomberg Radio New York
"wells fargo advisors" Discussed on Bloomberg Radio New York
"I'm Brad Siegel And I'm Susanna Palmer in the Bloomberg 9 60 newsroom sunny breezy during this afternoon high 75 near the bay 85 inland Californians are feeling the pressure at the pump as gas prices continue to skyrocket As of Friday triple-A reports the average price for a gallon of gas in the Golden State is $6 and four cents Industry analyst Patrick dehan is with gas buddy I think it will take a lot more to see a significant decline in prices either an economic slowdown or some drastic improvement between Russian Ukraine The Han says San Francisco leads the pack as the city with the highest average at 6 28 This is followed by San Jose Oakland and Los Angeles The archbishop of San Francisco said Friday he will deny holy communion to House speaker Nancy Pelosi a Democrat who calls herself a devout Catholic because of her public support for abortion rights more from Bloomberg's Denise Pellegrini In a letter to the House speaker dated Thursday and made public yesterday archbishop cordelia told Pelosi not to receive holy communion until she changes her stance on abortion Pelosi had no immediate response Quarter Leonid's decision does not necessarily bar her from actually receiving communion from priests outside the archdiocese of San Francisco Denise Pellegrini there Wells Fargo and company's Wells Fargo advisers has agreed to pay $7 million to settle charges from the U.S. Securities and Exchange Commission regarding anti money laundering practices The SEC says San Francisco based wells which did not admit or deny the findings failed to file at least 34 suspicious activity reports in a timely manner between April 2017 and October 2021 Regulators said the bank did not properly monitor foreign wire exchanges Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I am Susanna Palmer This is Bloomberg This is masters in business.
Bloomberg Radio New York
"wells fargo advisors" Discussed on Bloomberg Radio New York
"Maine to Virginia AccuWeather says will be the hottest weather in the region since last August nearly 100 cities could see record high temperatures for the day Strap in for even more sticker shock at the pump thanks to the upcoming summer surge gas buddies Patrick dehan says prices could be up to $6 a gallon by August since we are down a million barrels a day in capacity Gasoline and things like diesel inventories of them have plummeted against a backdrop of Americans that are getting out more and more The national average price for regular is up to $4 59 cents a gallon One person is dead dozens others injured after a tornado rips through northern Michigan Governor Gretchen Whitmer has declared a state of emergency for otsego county One top official tells CNN the town of Gaylord has suffered catastrophic damage I'm Brad And I'm Susanna Palmer in the Bloomberg 9 60 newsroom sunny breezy during this afternoon high 75 near the bay 85 inland Californians are feeling the pressure at the pump as gas prices continue to skyrocket As of Friday triple-A reports the average price for a gallon of gas in the Golden State is $6 and four cents Industry analyst Patrick dehan is with gas buddy I think it will take a lot more to see a significant decline in prices either an economic slowdown or some drastic improvement between Russia and Ukraine Dahan says San Francisco leads the pack as the city with the highest average at 6 28 This is followed by San Jose Oakland and Los Angeles The archbishop of San Francisco said Friday he will deny holy communion to House speaker Nancy Pelosi a Democrat who calls herself a devout Catholic because of her public support for abortion rights more from Bloomberg's Denise Pellegrini In a letter to the House speaker dated Thursday and made public yesterday archbishop cardell told Pelosi not to receive holy communion until she changes her stance on abortion Pelosi had no immediate response accordingly on his decision does not necessarily bar her from actually receiving communion from priests outside the archdiocese of San Francisco Denise Pellegrini there Wells Fargo and companies Wells Fargo advisers has agreed to pay $7 million to settle charges from the U.S. Securities and Exchange Commission regarding anti money laundering practices The SEC says San Francisco based wells which did not admit or deny the findings failed to file at least 34 suspicious activity reports in a timely manner between April 2017 and October 2021 Regulators said the bank did not properly monitor foreign wire exchanges Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg Broadcasting from the financial capital of the world Bloomberg 11 three O in New York to Washington D.C. Bloomberg 99.
Bloomberg Radio New York
"wells fargo advisors" Discussed on Bloomberg Radio New York
"On the screen as it relates to equities but max been calling out oil today WTI crude oil is off about 4% today still above a hundred bucks but pulling back a little bit here pretty Gupta markets correspondent what are you seeing in this energy market It's so interesting because there's so many different drivers and when I anchor BTV with guy Johnson he always says I'm so confused by oil because I can't quantify the bullish and the bearish and how it all kind of pulls out together And it's kind of one of those days where you have like 5 different drivers pulling the oil market in 5 different directions but ultimately the bears winning out Here's what is driving it And then you guys can tell me if I'm reading this right But what's interesting to me is the Chinese demand story right You starting to see a lot of these kind of COVID lockdowns but you're also seeing the ramp up from the lockdowns are pretty sluggish They're not able to ramp up as quickly as they were say in 2020 So that's of course going to impact oil China by the way I believe the second largest oil consuming nation in the world right after the United States So this is a huge deal On top that's a bearish side on the bullish side You've got oil production in Libya dropping This comes after how you have a wave of demonstrations against the prime minister They're dealing with a lot of unrest there and basically they're saying some of that Libyan output is going to come off of the market So that's your bullish driver And on top of that you also have France the French finance minister Bruno le maire calling for a stop oil imports from Russia something that JPMorgan said what could push crew to $185 a barrel So why is oil lower if you have all of these bullish drivers Well it comes down to low volume One 85 I'm sorry I don't mean to jump on you Go for it Wouldn't that kind of thing already be at least mildly priced in I mean don't we expect western nations to embargo oil from Russia Do we expect yesterday Yes they need gas They don't really need the oil as much as they need the gas Can you do one without the other Yeah Yes that's why they're talking about doing one without the other You don't hear France and Italy say let's embargo Russian gas do you They're going for the low hanging fruit They're doing the absolute easiest things first and then they get to more difficult things So now they're at oil It's probably not terribly easy but not so difficult that it's going to drive them into a recession Right So they'll go for that now They're not talking about embargoing Russian gas because that will tip the economy Okay That's a very fair point But I would also say to guy who I'm sure never jumps in on you like this pretty So sensitive Matt And our listeners should know that we are very good friends We're all right Really No we are very good friends That's true I would just point out that you know clearly it's difficult to decide which way the price is going to go Otherwise a lot of people would be out of jobs right That's true Supply and demand baby it's a commodity I'm just shocked that our Friends down in Texas and Oklahoma have started putting holes in the ground today Pretty from Texas Digging more for oil But anyway pretty good That thanks so much for joining us Macro men are pretty Gupta She's a markets correspondent Let's talk markets here And we do that with Mark Smith He's a senior vice president for investments at Wells Fargo Advisers Mark we've got a fed that's talking about you know and in a big way raising interest rates yet I've got I've got a market that's still feels pretty risk on to me What are you telling your clients Well I'm telling my clients right now that you got to be nimble or we're in an environment right now where you have a St. Louis fed member James bullard saying that we could possibly see a 75 basis point rate hike That should cause pause for anybody to anyone looking for some stability in the markets Thank you Traditionally you know we've seen small incremental moves 25 basis points Over a year and a year and a half period if you're talking about moving rates of 75 basis points of course that's going to affect the market that's going to affect everything from buying a home You know I'm already seeing clients of mine who are going and putting offers in and they're getting bid out by all cash buyers And so in that environment you've got to slow it down But at the same point that's going to definitely have an effect on the real estate And you're going to see that prices will have to go down because my clients are buying homes based upon their cash and cash out every single month That's how many Americans buy home It's based upon what they could afford If you're raising rates double what it was a year ago that's going to have to affect the price of real estate I thought I was the only one freaked out by the bullard story Everyone's taking it so calmly today I know look look at the markets All right so Mark what do you think about this housing market I mean we were talking with an MBS specialist previously you said nobody's worried about a return of 2007 2008 And it's true I haven't heard a lot of people voice concerns about it but we've had prices go so far up so fast It's got to be people are stretching to buy the houses that they are Yeah yeah the housing market right now is going to be a conundrum for anyone And for anyone to guess how this is all going to play out you know you could really do need a crystal ball What's happening right now is you're seeing some of the lowest inventory in the last 40 years in housing You're seeing rates still historically at all time lows I mean people are talking about rates going up But my mom bought a house and her ring was 9 and a half So when you're talking about right now if you got any assets in the bank you look at it still.
Biz Talk Radio
"wells fargo advisors" Discussed on Biz Talk Radio
"So we're gonna take the 100 from okay, Well, you're gonna finance well, that's good. You're going to go into debt for vehicle, right? And so you have this problem with you're going to see dollars in your checking account, and you're Or one K's, and they're going to be increasing. But I don't think it's going to keep up with What the real cost of goods are right, which is inflation, right? And that's that's the issue They've printed. All the money out of thin air had to go somewhere, and it did. Went straight out to the market. So you've got cost of goods for whether it's furniture to you Name. I mean, everything you look at you go. Wow, that seems a good furniture, cars, all of it everything. Everything is like Wow. I don't remember paying that much appliances. Everything. I don't have a great memory. You know when I go shopping, and like small things, I don't have a great I remember big things, right? Remember what I paid for my first car, you know? But When you go to grow strong one that seems a lot more expensive. Yeah. Why is the market is a back of cheeses like 10 Bucks? Man. It's for a bag of cheese, right? Well on the farmers not get paid, right? It's it's the cost of transporting an oil costs. It's the cost of labor can't get anybody to work all of that, right. I mean, the farmers are falling out right and left. They're not staying farming anymore. I just you jacked with my head man for the last couple weeks a couple weeks and you're talking about just the money that I made from the house that we sold and we banked it because, you know we're doing renovations or I'm gonna, But that money is sitting there not only not making us money, but losing money because of inflation or losing money about having that money on the Yeah. Let me talking to come. Losing money safely is a good term that we have. I think a lot of times we've seen people come in with million or $2 million sitting in cash, and it's not necessary. They know the same thing that we're talking about. They know that they need invested. I just don't know who to trust. And where does this start? Yeah. Who knows? It's like, Well, where should what should I do with this? I mean, I may need this money. Right. If it's an IRA, they don't have a system for investing because a lot of advisors or financial firms out there will invest your money the same way. So we had a client come over from Wells Fargo. And then that and saying all Wells Fargo Advisors do it this way, But they had a rough account. We're good, good chunk of money. They had an IRA with good amount of money. And then they had a taxable account, which is like your after tax money and sit in your checking account. We just invested it right. And they had the same exact portfolio in all three accounts. Mm. Yeah, Most people go one size doesn't fit all man and I go. Why are they doing that? Do you think and ask? The client I don't know. Seems to seems to done pretty good. I said, Well, let me ask you a question. So which money would you probably take out if you needed money tomorrow, like which one would you expect? He's like probably my IRA because it's bigger. I just feel better about it. You know, I'm like, no, that's the wrong answer. Next, you're off. Don't tell me Iraq don't even you know, And I know, I know the Roth is the last thing I've heard You talk about that before radio. But the tax bill can would be the first place that you would want to go to, and so Why are you investing in the same way? If your time horizon is different if you don't need the money for another 10 years on your Roth and your pretax account is the now are you not? You're pretty. Excuse me your taxable money, right? Is the now money I might need that 1235 years should not be more conservative probably should be should have a different strategy is what I'm saying. And so I think that following the template, while in a lot of comes down to systems and trading, so they it's very easy, right if you trade all the same account the complementary blueprint plan with Brian Bowen and integrity, financial planning, But here's the deal If you have at least $500,000 saved towards retirement, call Brian Bowen for the complementary blueprint plan. Here's the Number 8662 plan for that 866 T O plan and the number four When.
The Vance Crowe Podcast
"wells fargo advisors" Discussed on The Vance Crowe Podcast
"And i look at that juxtaposition. And that somebody like you probably has an interesting view because you you were worker. You know did stuff with your hands. What do you think needs to be done. In order to bridge the massive divide between the the two worlds that we're talking about here. It's a good question And i'll tell you. I'm doing my part zero. Wipe your event gaining dini luman. Who was the ceo. Wells fargo advisors retired and He did his halftime sort of review of his life in his success. To significance was concordance academy and As venture guy. He talked to our group as potential investors in a metrics driven solution to recidivism in. If you look at under served it perpetuates itself in a big way because of the prison cycle so if you go to the inner city you got people that dads and moms in some cases lot of women go to prison to people. Don't know that and I don't know about you but you grew up without any parents and no one telling you to go to school. Probably wouldn't have gone to school. If i didn't have my dad there's not i would've been completely unruly. There have been no stopping me. I would have been completely wild. I bad anyone had so you look at what's going on. These people typically have an addiction problem. Ninety three percent of incarcerated people actually committed the crime while under the influence of drugs or alcohol or both. so there's an addiction problem. Usually that happens to people because of a lack of purpose. there's a void. They don't know what to do with themselves. They have no direction. They don't have people saying yada. Go get a cd l. and be a truck driver. You know there's a shortage of truck drivers in this country. Make one hundred thirty thousand dollars a year. why. Somebody's not going into the inner city. And i'm like this is crazy. You got all these unemployed people and rankin is a local trade school here..
Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"wells fargo advisors" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change
"Back to something you said you talk about wells multi-channel affiliation model and you'd be right that i think thinking about how much advisors sentiment has changed in the last number of years one of the biggest things driving advisors away from the employer model other traditional firms in general is a desire for more freedom in control flexibility ownership and control. Do you think that given that that the other wire houses meaning merrill morgan. Ubs another major firms will eventually get into the same game began to offer multiple models under one roof. Good question again mindy. And it's one that i've been asked. It seems like for decades now. And i've never really been one to try to predict. Our models are competitors business models and their strategies. But i've never understood why others haven't expanded more in the multi channel business. But what i will say is that you know we've been operating with multiple business models and different channels For a long time and certainly when we introduced profit formula and then find out of those were examples of two different business models. Our view is that as advisers mature and as they gain more experience in the business we want to always be in a position that was solution on our platform that measures to how they want to achieve their vision for growth in serving clients so again adding the ria service in custody. Business model is a natural extension of our multi channel strategy. Count the that. I know other wirehouse leaders have and some advisers site is the worry about cannibalization meaning does in fact that you would allow wells. Fargo would allow an advisor. That's part of the private and employees of the private client group. Slide into the ara space around to find that does that cannibalize the wells fargo advisors. You think that's that's a legitimate fear. It's a legitimate concern to have four multi-channel model. We've addressed it by being methodical in our approach. We are first target audience for our a businesses those advisers who are maturing within the current wells environment. So we're tackling head on so whether that's a private client group adviser or an independent business owner who is naturally moving to that next level of independence. So you know. We are working with those advisers first and foremost and those that fit that business model we want to retain them so they can continue to grow our wet one so that raises an interesting question. What you're saying is the first for these independent models. The ria channel as well as the final model is the advisers that are currently employees within the brokerage dealer space. That is correct. We transitioned a sixteen such practices over the last eighteen months or so teen into space. Yes okay and so. Are there any barriers. to entrance. another words. let's say an advisor has been with wells. Fargo private client group as an employee for ten years he's got x. amount of unvetted deferred comp and may have some notes some forgivable notes or whatnot. What are the barriers eventually or are there any sort of limitations to him. Just jumping from one to the other well yeah. There are many controls in place. First and foremost they need one hundred million in advisory assets because we require federal registration with the sec. And then second. I need to be willing able and capable of going independent because they do after voluntarily resign as an employee in forego any deferred comp or any other new employee benefits. So those right. They're pretty big hurdles. Now keep in mind. We've had find around for twenty years in so many of the same practices that govern a move from an employee in private client to being independent and find that. Were able to use those same controls. So this is not something that we really pioneer. Since we offered the roi service in custody space. It's really something that were piggybacking on. Twenty years of learnings. Yeah so let me ask you a question. I have to imagine an adviser that is with an employee as part of the private client. Group who is beginning to consider independence is going to look at finance and is going to look at the space under the wells umbrella because that's a natural extension and it's certainly the path of least resistance. It means not having to put your clients up for bid. But i also imagine that are in most cases comparing it to other custodians meaning going our a and and what will schwab fidelity pershing offer and offer end looking at other independent broker dealers as well. What do you think they've find. Compelling what are those folks that are looking to slide from the private client group as employees into independence with wells. What do you think they find. What's most compelling to them. I think the consistency of their client. Experience is probably one of the top issues and concerns that any advisor as when they're contemplating making a transition so the client experience goal in from employees to independent business owner whether it's in finance or whether it's as an r. i. a. it's a smoother process doing it under our umbrella than a break to another or to another estonia. Do they eventually outgrow it. In other words it makes sense that in the short run. That's a smart move right. It's the path of least resistance. It's a move that requires much less friction but is there a possibility or is there any reason that you can envision an advisor might outgrow. Let's say the finance model or the first clearing model over time and she just wants they're already independent to another level more independent but for the next logical step would be to launch an ria so we will be there to catch that if and when that's the desire of the independent operator on the ria side. I don't think the liberal world because we're open architecture and we allow for multi custodians so that really doesn't mean out ride. You may choose as you develop new business and a or succession planning that. Business may be on another platform. And that's okay with us. So i don't think anyone river outgrow our platform. They may just turn into a larger organization that uses multi custodians. You know we think that because of our lending capabilities and the direct nature of the relationship we have with wells fargo that those families that have lending needs that were likely to be custodian of choice for network families right and so you mentioned john that you've had sixteen wins in twenty twenty or to date in the are a channel. Were they all from the wells private client group or had any of them come from the outside. They've all been internal in whether it's been at a private client or or w. b. s. They've all been internal and we began efforts late last year in working in to external markets. Where we're at the wells market leaders in southern california and in the washington dc area so we are open for business. Twenty four seven as i like to say across the country. But we've been again. We've been methodical internal rate and now we are beginning here in twenty twenty one to have external conversations and you can imagine. There's a lot of that happening. Just naturally by us being in the market race but as we begin to upskill are market leaders across the united states. The external.
KUGN 590 AM
"wells fargo advisors" Discussed on KUGN 590 AM
"Again, people we're here to help. Not only do we we manage people's money, help them prepare for life, and it's all inclusive. That's you know, you need help with your taxes. You need help with legal. We help people out. Quite a bit small businesses around the country with the P P p program when it came out, and there is a second round that's coming out. And kept that All the information that's been made available. We've put it together. Accounting firm that we work with that offering on corporate put together an unbelievable body of work to help you understand it. If you don't understand, we'll answer your questions, and we'll help you with it. Um a lot. A lot of the p P p program least the second round. Is going to. It's yet to be written a lot of these rules a lot of these laws that are written by Congress. They leave a lot up to the I. R s and the Treasury Department. And as soon as we get the information, we can help you. With that, But yeah, That's what We do. What we do know that it did. They does your does your stockbroker at Wells Fargo Advisors help you with your small business. Huh? Marilyn Chick. I do, though he may take you out to dinner and give you some nice charge Keys. But no This is what we do. Personal CFO program is about like I said earlier. Navigating storms. FINANCIAL storms, corrections volatility. Being able to avoid Understand, recognize, risk, serious risk. Including stuff they haven't seen before. One of the things that we talked about for years here. Conventional wisdom is poison narratives poison. So you can discern the difference between the conventional wisdom of the day. And the reality of the terrain. This is what we do, and we're here to help you get to our website at watchdog on wall street dot com Sign up for our personal C F o program. Um Can I Then we've been very consistent here on the program when it comes Cove it and how it's been handled. And we've looked at the numbers. And again we see a lot of stuff that doesn't make any sense. Oh, by the way. Oh, well, while we're on the topic, Cove, it Uh, about a month ago. Months ago, I gave blood and I got my son. I got a letter in the mail this past week from the blood center, saying that I tested positive. For the cove. It antibodies. Got it. Now what? In the letter, it says. There is significant evidence that says that you made me immune to it. But, you know, they kind of get into kind of covering their butt type stuff. So now one. Actually, even the letter didn't say anything about me donating anti bodies or anything like that which I'd be more than happy to do. How's it gonna work? How are you? This vaccines that I've yet to hear anything saying if you've had it already. You know you go to the back of the line. How is this gonna work? Anyway. I saw this. This was interesting as well. Is that despite the No lockdowns in the state of Florida, and there's no mask mandate, even though businesses on their own.