Wells Fargo to Poach, Train 1,400 Brokers This Year

[WriteDown]

Source: Reuters

NEW YORK (Reuters) - Wells Fargo & Co's brokerage expects to add more than 1,400 financial advisers this year through a combination of poaching from rivals and training rookie brokers.

Wells Fargo Advisors, comprising the combination of A.G Edwards, Wachovia Securities and Wells Fargo, will recruit more than 1,000 brokers this year and train another 400 people switching from other professions, a spokeswoman said.

The St Louis-based unit last year recruited a record 1,300 brokers and added 400 trainees, continuing five years of growth in its advisory force.

Wells Fargo does business through a traditional retail brokerage, bank branch-based brokers and Wells Fargo Advisors Financial Network, which supports independent financial advisers.

In all, Wells Fargo ended last year with 14,961 advisers, just shy of Bank of America's Merrill Lynch, the second-largest broker at 15,006 advisers. Morgan Stanley Smith Barney, owned by Morgan Stanley and Citigroup , has the largest adviser force with about 18,135 worldwide.



Read more: http://abcnews.go.com/Business/wireStory?id=9756562

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Guess there is a big demand.

[dixiegrrrrl]

1. Optimistic little buggers, ain't they?

[blueworld]

2. Forget poaching, they should be fried. (I'm boiling mad & I gotta million of 'em. LOL) n/t

[DisgustedInMN]

3. Just what the Nation needs..

... more people moving piles of money around and producing nothing. Fucking wonderful.

:crazy:

[WriteDown]

5. So you're only worth something if you turn a wrench?

:shrug:

[DisgustedInMN]

8. Uh ...no...

... you're worth something if you add value to something. Moving money from one place to another, doesn't create anything of value or add any wealth.

[WriteDown]

11. Do you even know what a broker does?

Doesn't sound like it. You must really have it out for accountants too. :eyes:

[DisgustedInMN]

13. I know what they produce.

Nothing. But then, you probably think that "money" is wealth. Lots of folks believe that basic falsehood, right along with you. It's just like insurance corporations not producing any health care. There is no value added to anything they touch. They simply handle the "money" and skim enough off the top to make themselves rich. They are in simple terms, a parasite feeding off those of us that actually do produce products by adding REAL value to REAL things, not just abstract numbers on a balance sheet.

[WriteDown]

14. Like psychologists and counselors....

All worthless. :)

[Zynx]

15. Counselors and psychologists add economic value.

They improve the ability of people to function in society. Arguably, they may do more than most. Severe mental and emotional impairment is a huge cause of economic loss.

[WriteDown]

16. Link to that? nt

[Zynx]

20. Here you go:

http://www.medscape.com/viewarticle/576221

[WriteDown]

22. Doesn't work for me...

But it is unquantifiable and therefore worthless.

[DisgustedInMN]

17. No, not at all like psychologists and counselors.

Psychologists and counselors add wealth to their clients lives by helping them function better and be more productive. Feel free to try again.

[WriteDown]

18. That's impossible to measure just like an investment or "moving money."

It's therefore worthless.

[DisgustedInMN]

19. Nonsense.

Just because you aren't capable of measuring something, doesn't mean it can't be measured.

Besides, moving money on balance sheets can be measured, but still creates nothing. "Money" isn't a product, it's a means of trading products. In and of itself, it only has "value" because we say it does. By itself, it's barely useful for much aside from using as fancy toilet paper.

[WriteDown]

23. Please measure it then...

You're right, kind of like art which we assign value to. I think Picasso is worthless too. But Van Gogh, maybe 20$ a painting.

[Zynx]

21. Nonsense. If you've ever done cost-benefit analyses you would know that

such things are measured all of the time. Of course, if you want to be a nihilist and a troglodyte, which is easy, go right ahead.

[WriteDown]

24. Unlike brokers...

Who have no quantifiable measurements. :eyes:

[No Elephants]

9. The answer to that question may depend upon your definition of "worth."

[WriteDown]

12. Doesn't it always?

:shrug:

[NashVegas]

25. If You Asked Abraham Lincoln

He'd have said the guy turning the wrench is worth a lot more than the guy waving bills around.

Got a problem with it?

[WriteDown]

28. Isn't that the same guy who suspended habeas corpus and arrested a sitting senator?

I guess not. :shrug:

[DemoTex]

7. A heaven-made job for some young Republican swells.

A Brooks Bros. suit, button-down Oxford, and a big BMW .. I can smell it now (and it don't smell good).

[No Elephants]

10. Have you checked an investment banker's closet lately?

[hughee99]

4. So they're creating new jobs, then. Right? n/t

[louis-t]

6. Mixing commercial banking with investment banking.

lovely.

[maxsolomon]

26. but... but... that would mean that those 1400 retention bonuses

were in vain!

restore Glass/Steagal post haste.

[Sanity Claws]

27. They can't create anything, so they steal/poach

Wells Fargo is not producing anything so it hires brokers who bring with them their clients.
When the clients move with the broker, all proprietary assets must be liquidated, earning money for the old broker-dealer (some money markets take their fees out at end) and money for the new broker-dealer.
The client has not profited but the broker and broker-dealers have.
The American economy has lost because nothing has been produced.