😎 Believe most SECU members will view the surprise, 100% increase as another decline in service; and use unprintable phrases to express their appreciation...
✅ Here's what one member had to say:
"Here’s the letter. No tiers like most other advisors. Just a 100% increase in fees! That alone seems unheard of.
Just had conversation with my NCSECU financial advisor. Tried to justify it
with “increased digital presence, better systems, more dedicated service by
advisors, etc."
Sounds like they are trying to obviously compete with banks, even Fidelity
and Schwab. (Will fail miserably).
They are changing the very things that attracted us to the Credit Union to
begin with.
We hold considerable assets there but are actively researching
alternatives.
Thanks."
✅ Here's the personalized letter dated 1/3/2024 from CUIS (Credit Union Investment Services):
... just "Another Brick in the Wall"!**
... and one more example of artificial intelligence (AI) at work at SECU.
** What does "Another Brick in the Wall" mean?
- Being another brick in the wall refers to you being a piece in a divisive system and nothing more. You are simply just like everyone else and you will never be seen as an individual beyond your roll in this metaphorical wall. [A Pink Floyd song for you of the younger set.]
Wow! Had not heard this. Dumb idea. As the previous commenter stated if SECU is planning to compete heads up with the established players they will lose miserably. They just don't have the reputation or frankly the long term experience to compete in that marketplace. Their advantages was always low cost and a high level of service.
ReplyDeleteNever seen the leadership of an organization actively hammer the nails in their own coffin. Hope there is something to salvage by October. Not sure I'd want to be one of the Member Nominees next go around. It's one thing to try to change the direction of a huge ship. It's another entirely to jump onboard one that is sinking.
They're a yacht now, not a ship.
DeleteOh, I bet there will be just enough life boats for the Brady board bunch and the Bombastic crew to escape. They're already padding their resumes
DeleteMust need to reload those cash guns for the yacht party
DeleteSounds to me like y’all need to educate yourself on what other advisors in the industry actually charge. Our financial advice is well worth .5%. Are you familiar with what Edward Jones, Schwab, Lynch and others charge??? Look their average fees up and do your homework before you just start complaining about half a percent. We need to at charge enough to cover expenses
DeleteSee 10:17am 1/12/24 for clear definition of "industry standard"... what does cost of service at other brokers have to do with the price of service at CUIS? Need to raise prices because member getting too good a deal??? Need to raise price to members to be more competitive. Not rational thinking for a trusted advisor.
DeleteMembers are getting less benefit from SECU, at a higher cost.
To answer the comment about educating ourselves...just moved our Vanguard funds from ncsecu charging .5% fee to Fidelity charging no fee whatsoever. I fully understand how Fidelity makes money from us and it's not only fair but is pennys compared to cu fees. At a time when others (fidelity,Schwab) are lowering fees, the cu doubles theirs??
Delete"This change (a 100% fee increase) will allow us to continue building on the quality experience you know and love."
ReplyDeleteThis letter is bizarre beyond belief. Hey Board are you guys this stupid and insipid too?
"Hey Board are you guys this stupid and insipid too?"
DeleteOH OH (Hand Waving) can I answer this ....
YES
What does it take to personally embarrass this board?
Delete2:34 Also "updating our fee structure". CUIS =BS. Trusted Advisor? Laughable.
Delete2:34 "and more value for your money". Don't "100%" agree with that BS either.
DeleteLOL Brilliant ... we are run by 'hired guns' ...
ReplyDeleteLess then 2 weeks into the new year ... buckle up!
So is anyone still pretending we aren't a bank masquerading as a non-profit credit union!
Is that their 'unstated goal'?
that's what I think ... let's ask what's her name (if she's in the office).
So was this an unanimous Decision by the board?
ReplyDeleteIs there no way to force this board out---require the 8 responsible for all the failures to resign? Nothing to be done again until the elections in October?
ReplyDeletefunny don't see THIS on 'their' website ...
ReplyDeleteIt is clearly published on the website. Under the “investments” tab, and the “What Are The Costs?” section.
DeleteDid they really go to Hawaii or not
ReplyDeleteShew! Talk about a decline! How in the world do people keep buying in to this? There has to come a point where people reading say, “Where are the white coats when you need them?!”
ReplyDeleteyou live in the same world I do, look around at what they are doing and saying ... up is down and right is wrong men can have babies ... it's not gonna end pretty but cheer up, there is hope ... :)
DeleteIsn’t CUIS a for profit company?
ReplyDeleteCUIS is a "taxable corporation", which is the corporate structure which was required for the CU to offer investment services to the membership. SECU is the sole owner of CUIS and it was never intended to be operated on a "for-profit basis".
DeleteSimple products at the lowest possible cost to benefit the members ...on a "break even" basis.
If this question was from a CUIS employee, then you haven't been told the true purpose of what you're there for...to serve the members, not make a profit.
The increasingly worrying aspect of the question - for SECU member-owners - is that it appears that the SECU Board and senior management are also clueless about the principles under which the CU was created and is supposed to operate ... not only by charter, but also by law.
The examples of decline continue to multiply...
Per NCUA:
Delete“A CUSO is a for-profit entity, and is legally separate from a credit union. As such, a CUSO’s incentives may not always align with the credit unions it serves.”
6:47 That's right. That's why a separate corporate company was required for CUIS. Note although legally separate, that CUIS is solely owned by SECU...the only reason CUIS exists is to serve the best interests of SECU members ... not to make a profit off of them.
DeleteMost importantly you should also note that the legal language says that the incentives for CUIS "may" not always align with the credit union. It is possible to operate CUIS as a money gouging, for profit if that's what the members want.
Is that the new intent of CUIS? To work against the best interests of its owners - the SECU members? Why don't you ask SECU members a simple question: "Would you prefer paying more or less for the services you receive from SECU. (Be sure to publish the members' responses - again, at least those that are publicly printable!)
The decline is moving quicker than we thought...
The billpay fiasco hasn't died down. Now this. Not 1 dull day at SECU. These guys are tearing this place apart. Just sad to see this place going downhill...
ReplyDeleteMr. Blaine, couldyou tell me where to get a CFP advisoe for less?
ReplyDeleteEasy ! At SECU in 2023, 2022, 2021, 2020, 2019...hope you get the point. Thanks for asking.
DeleteSo no where else?
DeleteSorry, don't know. But if CUIS is the best deal around, are you saying that is justification to raise the price to SECU member owners?Why don't you ask your member-owners what they think about your logic?
DeleteSign of a decline in attitude as well as service?
BTW you just blew your cover as a "trusted advisor".
DeleteAs someone who holds a CFP designation, I would recommend Vanguard directly. They have a fee of .30%. I’m not sure how advisors have the CFP designation, but I’m guessing more work for Vanguard than CUIS.
Delete$50,000 minimum for an advisory account with no dedicated advisor. $500,000 minimum if you want a dedicated advisor. From vanguards website. Give all the info CFP.
DeleteAre you saying all large accts at secu should move to Vanguard for the lower fee?
DeleteThey certianly could if they didnt want a local advisor anymore. I'd argue we should all shop around for what is best for us right? Vanguard is headquartered in Malvern PA. If thats where members want to send their money then so be it. Members with A paper credit should also shop around for what is best for them right? Or do they pay a little more to deal with their local credit union?
DeleteIf someone is comfortable going fully self-directed and has the knowledge to do so, then they certainly can. If we will not bring them any value as an advisor then SECU gives us the discretion to tell them that. And we do. But there are a lot of members who would be totally lost trying to do something fully self-directed. It’s confusing if you have no investment background. Furthermore, a lot of members explicitly say they want a local rep. Many members enjoy being able to call us any time they want and ask a question.
DeleteSo I agree the self-directed path can be appropriate for some. But for many it’s just not a realistic or desired option. It’s up to the member whether or not they think the half a percent fee is worth it. We aren’t forcing anyone to use our service.
"Members with A paper credit should also shop around for what is best for them right? "
DeleteYes if they don't like paying the same loan rate as all members, then they certainly have the right to look elsewhere ...
The vast majority of investment are in Vanguard funds already.
DeleteWhat do other credit unions charge as a fee to have an in person advisor? What is the entry point?
ReplyDeleteWhy do you ask? Are you trying to move to "industry standard"? (Also known as average, mediocre.)
DeleteShouldn't your goal to be the best at what you do? SECU does not want lukewarm service, policies, nor pricing... they can get that at a lot of other places already.
Isn’t quality investment advice worth half a percent?
DeleteYes, but it's even better at one quarter of a percent, isn't it?
DeleteDoes this have anything to do with the soaring expense ratio over the last two years? Just asking..
DeleteOnly if it allows the service to remain in place. Cost of everything has gone up Mr. Blaine. Losing the service is a far worse outcome for the membership. Face it Mr. B. You’re wrong on this one because you don’t know the details.
DeleteWhy not be brave enough to share "the details" with the member owners, so we can correct our thinking? That's what a "trusted advisor" would do...
DeleteHere’s what I will share. I’ve been an advisor with CUIS for a long time. I have helped hundreds of members better their financial life, save them from costly mistakes, and help usher them to their life goals. I’ve never once focused on the low cost nature of our service but instead why it helped the member and how it would get them to their goals. If you sell on price you’ll lose on price. But if you serve the member, be their advocate and a part of their financial plan, you’ll always be worth the cost. Do I think I am one of the best Financial Advisors in North Carolina. Yes I do. Why do I think that. Because the difference I have made for the people I serve, and the fact that almost all of them have “sent me their mama”. Now, hundreds of others are elevating their skills. And more members than ever are benefiting from the best advisors in the state. Importantly the program is moving away from causing SECU a loss which will allow our team to expand the difference we make. This is the best Advisory firm in North Carolina, and it will continue to distance itself from all other firms. While still being half the cost of the nearest competitor. It’s not about price Jim, it’s about the difference we make in peoples lives. That’s what a trusted advisor does. I’ve sat and talked with you. Told you the builder was more important. Well tonight you’ve taken aim at the builders and I will defend myself and my colleagues, because as advisors, we are the best people and the best program to get them to their goals.
DeleteWell within a few years with AI, those advisors will no longer be needed. AI will do a better job hands down within seconds, they might want to start updating their future job aspirations ... and I hope you don't get laid off and need a RBL loan ... concerned member ...
DeleteAI cannot do planning
DeleteWell, in "answer" to 8:08pm question on "details" got:
Delete1) "Hiring additional dedicated advisors with an investment in their continued development to increase their value as a member resource."
2) "Expanded offerings to be able to serve members with more complex planning and advisory needs."
3) "The cost of things has gone up...the decision obviously wasn't made lightly."
So just to humor us normal folks could you translate
1) Translate this a a bit further - not sure what it says? And could you tell us how many additional folks you are hiring? What your forecast hiring $ rate is? Are the new people being hired outside or recruited from existing CU staff?
2) What specifically are those "expanded offerings" you plan to offer? And, how do you define a member who needs "more complex" planning/advisory help?
3) Yes, I would imagine your costs will soar if you do 1 & 2... agree "the decision obviously shouldn't be made lightly"...especially if you feel like you can't make " a profit" on what you're doing now.
BTW the CU dropped the tax prep service because it served less than 3 or 4% of the members (@100,00 members and "broke even" ). How many members are now being served by CUIS (in your opinion on an "unprofitable"basis)?
How many of the 275 branches have an in-person CUIS rep?
You can't argue with a prima dona, Mr. Blaine
DeleteOnly about 60% of branches have a CUIS rep. We should want one in each branch right?
Delete"AI cannot do planning"
DeleteWanna bet?
Which 40% of the branches lack a rep? Why? Where are those branches located? Are those members not as important?
DeleteHow long does it take a member to get an appointment with a CUIS rep..."just to discuss things"?
How many "in person" meetings were held with members in 2023?
Appointments are part of the problem. The successful Reps do their best to handle walk-in traffic. The problem is many (not all) FAS employees only work by appointment only.
Deletecould the Brady Bunch want to sell CUIS? Obviously too incompetent to compete with investment firms that offer a diversity of products for well heeled and KNOWLEDGEABLE investors. CUIS was not purchased for those people but for folks just starting, to help them gain wealth and some savings for life. Hence the limited offerings, and low opening requirements. and low fees. How can we stop these foundational changes at our credit union? What can we do to remove the Brady Bunch from control? The Brady Bunch certainly has not received the message delivered last October by the members. Do members have any other recourse? Are the by laws published online anywhere?
DeleteIf a branch has a CUIS rep, they are scarce anyway because they have “work from home” privileges. Not sure how retail member facing employees are getting much accomplished at home. They are definitely hard to track down.
DeleteMost of those branches who now lack a representative also have former reps who were involuntarily removed from CUIS after years of experience, willingness to help, and having performed as a rep for a very low annual stipend. All they can do now is put members off with a referral. It is not an improvement.
DeleteAnother bonehead decision by upper management. When CUIS increased the minimum initial investment from $250 to $3,000, they effectively eliminated thousands of members as potential investment customers. Very much a profit driven mentality now.
ReplyDeleteHadn't heard this. When was this change made?
Deleteon the 'their' website ...
DeleteHow Do I Get Started?
Ask to speak with a CUIS Investment Representative today if you:
Are a resident of North Carolina
Wish to invest at least $3,500 in securities
Wish to invest the funds for at least 5 years ...
Mr. Blaine I believe the change to the minimum amount was around the time we went to FAS Specialist. The reason for the change is that the majority of accounts closed prior to 5 year time horizon had less than $5k balances. There was serious discussion to have $5k as the minimum.
DeleteIn my experience our FAS Specialist are not providing the level of service or advice that many advisors provide albeit for an even higher fee. I’m not saying this investment advice is better or worse. I don’t see our CFP’s reviewing wills, pre-nups, working with accountants at the level many outside advisors do. We can pretend the CUIS fee increase is for the reasons stated but more likely the inflated FAS salaries are more of the reason. New FAS employee with no experience or licenses starting at $54-60k compared to a new branch/mss employee starting at $38-44k. FAS has an A-Tier attitude.
If you want an interesting read. Look at the number of times a deceased person’s account with no changes outperforms accounts with a more active management. To me that has been our advantage we’re not going to actively manage your account but we were upfront with this information at account opening. Defining Expectations.
Worth noting it’s against CFP standards of conduct to “review” wills,l and prenups. That said CFPs everywhere will recommend outside advice with CPAs or attorneys for things they are not licensed in. This holds true for CUIS employees as well. Compliance matters.
DeleteBy review I meant ensuring clients have these documents in place and recommending attorneys if clients need these documents. Even the Estate Planning Program has lost value by referring more to other attorneys because our program won’t allow a member to disinherit a drug addict child.
DeleteThe parameters of the program are determined by the participating firms and not the organization. I hope that helps your understanding.
DeleteThe minimum went up to protect the large percentage of members who were closing accounts out early because those with less to invest showed a higher rate of "needing" those funds sooner than expected, causing losses for them and fees.
Delete10:54pm Nope, cant say whatever you just said in this sentence helped my understanding, buy thanks for trying.
DeleteAs is evident in ALL they do, the credit union has lost sight on those they serve ...
Delete7:32 am - 1/10/2023 Looks like the same logic which was used "to protect" members with B,C,D,E credit scores (the majority of members) from too low rates on loans. Or "protecting" members needing assistance with tax prep by dropping the service (though profitable) altogether. Or "protecting" members by offering lower levels of service at higher operating costs.
DeleteBy raising the minimum many members were simply precluded from having the chance to succeed ... not really a "send us your mama" attitude is it?
"Protecting" folks from having an equal opportunity in life... that doesn't sound like progress for SECU... nor the definition of a trusted advisor at any price.
And 7:32am - For the record, your justification for cutting members off without ever giving them a chance looks zany...raising the minimum to protect "them" from "losses and fees"... the fees on a $1,000 balance would be $2.50... think most of "them" could handle that loss, don't you? And a trusted advisor would never put a beginning investor in high risk investments subject to large losses, would you?
DeleteBut you don't think that same member can handle a $5 fee? Because thats what the new fee structure would be based on that $1000 account. Its also $18 for a trade and $95 for an ira closeout. So yes those fees are a bit much for a $1k investment. But yes you are correct, someone with only $250 to invest probably shouldnt be risking that money anyway which is why we don't recommend it as a minimum anymore
Delete9:10 am The "attitude person" is back! Thanks for protecting the members, you know best!
DeleteBTW how can you have a $5 fee on an account you won't allow the member to open. How exactly does that work?
For full disclosure, why do you charge a $95 fee (when was that added?) to close an account you don't want!
Sounds like you should be paying (rather than charging) the member $95 "to go away"...and sure you haven't noticed, but "that attitude" is starting to turn a lot of members off... and not just the less than worthy "them". But you know best...
Jim, the $95 fee is charged by Pershing, not CUIS.
Deletewhoever(Brady?) does the negotiations for SECU these days with Pershing is allowing SECU to get beat up? $95 to close an account? That's nuts.
DeleteApparently they announced a total overhaul in training for branch and MSS employees today? Can anyone confirm?
ReplyDeleteIs it true that all CURRENT employees will be required to report to Raleigh for this 15 day (i.e., three work weeks) training program at some point during 2024...?
The training is for new employees.
DeleteI doubt that to be true, everything is WEBex now and keeps cost down
Deletethe rich getting (much) richer and the poor getting (much) poorer .... That's the plan ... not just here but everywhere!
ReplyDeleteDON'T MISS 1/9/2023 at 8:36pm - It may be the most important comment of all...but lets' chat about it tomorrow or you will be late for work!
ReplyDelete8:36pm 1/9/2023 - Wanted to return to this one because it is clearly from a highly knowledgeable, dedicated CUIS employee with some important points. But first lets try a few honest questions:
Delete1) How do you know CUIS is "causing a loss"? How much was "the loss" in $ amount in 2023? Are you aware that an independent CPA financial audit is conducted and published on CUIS each year? Any reason it isn't published on the website for member review?
2) What was the "loss" at CUIS in 2022, 2021, 2020, 2019? Don't you think, as a trusted advisor, your members should be aware of the financial soundness of CUIS?
3) From those audited financial statements can you also provide a breakdown of the assets under management (AUM) and the number of members served in 2023, 2022, 2021, 2020, 2019? It's really easy to compile that info from those reports... might take an hour at most!
4) How do you know that CUIS is "the best Advisory firm in North Carolina"? (Bravo, I hope that's true!) How is that rating measured, what are the metrics you use to make that judgment? Would independent, outside analysts agree with your rating? More importantly, do the members agree with you?
Will wait for your answers, because I would like to take up further the many sound, encouraging points you make. You might find it surprising that I'm on your side and very interested in the future success of CUIS - especially for the employees who serve in that capacity.
No harm in hearing some differing opinions, is there? How can that hurt?
Providing us all with the answers above - the truth, the whole truth, and nothing but the truth - is what we all expect from a trusted advisor, right?
Hope you will not duck ...!
Ms. Trexler is currently the executive over all SECU CUSO's including CUIS. She is a long term "legacy" employee who I believe has always held members in high regard and operates with integrity. She certainly has access to the information Mr. Blaine has asked for. Would be wonderful to see someone finally step up and provide the transparency SECU was known for BH (Before Hayes).
DeleteMs Trexler, will you be transparent and provide the facts? The members you serve deserve to know. We'll wait....
Employee indicated Ms. Trexler is not senior leader in charge of CUIS. Of course, didn't mention who was! Anybody at SECU know?
DeleteThere is a new AEVP-FAS position posted a couple of weeks ago. The hiring manager is Deputy COO Stacey Waddell (believe that is her new title). Stacey is as smart and good as they come!
DeleteIt's Jennifer Hamrick
DeleteFAS reports up to the COO
DeleteAccording to the Form ADV for CUIS (https://adviserinfo.sec.gov/firm/summary/144871), the current President is Stacey Waddell, Matthew Hamilton is COO, and Rex Spivey is CFO.
DeleteThe form lists 280 offices, which addresses mostly match branches. I'm guessing every branch is listed, though that might not mean a dedicated rep is housed there.
The new position in FAS AEVP is just an excuse to give Tenisha a raise. Meanwhile branch staff haven’t been promoted or have a career path for two years. Do more with less but let’s keep pumping up the executive salaries Working in a branch is like going to the morgue. Morale at an all time low. SVP and above no longer are branch advocates they watch their own backs. RSVPs just slapped a new Risk Assessment program on managers that will be a full time job on top of the full time job and VP and Loan Officer. RSVPs are so out of touch now. Meanwhile members are waiting in the lobby and suffering from lack of employees to help. Seems like the memebrs are getting the short end of the stick in the end. Think the credit union has forgot why we are here
DeleteMembers are getting short end of the stick from the start. Members are out of the equation except for providing the $$$$ to fund all the mismanagement. other credit unions and banks are looking good, especially since there isn't a difference in offerings any more. Branch employees are the ones keeping members at SECU. Don't know if, or when, Brady and the board will figure that out.
DeleteIts not a new position. Speaking of out of touch. Also, it's Tenesha. As said before, FAS is not to blame for executive managememts lack of respect for the branches.
DeleteDidn’t say FAS reps are, but some of the higher ups are in the same trenches as the rest… stop defending them and SECU. Nobody is attacking YOU just the decisions and the decision makers of SECU/FAS. Tell me TenEsha won’t get that spot….
DeleteThe Credit Union has Wall Street aspirations ...
ReplyDelete... and we know all about them ...
DeleteInside Job (2010 Full Documentary Movie)
https://www.youtube.com/watch?v=T2IaJwkqgPk
ps you can't make this stuff up ...
The wealthiest 10% of U.S. households now own nearly 93% of the stock market.
ReplyDeleteData: Federal Reserve
How many CFPs actually work for the CU anyway?
ReplyDeleteI don't know if there is current info publicly available, but from press releases from 2020 (https://www.cuinsight.com/press-release/secu-members-invest-more-than-1-billion-through-credit-union-investment-services/), they reported 535 CUIS reps at that time. They also reported $1B under management. At the previous rate, that would generate $2.5M in fees per year, or about $4670 per rep per year. I assume the reps are mainly on the SECU payroll. Also assuming the trading and other fees are passed through, but who knows.
DeletePlease no incentive pay or bonuses for selling to the members!?
DeleteThere isnt
DeletePeople (or organizations) of wealth can still choose to serve the unwealthy. Radical? Absolutely, but the very premise upon which SECU was founded.
ReplyDeleteNow SECU has become lost in the wilderness. Who will step up? If not now when? What excuse will you use not to?
Is there problem with the phones? I have been holding for 45 minutes to talk with a representative
ReplyDeleteAll the FAS reps are going to actual “Sales” school I believe starting next week for first round. Then comes the quotas……
ReplyDeleteThis is not true
DeleteThose are here already. They just put lipstick on it
DeleteI have heard this and the “talking points” for staff referrals to FAS appear to be very sales oriented. Cannot confirm, but not dismissing it.
DeleteActually 100% factual. First round of sales school was Monday and Tuesday this week. Sales school. Ofcourse I have hear that Hayes era contract might expire.
DeleteLots of unknown information on CUIS, so lets' go to the source as suggested and get the facts!
ReplyDelete[email 1/10/2023 - Mr. Spivey is SECU CFO]
Dear Rex Spivey,
Good morning. Would you please send me the most recent audited financial report for CUIS? If the report is available to members already online would you please send me the link. As we confirmed last year with the financial reports of SECU, I believe the member-owners have a legal right to receive this information.
To save time would you also provide the audited financial statements of SECU*RE and SECU Life.
Thank you. Hope all is well with you.
Jim Blaine
One of the key founding principles underlying the integrity of CUIS was that - unlike the "industry standard" - all CUIS staff would be salaried (no commissions/no bonuses/no incentives), which helped assure members that they would always receive fair, impartial advice - great distinction for CUIS staff!.
ReplyDeleteHope that principle remains for all CUIS trusted advisors...
But then I saw this in the new (1/2024) CUIS brochure:
*Item 6: Performance-Based Fees and Side-By-Side Management: No supervised person of Credit Union Investment Services accepts performance-based fees. [link to brochure]
[.. "no supervised person"???] Why is that phrase used? Sorry, suspicion just reflects the distrust which has been created by the lack of transparency by the SECU Legacy Board over the last 2 years.
Are any employees at SECU now receiving commissions,bonuses/incentives?
things that make you say hmmmmm ...
DeleteNo. Still salaried. No incentive. No bonus, no commission. No plans to change.
DeleteNo FAS employees receive any kind of commission for anything they produce - insurance, investments, or anything else. Hope this helps.
DeleteThe deliberate wording of "supervised" person suggests that while regular FAS reps (aka, the "supervised") don't receive commission or bonuses, the bigwig executives DO potentially receive performance based bonuses. And Lord knows how big those bonuses are. This wording is purposefully deceptive.
DeleteSure, the rank and file might not get bonuses, but they'll still be pressured to make sales and reach quotas because their bosses' pay depends on it. And for the boots on the ground that's the worst of both worlds.
I can confirm there are performance bonuses paid for reaching certain predetermined goals in a timely fashion. Above and beyond regular salary. Mostly in IT.
DeleteWell, there's a shocker considering Bomba is in charge of that group.
Imagine the cutthroat environment that creates. "I will get my bonus at any cost whether it be members, coworkers or the organization as a whole. it's about me!"
We don’t get anything but salary and are truly trying to help all members who want our investment assistance.
DeleteSomebody's getting bonuses. At Creedmoor there are at least two Maseratis in the parking lot. I've been in ops for over 15 years and I don't recall seeing ONE Maserati in employee parking at 801, 900, or 1000
DeleteMany people in IT never receive anything regardless of their progress. This just makes me so mad. Just like magical positions and salaries, depends whether Bombastic "likes" you or not. Are you already his friend he hired? Are you going to their weekly gossip filled happy hours? Being treated to golf and dinners? Most are lucky to ever get any raise above 2% at all for the past few years. Several legacy employees continue to make well below their new FCB peers. There is hope that Bombastic will be found out on how he really treats everyone. People are afraid to say anything.
DeletePeople are not afraid to say anything. I spent over an hour with Jennifer Storey for an exit interview when I left and gave details and written correspondence regarding Bomba and the others he brought in. Leadership is aware, they just don’t care.
DeleteShould be the cream of the crop. Not us lowly "legacy" IT folks. We are still here waiting on the never coming pay adjustment, pay raise and promotion. After the big "study" done wasting money. Those who kissed up to the right people got promoted. Others are hanging in there like everyone else.
DeleteOh word? Say leh
ReplyDeleteOne of the biggest mistakes the board/Brady and whoever else was involved made was taking investment/ trust licenses/certifications away from VP/SVP’s. We have a FAS specialist in our branch maybe 2 days a week since they have to cover other branches in the district the other days. I can’t tell you how many times a day I let members know that we do not have a rep in the branch today. Dumbest move ever in my opinion but then again, who am I, just a dumb branch employee. FAS specialists are overloaded and will probably look for other opportunities. And no, I am not a FAS specialist, only an observer.
ReplyDeleteNot in my area most of the FAS reps sit and play on their phones all day. Too good to lift a finger to help branch, when they can. Realize they lost a lot of ability. Mortgage and Fas got either really good employees or employees that are really lazy and want to act important suddenly but are truly lazy employees taking advantage of their boss not being there. It two extremes no in between.
DeleteAgree with this one. Licensed staff could have stayed active to be able to assist with basic servicing/questions. That was a cost cutting measure to remove everyones license. However, its not too late to turn those back on for branches who don't have a full time specialist there. Maybe use that .5% to pay for it?
Deleteyou can thank the Board for this new culture ... (If you don't like it then this year send 4 more out the door!)
DeleteI wonder how much the anticipated savings in taking licenses was compared to the current FAS situation which limits services to members, at least in some areas. There seems to be a lot of FAS openings being posted and I’m certain they aren’t all brand new positions. What’s the turnover?
DeleteI don’t know why you think service is limited to members. It’s the total opposite. FAS services used to be a complete afterthought and frankly members were not served very well. Hard to be a good investment advisor or insurance agent when you’re also doing 10 car loans in the day vs an insurance policy once every 6 months.
DeleteFOUR in 24!
ReplyDeleteAs a FAS specialist, I HATE SECU. They crap on me every chance they get. I am more qualified than 50% of the DMs and can't get the salary I was promised in May 2022. But now I am told I need to open 25 investment accounts every month! Somebody is getting paid. And it sure as f*ck isn't me.
ReplyDelete-A STARVING EMPLOYEE
What is a DM? Have quotas really been assigned to FAS reps?
DeleteDM = District Manager. No, we do not have quotas.
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