Possible Promise

Make Your Future Promise Possible

Wells Fargo & Co. (NYS:WFC)

Zacks Rank: 4 (Sell) [?]

Trade on Robinhood

Wells Fargo & Co. is a diversified, community-based financial services company. It is engaged in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance. It firm operates through the following segments: Community Banking, Wholesale Banking, Wealth & Investment Management, and Other. The Community Banking segment offers complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and automobile, student, and small business lending. The Wholesale Banking segment provides financial solutions to businesses across the United States and globally. The Wealth and Investment Management segment includes personalized wealth management, investment and retirement products and services to clients across U.S. based businesses. The Other segment refers to the products of WIM customers served through community banking distribution channels. The company was founded by Henry Wells and William G. Fargo on March 18, 1852 and is headquartered in San Francisco, CA.

on Leave a Comment

Bankruptcy risks pose the greatest threat to the stock market’s rally to near-record levels, famed economist Mohamed El-Erian says

Source: Business Insider

A wave of corporate insolvencies has the best chance at dragging stocks from their lofty prices, Mohamed El-Erian, chief economic advisor at Allianz, said Monday. Investors have looked through US-China tensions, stretched valuations, stimulus delays, and surging COVID cases in recent weeks to push stocks higher. “You have a very strong technical supporting this marketplace,” El-Erian told CNBC , but large-scale bankruptcies could derail the rally. Even the Federal Reserve’s bond-buying and liquidity boosts can’t keep a slew of defaults from prompting unemployment and capital market damage, he added. Visit the Business Insider homepage for more stories . Corporate bankruptcies — more than any other factor — stand to halt the stock market’s steady run higher, Mohamed El-Erian, chief economic advisor at Allianz, said on Monday. Experts are beginning to wonder what, if anything, can topple the stock market’s extraordinary run-up. Investors have seen through oil-market chaos, spiking virus infection rates, US-China tensions, and stimulus delays, and major indexes currently sit just below record highs.

Read Full Article

on Leave a Comment

No Payment, No Problem: Bizarre New World Of Consumer Debt

Source: Zero Hedge

No Payment, No Problem: Bizarre New World Of Consumer Debt Tyler Durden Sun, 08/09/2020 – [13:30] Authored by Wolf Richter via WolfStreet.com, All kinds of weird records are being broken. But it’s scheduled to expire, and then what? The New York Fed released a doozie of a household credit report. It summarized what individual lenders have been reporting about their own practices: If you can’t make the payments on your mortgage, auto loan, credit card debt, or student loan, just ask for a deferral or forbearance, and you won’t have to make the payments, and the loan won’t count as delinquent if it wasn’t delinquent before. And even if it was delinquent before, you can “cure” a delinquency by getting the loan deferred and modified. No payment, no problem. Nearly all student loans go into forbearance, delinquencies plunge. Student loan borrowers were automatically rolled into forbearance under the CARES Act, and even though many students had stopped making payments, delinquency rates plunged because the Department of Education had decided to report as “current” all those loans that are in forbearance, even if they were delinquent.

Read Full Article

on Leave a Comment

6 rising stars of financial advice managing hundreds of millions break down how they won over wealthy clients in a fiercely competitive field

Source: Business Insider

Business Insider profiled six young financial advisers who have grown their practices early on in their careers at Wells Fargo, Morgan Stanley, and Merrill Lynch — among the largest US wealth managers. From building confidence to finding their niche, each advisor laid out what helped them build multi-million dollar client bases. “Remember that this is very much a career, and should never be thought of as a stepping stone,” one adviser said he often reminds newcomers to the industry. “Clients can tell if your heart’s in it.” Visit BI Prime for more wealth management stories . Getting off the ground as a new financial adviser, especially when you’re not working on a team, can be challenging. Building up a client base and gathering assets is a long-term process, and traditional wealth managers are trying to ease newcomers into the mix with new training and new transition policies between junior and senior advisers. Business Insider recently profiled six rising-star financial advisers who have grown their client bases early on in their careers at some of the largest wealth management firms.

Read Full Article

on Leave a Comment

A former Salesforce exec left to build a startup that solved two key problems customer service reps faced on the platform. Now, a decade later, she’s partnering with the cloud giant to make financial communication more personal

Source: Business Insider

Hearsay Systems allows financial advisors and insurance agents to have a more personal relationship with clients while still keeping their communication secure and compliant. CEO Clara Shih founded the company after working at Salesforce for three years and realizing that digital customer relationships often lost the personal touch that an advisor offers. Almost a decade later, Shih’s startup is deepening its partnership with Salesforce, as digital personalized customer service is valued more than ever during the coronavirus pandemic. Ther partnership will improve Hearsay’s app on the AppExchange and develop more integrations and data sharing features between Salesforce and Hearsay, Shih said. Click here to read more BI Prime stories. When Clara Shih led product marketing for Salesforce’s AppExchange for three years in the late 2000s, she saw two glaring problems: First, Salesforce’s customer relationship management system lacked tools allowing agents to update a customer’s profile based on personal conversations with them.

Read Full Article