WSFS seems to focus a lot more on wealth management and commercial banking than the retail component. The bank lacks the investments on the retail side to compete with its regional peers, especially in the Pennsylvania market. Without further investment, the bank will continue to struggle to create brand awareness in a highly dense Pennsylvania market. This could be a problem in the long-run if it is not a focus and addressed. Another acquisition in Pennsylvania and more new branch openings would go a long way.
The lack of investment in retail also shows by just reading Glassdoor reviews. There seems to be a disconnect between the retail side and the rest of the bank. Given that retail is the primary "face" of the bank to consumers, more needs to be done to help retail Associates on all levels, including to do their jobs and earn a more competitive pay.
WSFS was not one of the banks that offered bonuses or wage increases after the bank received a significant flush of cash after the recent tax break. That was a mistake. The CEO said the bank already pays most Associates at $15/hour or more, but still, it would've been the right thing to do given the huge tax break all banks received, including WSFS.
Biggest thing of all, WSFS lacks an equity program in WSFS stock. Given that executives say Associates are the reason for the bank's success, Associates deserve to profit from the rising WSFS stock just as executives do. Not giving Associates this option for such as successful bank and stock is completely unfair.
