A federal judge said he’s not ready to sign off on Wells Fargo & Co. collecting $240 million in insurance payments from 20 bank officials in connection with the lender’s unauthorized-accounts scandal — even though the settlement was touted as the largest-ever of its kind.
Broker in Atlanta managed $222 million for Wells customers before jumping to Ameriprise while a Waddell’s Washington State manager joins an independent advisory firm.
Wells Fargo & Co.’s leaders have repeatedly assured the public its aggressive sales culture is gone after quotas led workers to foist unwanted products on clients. Now another problem is festering: low productivity.
In bid to retain younger advisors and keep the clients of those who are retiring, Wells is offering buyers of books up to 100% of retiring brokers’ T-12 and dangling a bonus payment to retirees.
Everyone is asking: Can a Wirehouse RIA work?
Sixty-nine-year old New York advisor alleges the firm retaliated against her for complaining that a manager favored younger, male brokers in distributing accounts.
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Spokane, Washington, broker who says he generated $1.2 million in revenue but was penalized by failing to hit Merrill “growth-grid” targets has high hopes for life as an independent broker.