Wirehouse raises profit margin goals, and CEO says it won’t be done through compensation grid changes.
Wells Fargo Advisors had its best recruiting year since 2016, but advisor headcount fell by more than 450 over the past 12 months due to retirement and other attrition, a spokeswoman said.
Wells Fargo Advisors has told recruiters it will continue paying above-average fees for attracting brokers to any of its channels and will also maintain its sweetened deal for new advisors.
Chairman’s Club broker in Minneapolis who was dismissed by RBC over non-sales-related concerns after 28 years with the firm joined Wells late last year.
Four-advisor group in Bakersfield, Calif., stays independent with Ameriprise’s franchise division.
Florida advisor who claimed arbitrators improperly barred evidence about Wells’ alleged shifting of his customers to another part of the bank loses effort to vacate the decision.
Wells Fargo keeps production hurdles and grid rates unchanged, stretches some deferred bonus requirements and incents bank-based brokers to prospect.
Five advisors left the Thundering Herd near Dallas on Tuesday after seven years for the “advisor-led” employee channel of Wells Fargo Advisors.