San Francisco-based managing director and most of his 18-person team are setting up a multi-family office for clients with at least $50 million apiece.
Departure of $10-million trio in DC, compounded by wooing back of one, raises questions about bank’s ability to maintain loyalty in its tightknit wealth management unit.
Riley Etheridge, who ran client sales, product and advisor training areas under former head John Thiel, retires, along with Sieg’s older brother.
Firm’s 2017 compensation plan would have reduced production credits to advisors buying books from retiring colleagues.
Brokers say demise of “Choice Select” could send some customers to discount brokers at a time when payouts are under pressure.
Under the shadow of its sham-account scandal, Wells Fargo is expected to tells advisors on Thursday they can’t use bank product sales to lift their 2017 pay.
Compensation plan leaves payout grid from 2016 unchanged but doubles down on Bank of America referral quota.
Brokers will have to generate 10% more production to qualify for same breakpoints that are in 2016 plan.