By Jake Martin, AdvisorHub – Wells Fargo Advisors on Wednesday pulled from UBS Wealth Management USA a 10-person team that had been generating $7 million in annual revenue at the wirehouse, a spokeswoman for Wells confirmed.
Multi-channel models are one of the hottest options for financial advisors, providing a path from employee to independence without changing firms. John Peluso, president of Wells Fargo’s First Clearing talks about the benefits, innovation and more.
By Vicky Ge Huang, AdvisorHub – Some of the brokerage industry’s most aggressive recruiters illustrated in the past week that their transition teams continue to operate during the pandemic as part of their broader business continuity plans.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – After bleeding advisers for more than two years, Wells Fargo Advisors is changing its succession plan by offering a bonus to advisers who stay on until retirement and giving financial help to young advisers acquiring the business of those advisers who are retiring.
Barbara Herman Quoted – By Miriam Rozen, Financial Advisor IQ – To boost its recruiting and retention efforts, Wells Fargo Advisors has announced that, effective April 1, it will offer more generous options for FAs on both sides of its succession packages — those retiring and those getting the retirees’ books of business.Specifically, WFA will offer retiring advisors who commit to a warm hand-off of their book of business to remaining WFA FAs a loyalty award of 25% over their trailing 12 months production.
Barbara Herman Quoted – By Miriam Rozen, Financial Advisor IQ – Wirehouse Wells Fargo recently unveiled the identities of the first two advisors to join its new RIA channel. Both were already advisors within the Wells Fargo organization. But questions remain as to whether this new channel will have broad appeal to broker-dealers looking to move to the RIA model.
By Mason Braswell, RIABiz – Wells Fargo Advisors has convinced two teams from UBS Financial Services in Ohio cumulatively producing more than $7 million to join its private client group franchise, a retort to the heightened exodus of brokers it has been experiencing.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews – Wells Fargo Advisors has lost hundreds of brokers and advisers over the last two years to rivals in the wake of scandals at its parent bank, but one firm, Benjamin F. Edwards & Co., has perhaps the greatest long-term success in recruiting advisers and employees from the beleaguered brokerage firm.
Louis Diamond Quoted – By Brooke Southall, RIABiz – “This doesn’t seem that dissimilar from what most firms are doing. Advisors are able to grow their businesses quicker and more efficiently, if they aren’t concerned with investments 24/7.”
Louis Diamond Quoted – By Andrew Welsch and Jessica Mathews – Wells Fargo’s brokerage ranks continue to shrink, indicating that a long-running decline in advisor numbers has yet to come to an end. Louis Diamond, a recruiter at Diamond Consultants, who has worked with Wells Fargo, anticipates the number of advisors exiting will slow down.
