Louis Diamond Quoted
By Bruce Kelly
The 2016 banking scandal and public relations fiasco had alienated some of the firm’s advisers
Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That’s when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening accounts for a few million customers without their knowledge or approval — a public relations nightmare that also alienated some of the firm’s advisers.
One recruiter said it looked like Wells Fargo had gotten its arms around the problem of watching valuable advisers walk out the door after the banking scandal.
“It does seem like advisers leaving has slowed down,” said Louis Diamond, vice president and senior consultant at Diamond Consultants, an industry recruiter. “The initial shock of everything has faded away. The advisers who were frustrated with the way the bank handled the situation probably left already.”
