Wells Fargo Will Give FAs Bigger Rewards for a Warm Hand-Off
Barbara Herman Quoted
By Miriam Rozen
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.
“Clearly Wells is recognizing some of the flaws in sunset programs out there,” says Barbara Herman, a senior vice president for New York-based Diamond Consulting.