Wells Fargo ups recruitment bonuses to grow brokerage ranks
Reuters
Published May 25, 2017 06:03PM ET
Wells Fargo ups recruitment bonuses to grow brokerage ranks
By Elizabeth Dilts
(Reuters) - Wells Fargo (NYSE:WFC) & Co will offer more money in recruitment bonuses to financial advisers after competitors announced plans to pull back from recruiting, two people familiar with the matter said on Thursday.
The bank's wealth management unit, known as Wells Fargo Advisors, will increase recruiting offers by as much as 50 percent, according to two people briefed on the changes who asked not to be named because they were not authorized to discuss them publicly.
The extra money will show up in the upfront bonus checks brokers receive when they join Wells Fargo, as well as in their deferred compensation, which is paid out after several years. The increase was first reported by The Wall Street Journal.
"Attracting the industry's top talent will always be a priority for Wells Fargo Advisors," said spokeswoman Emily Acquisto in a statement. "We've been disciplined in recruiting and it has worked for us. Adding great advisers and new clients has helped us grow in key markets."
Wells Fargo's move comes after three primary rivals, Morgan Stanley (NYSE:MS), Bank of America Corp (NYSE:BAC) and UBS AG announced they were cutting recruiting budgets.
While some of those firms, known in industry parlance as the "wirehouses," have said they will continue selective recruiting, it has left an opening that Wells appears to be stepping into, the sources said. Wells has traditionally offered less compensation than the other three big Wall Street brokerages, so the increase puts it at or near what its competitors had offered until recently.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.