10.16.23

Wells Fargo Advisors Jumping Internally — to FiNet

by: Bruce Kelly

Wells Fargo has turned to its independent business model, where advisors pocket a larger percentage of revenue, as a way to hang onto its veterans. Last summer, it took a big step in bolstering its independent broker-dealer, Wells Fargo Advisors Financial Network, known as FiNet, when it created a new bonus for advisors who would have otherwise lost deferred compensation. “We really do believe that five years from now, the independent channel will be our biggest channel,” said Barry Sommers, CEO of Wealth & Investment Management, in a recent interview. “We’re not sitting there worrying about margins, we’re worrying about building the right platform for advisors and clients.”

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