04.08.24
Wells Fargo Advisors’ Midyear Pay Tweaks
by: Bruce Kelly
Wells Fargo Advisors has implemented midyear compensation updates focusing on its fee on advisory programs. The changes will have an impact on advisory accounts at the wirehouse, according to an insider. Depending on the mix of assets in those accounts, about a third of Wells Fargo's advisors could see a significant boost to their compensation, while the other two-thirds could take a hit of up to $1,000 a month. The one-third of Wells Fargo's advisors who could see the compensation bump from the changes are those who use money managers like T. Rowe Price and other third parties, the source said.
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