03.02.23
Wells Fargo Tells Brokers Transferring to Indie Channel To Take a Number
by: Mason Braswell
The wait for Wells Private Client Group brokers looking to make the internal transfer to Wells’ Financial Network (FiNet) has extended to as long as 18 months. Wells Fargo Advisors last year launched an effort to promote its independent channel to captive Wells brokers wanting to| go independent. Sol Gindi, head of Wells Fargo Advisors, acknowledged that there has been an uptick in demand for FiNet but said it is a trend that the firm welcomes. “We’ve made a strategic decision to invest in this area, and one result has been an increase in internal channel transfers,” Gindi said. “More Wells Fargo financial advisors are choosing to stay with us, versus leaving for other independent firms.” FiNet has a roster of 1,637 brokers, compared to about 1,300 two years ago, accounting for around 14% of Wells’ 12,000 advisors.
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