07.12.24

Wells Fargo’s Focus on Independent Advisors Taking Shape

by: Bruce Kelly

Wells Fargo Advisors’ bet on stabilizing its sales force of financial advisors by focusing on its independent broker and investment advisor channel appears to be paying off, say insiders. With thousands of financial advisors leaving or retiring from Wells Fargo since the banking scandals of 2016, the bank has turned to its independent business model, where advisors pocket a larger percentage of revenue, as a way to hang onto its veterans. Wells Fargo in 2022 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 some advisors who would have otherwise lost deferred compensation.

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