Wells Fargo Advisors

The wirehouse picked up a 43-year veteran from its rival.

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

Alterations include higher hurdles for cash pay, a grid stretch for deferred compensation and new bonuses.

The former wirehouse team oversaw $1.15 billion and will staff a newly opened office for the regional BD.

He allegedly told his employer that he had been diagnosed with cancer, and took medical leave from June until September. Wells Fargo notified him that he was being let go while he was away, according to the complaint.

Charlie Scharf’s insensitive and factually incorrect remark perpetuates a damaging trope, financial advisor Lazetta Braxton writes.

It’s the latest team to exit the wirehouse as profit suffers.

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“We basically had clients demanding that we find a new home,” after Wells Fargo failed to secure PPP loans for them, an advisor says.

“Overall there were not many positive data points to hang your hat on,” according to analysts. Advisor headcount, net interest income and assets were down.

They left Merrill Lynch and Wells Fargo to join their new firm.

The wirehouse added more than a dozen advisors in the last month managing more than $1 billion in client assets.

“We started with 40 people just marching, and it turned into 15,000," an advisor says.

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In just two days, technology and remote staff helped ex-Wells Fargo FAs managing $281 million open client accounts at their new employer.

The firm recruited only slightly fewer advisors than the year-ago period in very difficult economic conditions.

The firm is making changes to its small household policy, which it had previously tightened prior to the current public health crisis.

“Through these difficult times, we are able to work remotely and seamlessly” thanks to the firm's digital tools, ex-RBC advisor says.