Wells Fargo Advisors

One of the new hires has more than five decades of industry experience.

The advisor had been with Wells Fargo for only two years, having previously worked at Credit Suisse.

The wirehouse recently reported advisor headcount shrank by 258 advisors year-over-year.

The firm was defined by a culture of “no, no, no,” a top headhunter says as part of On Wall Street’s annual recruiters roundtable.

A recent report about bad incentives for brokers "did not accurately reflect how we do business and serve our clients," said Jon Weiss, head of wealth and investment management.

The firm falsely claimed on his Form U5 that he deliberately changed a customer’s address from California to New Hampshire to facilitate the sale of an annuity, the broker alleged.

The research firm’s annual survey included new queries reflecting changes in the industry.

The departure is the latest in a string for the wirehouse, whose broker ranks have shrunk by more than 300 over the last year.

Massachusetts is probing whether the firm's wealth management unit steered clients toward inappropriate investments and high-cost accounts.

It's a sign the firm is still selectively hiring despite leaving the Broker Protocol last year.

The move comes at a bad time for the firm, which amid scandals and mounting regulatory scrutiny has lost more than 300 advisors in a year.

One recruiter says, "If I'm an advisor at Wells Fargo right now, I have to ask myself is this the firm I want to tie my future to?"

The beleaguered bank is reported to have been ordered by the Justice Department in late 2017 to conduct an independent investigation of the business.

‘The firm gives advisors the ability to choose who they do business with and doesn’t put limitations on minimum account size,’ one advisor says.

The advisor fleeced the duo of nearly $1 million by misappropriating their stock holdings and initiating unauthorized wire transfers from their bank account, prosecutors allege.

The Raymond James affiliated firm has been aggressively recruiting from wirehouses in recent months.

The brokers previously worked at Wells Fargo, which has suffered from attrition to smaller rivals over the past year.

The firm invested the widow's money in oil and gas securities, real estate investment trusts and other investments that did not square with her conservative risk profile, her lawyer argued.

Private Advisor Group reported impressive growth even as other practices of its kind have left the No. 1 IBD.

A disaffiliation fee of $4,500 applies to advisors leaving the IBD, but the policy could change.