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.