Wells Fargo Insights

Independent financial advisors get a lot of flexibility, but a study by Deloitte and Wells Fargo FiNet delves into the complexity of expanding successfully.

Industry recruiters say offers of shares in advisory firms are hard to value.

The company is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.

The banking industry appears to be stuck when it comes to diversifying the leadership ranks.

The bank's delay in investigating the case forced the plaintiff to resign from the bank in July 2021, according to the complaint. Wells said that it takes allegations of misconduct "very seriously."

Rohit Chopra, director of the Consumer Financial Protection Bureau, said the bank is "not making rapid progress" and hinted at the possibility of additional restrictions. But analysts saw positives for Wells in the $3.7 billion consent order.

A blueprint for a shared ledger for digital money would include central bank digital currencies, bank deposits and e-money from companies like PayPal — but not unsupervised cryptocurrencies.

An independent investigation found no evidence of a pact with Wells Fargo’s attorney but omitted mention of the other big questions emanating from the case.

The firms respectively settled the regulator’s allegations about suspicious activity reports and the duty of best execution — two major areas of emphasis.

The bank exited the $1.95-trillion asset cap last year, but it had remained subject to the rest of the eight-year-old order.

Snow Pine Private Wealth is the latest in a string of advisory groups to jump from UBS to Wells Fargo.

The Weikes Slattery Group generated $17 million in annual revenue from locations in New York and California.

The move comes amid UBS executives' acknowledgement that they're trying to strike a balance between keeping advisors happy and improving the profit margin for their U.S. wealth business.

Jed Finn says human advisors will remain necessary even as Morgan Stanley develops AI-driven "super agents." Speaking at the same conference, the Wells Fargo CFO emphasized cross-selling.