Wirehouse advisors

The bank is winding down the roughly $40 billion international segment of its wealth management business.

The team caters to wealthy clients and athletes, and specializes in private placement life insurance.

The new hires include industry veterans and they join a growing branch in Dallas.

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

The new recruits build on the 43 advisors Janney added last year.

One of the largest wealth managers aims to attract more teams out of the crop of nearly 7,000 advisors leaving employee-channel firms each year.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

The ex-Morgan Stanley and Merrill Lynch advisors join the wealth manager, which has been aggressively recruiting in recent months.

The firm’s aggressive hiring streak continues with the onboarding of several wirehouse advisors.

The group leader, advisor Lars Olson, had been with the wirehouse since 1994.

Firms will up their tech investments and continue rewards and punishments designed to shape advisor behavior, says recruiter Mark Elzweig.

The IBD completed a stellar recruiting year by adding a team led by a 30-year veteran advisor.

The UHNW unit signed advisors managing a combined $3.7 billion this year and committed to maintaining a physical presence in its New York headquarters.

Like its largest rivals, the wirehouse kept grids at par after a tumultuous 2020.

The firm’s four new additions came from two wirehouses.

It’s one of the largest teams to quit a wirehouse this year.

After a volatile year, advisors get a reprieve when it comes to payout changes.

The firm has added 42 advisors this year with a combined $3.8 billion in AUM.

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