Unlike Citigroup Inc., UBS Group AG and Morgan Stanley, Wells Fargo Advisors will stay in the broker protocol, the firm confirmed Monday with Financial Advisor magazine.
“We will remain a member of the protocol,” said Wells Fargo Advisor’s spokesperson Emily Acquisto. “We want our financial advisors to be happy in their choice to work for Wells Fargo Advisors. “
Wells Fargo is the third-largest, full-service provider of retail brokerage services in the U.S., according to the company’s website. It manages $1.6 trillion in client assets and employs 14,544 financial advisors.
At the end of the first quarter in 2017, Bloomberg reported the firm had 14,657 and that the figure reflected a decrease by 400 from the previous year following its account scandal.
Wells Fargo’s public image suffered a public blow in 2016 when the Consumer Financial Protection Bureau fined the banking side for the unauthorized creation of 2 million accounts.
To further accommodate its advisors, Acquisto also confirmed that Wells Fargo Advisors decided last week to waive the transition fees it used to place on advisors who wanted to join its independent channel, Wells Fargo Advisors Financial Network (FiNet).
Wells Fargo has a multi-channel model that offers financial advisors the choice of a wealth brokerage services network, an independent channel, and its traditional retail channel.
Acquisto said the transition fee that taxes advisors revenue in the first and second year after becoming independent will now be waived.
When asked how many advisors have taken advantage of this added incentive, Acquisto said it was too early to tell.
“Attracting and retaining top talent has always been a priority for Wells Fargo,” she said.