Rachel Louise Ensign and Ben Eisen, “Wells Fargo Wealth Advisers Struggle as Market Booms,” Wall Street Journal, February 3, 2020, p. B9
The report notes that Wells Fargo Wealth Advisers have grown client assets 12% since 2016. Bank of America and Morgan Stanley are up 21% and 28%, respectively. Wells consumer banking is just not referring as much to the Wealth Advisers. Wells Advisers is paying up to 200% of their revenue from the prior year in order to recruit new advisers to replace those who are leaving because “they don’t want to have to apologize for the firm they work for.”
Oh, what a tangled web and all.