Wells Fargo Advisors has shifted its focus to the independent business model, according to a recent article in InvestmentNews. 

For example, Wells Fargo took a significant step in strengthening its independent broker-dealer, Wells Fargo Advisors Financial Network (FiNet), by introducing a new bonus program. The bonus was designed to help advisors who might have otherwise lost their deferred compensation, ensuring they stayed with the firm.

The number of financial advisors transitioning to FiNet within Wells Fargo has increased, particularly after the bank ceased reducing the deferred compensation of advisors who made this move. InvestmentNews data reveals that in 2022, 324 financial advisors made the switch from Wells Fargo Clearing Services to FiNet, and within the first half of this year, 273 more advisors followed suit.

According to industry recruiter Danny Sarch, the bank's objective is to retain advisors already planning to leave while maintaining revenue within the firm. Although the bank receives less revenue from an advisor at FiNet, it is making efforts to keep financial advisors connected to the company, especially given the lingering concerns about the Wells Fargo brand in the public eye.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.