As Wells Fargo Advisors has increased its hiring efforts, its $2 billion loan balance remains unchanged.
According to an annual report filed with the Securities and Exchange Commission (SEC), the loan balance has shown no significant movement since 2018, fluctuating between $2.1 billion and $2.3 billion. Compensation consultants believe the unchanged balance likely means that Wells is adding new loans at a rate that keeps pace with the older loans amortizing.
A spokesperson from Wells told AdvisorHub that the company is focused on growth, emphasizing that more advisors are choosing Wells because they see the company's investment in its business. Since 2019, Wells has offered top-market recruiting packages to employees in an effort to replenish its advisor headcount.
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