Wells Fargo Advisors continues to gain traction in advisor recruiting, relying on its multi-channel model that distinguishes it from other wirehouse firms.
AdvisorHub reports that Wells Fargo remains the only major wirehouse with an independent contractor channel, a structure that has contributed to recent recruiting success. The firm's Wealth and Investment Management division recorded its third consecutive quarter of hiring advisors who generated at least $100 million in production at their prior firms.
The firm's independent channel, Financial Network, played a significant role in that momentum. According to AdvisorHub, during the first quarter, the channel added advisory teams that previously managed approximately $9 billion in client assets. The trend appears to have continued into the second quarter.
Despite the recruiting success, Wells Fargo leadership signaled that it does not plan to pursue acquisitions. AdvisorHub reports that the firm stated that it intends to focus on organic growth rather than consolidation strategies common among competitors.
Financial Advisor Transitions consults with advisors nationwide regarding employment transition options and strategies to preserve and protect their practices during any transition.
