The advisor roster at Wells Fargo Advisors has experienced another slight decrease in the third quarter of the year. Despite the drop in headcount, earnings have continued to rise.
Six years ago, the wirehouse was home to more than 15,000 advisors. Wells Fargo has endured consistent departures since the parent bank's fake account scandal in 2016. Wells has been stabilizing its ranks with an aggressive recruiting strategy and a strong focus on retaining advisors by promoting its independent brokerage and investment advisory channels, according to AdvisorHub. According to a Wells spokesperson, virtually all of the net change in headcount was driven by retirements, meaning the firm, through its succession program, retained most of the departing advisors' client assets.
A multi-year company cost-cutting effort also has helped Wells Fargo endure an unstable market.
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