For the first time in years, Wells Fargo Advisors has posted a quarterly gain in its advisor headcount.
In 2021, Wells' headcount decreased by 8 percent. In the fourth quester of 2022, its roster saw a slight increase to 12,027 advisors from 12,011 in 2021.
After several years of annual decline in advisor headcount, the company apparently has stabilized its ranks with an aggressive recruiting strategy, according to AdvisorHub. The strategy focuses on retaining advisors by promoting its independent brokerage and investment advisory channels.
Wells Fargo also has announced the launch of a "new strategic direction" for its mortgage business. The mortgage business will no longer fund mortgages arranged by outsiders and will shrink the mortgage portfolio it now services. Advisors in all of its wealth channels, whose clients custody assets at the bank, would continue to have the same access to mortgage lending services.
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