Wells Fargo & Co. reported that its financial advisor headcount continued to decline during the first three months of 2022. However, its annualized revenue per advisor was up in a quarter even as the broad stock market declined. 

Annualized revenue per advisor, recognized as a key industry metric, was $1.22 million at the end of March, up 4.3 percent from the end of last year. 

The revenue growth is attributable to the company's recent focus on recruiting more experienced advisors, according to InvestmentNews. Wells Fargo reported 12,250 financial advisors at the end of last month, a drop of 117 or almost 1 percent from the prior quarter. A Wells Fargo spokesperson wrote, "Attrition is at the lowest in two years and our hiring momentum remains strong moving into the second quarter."

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