Wells Fargo Advisors ended 2021, thanking 27 outside recruiting firms for their "focus and continued partnership." According to the letter, Wells ranked how many advisors each recruiter successfully helped the firm hire. The letter comes as Wells has extended hiring offers for advisors and increased fees it pays third-party recruiters into the new year.
Under the firm's 2021 recruiter grid, recruiters could receive as much as 12% of trailing-12-month production for a successful placement if they added at least 20 candidates from well-known firms. Wells has not issued any new updates for the 2022 recruiter grid. The firm's head of Divisional Network stated Wells would continue to offer its top-of-the-market recruiting packages next year.
On the other hand, Wells also told market leaders and branch managers in its core Private Client Group that they could face steep pay cuts next year. The pay cuts will result from losing advisors or failing to bring in new ones as the firm digs in on aggressive retention and recruiting strategy and seeks to turn around years of attrition. Despite the various offers, headcounts have continued to decrease, primarily affected by Wells' decision to close its international business, in addition to underperforming salaried advisors.
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