Wells Fargo & Co. has spent nearly $1 billion over three years attempting to attract hundreds of financial advisors to join its independent platform. 

Wells Fargo has attempted to streamline the wealth management process by simplifying how it distributes various wealth management offerings. Currently, the firm operates three channels: advisors situated in bank branches nationwide, the traditional wirehouse, and FiNet, a rapidly growing network of independent advisors.

This approach sets Wells Fargo apart. In contrast, other major banks like Bank of America Corp.'s Merrill Lynch, Morgan Stanley, and UBS Group AG do not provide an independent alternative for advisors. As reported by AdvisorHub, this allows Wells Fargo to expand its wealth management operations without encountering a Federal Reserve-imposed asset cap that has prevented the firm from exceeding its 2017 size because the division's assets under management are not included on its balance sheet.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.