According to the company's earnings report, Wells Fargo & Co's advisor count decreased by 1.5 percent over the past three months. According to an internal memo, the rate of departures was less severe than the 9.8 percent annual decline reported a year ago.
Advisor productivity continues to rise, however, and recruiting momentum is building. Wells will replenish its ranks with higher signing bonuses to experienced brokers, along with outsized fees paid to outside recruiters, both of which Wells has said has helped bring in higher producers.
Additionally, Wells Fargo is increasing the pressure on managers to keep seats filled and told branch and market managers in the private client group that the firm was adjusting compensation for 2022 to penalize individual losses more severely.
Even with the smaller advisor count, Wells' Wealth and Investment Management unit's revenue grew 6 percent from the prior year to $3.65 billion for the fourth quarter. The company stated, "total client assets increased 9 percent year over year to $2.18 trillion, "primarily driven by higher market valuations."
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