Net 204 Brokers Left Wells Fargo in the Fourth Quarter

Posted on February 13th, 2017 at 12:07 PM
Net 204 Brokers Left Wells Fargo in the Fourth Quarter

From the Desk of Jim Eccleston at Eccleston Law LLC:

Across its private client, independent brokerage and in-bank brokerage channels, Wells Fargo Advisors experienced a net loss of 204 brokers during the fourth quarter of this past year.  Recruiters have cited that the fallout is from its parent’s retail banking scandal where Wells reached a $185 million settlement with regulators for creating retail banking and credit card accounts that customers had not authorized.

Although the company’s wealth division had not been implicated in the scandal, the bank has long boasted about brokers’ success at cross-marketing bank loans and deposit accounts to their clients.

At Eccleston Law, our experienced securities lawyers provide financial legal advice and guidance for many large and small financial advisors and independent broker-dealers. Services include the negotiation of terms of the employment transition and forgivable loan agreements. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial investors including Securities FraudUnauthorized TradingBreach of Fiduciary DutyRetirement Planning Negligence, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LC, James Eccleston, Wells Fargo, independent brokerage, in-bank brokerage channels, Wells Fargo Advisors, recruiters, regulators, cross-marketing bank loans, financial advisors, independent broker-dealers, emp

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

October 15, 2021
FINRA Bars Former LPL Advisor Who Allegedly Misappropriated Elderly Client’s Funds

The Financial Industry Regulatory Authority (FINRA) has barred a former LPL advisor who allegedly misappropriated a senior client’s funds and subsequently failed to cooperate in FINRA’s investigation.

October 14, 2021
NASAA Targets Unpaid Arbitration Awards With Proposed New Model Rules

The North American Securities Administrators Association (NASAA) has proposed new rules in an attempt to reduce the large number of arbitration awards that go unpaid to investors who prevail as claimants in arbitration proceedings.

October 13, 2021
SEC Freezes Assets and Halts Alleged Fraudulent Scheme By Ron Harrison

The Securities and Exchange Commission (SEC) has obtained an emergency court order freezing the assets of Ron Harrison, who allegedly operated an ongoing fraudulent scheme.