Wells Fargo Advisors Cuts Payout for Low-Level Producers

Posted on December 18th, 2018 at 9:39 AM
Wells Fargo Advisors Cuts Payout for Low-Level Producers

From the Desk of Jim Eccleston at Eccleston Law LLC:

Wells Fargo has announced its 2019 compensation plan for the firm’s 9,400 financial advisors. According to the compensation plan, Wells Fargo will continue to guarantee its financial advisors 50% payouts of all fees and commissions produced after hitting monthly hurdles.

Wells Fargo also will allow the financial advisors who are part of a team to qualify for a 50% payout on all revenue regardless of the hurdle if 75% of their household’s accounts have at least $250,000 in revenue and at least one team member of the group produces $800,000.

However, in 2019, Wells Fargo will penalize low-level producers who do not qualify under the team exemption. Moreover, financial advisors who generate less than $250,000 of annual revenue, and who have seven or more years of industry experience, will have their payouts cut to a mere 19% on pre-hurdle revenue and 47% on post-hurdle revenue.  

Wells Fargo management believes that the penalties will effect less than 5% of financial advisors with the firm.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, 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: james eccleston, eccleston law, eccleston law llc, eccleston, wells fargo, financial advisors, payout

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