Wells Fargo Eliminates Bonuses For Selling Banking Products

Posted on January 17th, 2017 at 9:05 AM
Wells Fargo Eliminates Bonuses For Selling Banking Products

From the Desk of Jim Eccleston at Eccleston Law LLC:

Wells Fargo Advisors has eliminated bonus compensation for advisors' sale of banking and lending products. The reason for the elimination of this bonus compensation for advisors stems from the most recent scandal involving Wells Fargo Advisors’ parent bank Wells Fargo & Co. Last year, Wells Fargo & Co. was fine $185 million because its bankers opened up checking and credit accounts that customers never knew about or approved.

The elimination of bonus compensation by Wells Fargo Advisors means that advisors cannot rely anymore on making between $2,000 and $100,000 in deferred compensation annually for lending. The bonus amount varied based on how much an advisor grew his or her lending business.

Wells Fargo Advisors currently employs more than 11,000 advisors. 

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 advisors including Employment MattersTransition Contract ReviewState Licensing and RegistrationFINRA Defense, 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 LLC, James Eccleston, Wells Fargo, Wells Fargo Advisors, bonus compensation, banking and lending products, advisors, Wells Fargo & Co, credit accounts, deferred compensation,

Return to Archive

TESTIMONIALS

Previous
Next

Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.

LATEST NEWS AND ARTICLES

April 25, 2024
B. Riley Financial Clears Air Amid Allegations, Stock Surges

Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internal
review, concluding no affiliations with the defunct hedge fund.

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.