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

If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

October 27, 2021
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.