Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors

Posted on March 12th, 2019 at 9:46 AM
Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors

From the Desk of Jim Eccleston at Eccleston Law LLC:

Wells Fargo Advisors has announced that starting April 1st, the firm will provide incentives to young advisors to help them buy books of business from retiring colleagues under its new “Summit” program. As one incentive, Wells Fargo Advisors will offer financing in the amount of 100% of a retiring colleague’s T-12 revenue.

At the same time, to encourage advisors who are at or near retirement age to enter into the “Summit” program, Wells Fargo will provide them with bonuses equal to 25% of their T-12.  Notably, the bonuses offered by Wells Fargo are deferred for five years and retiring advisors are required to have generated $500,000 of fees and commissions in the previous year.

However, the Summit program requires those advisors to have to sign a multi-year non-solicitation agreement to get the funds. Moreover, the non-solicitation agreement carries a lengthy term- approximately 60 months, plus an additional 36 months.

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 advisor, summit

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

Marci M.


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