Wells Fargo Loses 152 Advisors Last Quarter

Posted on November 20th, 2018 at 2:37 PM
Wells Fargo Loses 152 Advisors Last Quarter

From the Desk of Jim Eccleston at Eccleston Law LLC:

Wells Fargo Advisors has reported that 152 advisors have left the firm in the third quarter of this year. Those third-quarter losses bring the total number of departing advisors to more than 1,000 since September 2016.

Commentators suggest that the large number of Wells Fargo advisor departures can be attributed mainly to the steady flow of scandals that have damaged the firm’s reputation since September 2016.

More specifically, revelations that Wells Fargo’s banking division allegedly had opened millions of fee-bearing bank accounts in clients' names without their knowledge has caused a public outcry and other wrongdoings have also surfaced in the firm’s mortgage and auto loan business departments.

In addition, this year, the state of Massachusetts filed an enforcement action against Wells Fargo Advisors for allowing its advisors to make unsuitable product and retirement planning recommendation, as well as for systemic reverse churning practices among its advisors.

Eccleston Law assists advisors nationwide in transitioning to new financial services firms, defending them in court and in arbitration.

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,

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

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.