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

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