Wirehouse firms are scrambling for attrition solutions as more and more of their advisors show their discontent by heading for the door. Most recently, large firms have attempted to pacify their advisors in the form of early release of 2019 compensation plans.
For Wells Fargo, no sentimental commercial waxing nostalgic with stage coach imagery can help them now. Although it may be hard for the executives at Wells Fargo to stomach, the downward spiral of the company is in full effect, as evidenced by recent mid-year statistical reports.
Advisor Group, a division of Lightyear Capital, announced last week that it had purchased Signator Investors Inc. from John Hancock Financial Services for $50 billion in assets.
The importance of hiring and retaining advisor talent is an issue at the forefront of every financial services firm as teams have seemingly played hopscotch back and forth among Wirehouses, Independents, Hybrids, and RIAs.
Elite Consulting Partners Founder and CEO Frank LaRosa is the featured writer of the just released OnWallStreet Voices article “Wells Fargo leadership team misses the mark again”
