Wells Fargo Increases Retirement Payout

UBS did it, and now Wells Fargo has changed its broker retirement program, increasing the payout to a retiring broker and to the broker who gets his accounts. Wells Fargo says that under its new program, retiring advisers can receive a payout of up to 225% of their 12-month trailing production. The number varies in part based on the valuation of the book agreed upon by the retiring and inheriting advisers. Wells Fargo is also offering a loyalty award equal to 25% of the retiring adviser's T-12. The inheriting advisor, meanwhile, gets a payment of up to 100% of the retiree’s T-12 which helps offset the cost of the acquired book, according to Wells Fargo. The payment, in the latter instance, comes in two installments, one at the departing adviser's retirement day and a second three years later, according to the firm.The program comes with a non-solicit agreement for the retiring broker, which some in the industry press are criticizing. While non-solicit and…

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