Wells Fargo Advisors' compensation plan for 2018 will pay advisers up to 50% of their generated revenue, Reuters reported Dec. 1.
To get the 50% payout, at least 75% of their clients should have more than $750,000 invested. The advisers should also have brought in at least $2 million in 2017 and should be part of Wells Fargo & Co.'s DELTA coaching program.
Teams can now also get the 50% rate, if each broker on the team manages at least $800,000 in assets and the team generated a combined $2 million in revenue.
While the brokerage is "not just a high net worth firm," Reuters quoted John Alexander of Wells Fargo Advisors as saying, the change does encourage advisers to cater to wealthier clients. Rich Getzoff, also of Wells Fargo Advisors, told Reuters that the aim is to have brokers "continue to evolve their practices as we march toward the next stage of the advice business."
