trending Market Intelligence /marketintelligence/en/news-insights/trending/mhT-TM1ISu9kSM3BJeYrCA2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Wells Fargo to cut pay rate of low-producing financial advisers

Blog

Latin American and Caribbean Market Considerations Blog Series: Focus on IFRS 9

Blog

Banking Essentials Newsletter: April Edition - Part 2

Blog

The Evolution of Cloud Banking: Successful Implementation & Frameworks

Blog

Banking Essentials Newsletter - April Edition


Wells Fargo to cut pay rate of low-producing financial advisers

Wells Fargo & Co. will cut the pay rate of financial advisers with at least seven years of experience if their revenue for the prior 12 months drops below $250,000 at any point, Bloomberg News reported Dec. 13.

Financial advisers typically get 22% of their monthly revenue until they reach a monthly target — which can range from $11,500 to $13,250, depending on the individual's plan — then they will get 50% on every dollar over the target, according to the report.

Under the 2019 plan, financial advisers whose 12-month revenue falls below $250,000 will have pay rates of 19% up to the target amount and 47 cents for every dollar thereafter, Bloomberg wrote.

The rest of the 2018 compensation plan will stay the same next year, including an incentive given to advisers who have a higher proportion of wealthier clients, according to the report.