Lisa Shidler

Brooke Southall and Keith Girard

Wells Fargo spins heads and kills fax machines with radical plan to counter wealth management erosion by five-fold building of its IBD network -- even it if means cannibalizing its own advisors

Wells Fargo

Wells Fargo Advisors Financial Network

<p>There are about $5 trillion of assets parked in traditional stock brokerage firms, but they're not likely to stay there. Every month, clients move some of their money to independent firms with fewer conflicts of interest. Brokers who want more control are moving their books of business, too.</p>
<p>In these Breakaway Stories, you'll find instructive, encouraging and sometimes funny stories about these breakaway brokers and their clients. The information in the stories is accurate as of the date of publication. We hope these tales are useful for breakaway prospects and for people interested in luring wirehouse talent to their firms.</p>

Breakaway Stories

Wealth CEO Barry Sommers tells Bloomberg its 1,600-advisor IDB will exceed 12,000-broker unit in five years, but internal one- to two-year wait-list will complicate effort, recruiters say.

Wells Fargo spins heads and kills fax machines with radical plan to counter wealth management erosion by five-fold building of its IBD network -- even it if means cannibalizing its own advisors

Related Moves

October 1, 2019 at 1:06 AM

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