That talent and diversity is evidenced by brokerage firms can recruit, train, mentor,
the numbers and percentages Wells Fargo is and compensate financial advisors and
proud to share. Within Wells Fargo Advisors, branch managers.
30 percent of the Operating Committee is
made up of female senior leaders, and 14
percent of the local advisors for Wells Fargo
Advisors Private Client Group are female.
These programs are giving predominantly
salary-based advisors clients to work with
immediately, in most cases, and providing
them with seasoned advisors as mentors.
Wells Fargo has a concentrated focus on The change in compensation structure
recruiting more women to leadership, has also been key to recruiting and
advisor, and team member roles, both retaining more women and minorities into
internally through career pathing as well financial services. Three of the five models
as externally through recruiting events. To also eliminate one of the chief barriers
help ensure that these hires are successful, to attracting next generation talent—
the company is using innovative thinking compensation—by replacing variable
to transform how they attract more compensation with salaries and bonus-
diverse people. based compensation programs.
Based on internal competitive intelligence The firm reports that feedback from
completed in February 2019, Wells Fargo participants has been positive and that
Advisors believes it has the most programs it has a retention rate in excess of 80
to onramp new, diverse financial advisors percent. The Financial Advisor programs
into the business. Wells Fargo Advisors also have shown between 40 and 45 percent
has the highest reported retention rates in diversity, gender and ethnicity combined,
these programs at 85 percent and is one of compared to the diversity average in the
only two firms with deliberate programs brokerage industry, which is around 14
to attract diverse talent into new financial percent for female advisors, and the Black
advisors and leader programs. African American and Hispanic diversity
Most of the industry has utilized the same
average is approximately 2 percent.
model: Hire a bunch of people, give them Through broad-minded, inclusive
some initial training, then expect them to company policies and commitment to
be productive advisors very quickly. Wells diversity, as well as unique hiring and
Fargo Advisors, however, developed several retention programs, everyone thrives at
distinct programs radically reshaping how Wells Fargo Advisors.
Wells Fargo Advisors
Ramona Conklin | Administrative Assistant
1504 Eureka Road, Suite 300
Roseville CA 95661
916.789.0555
[email protected]
CLIENT PROFILE
March 2019
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank
affiliate | of comstocksmag.com
Wells Fargo & Company.
Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation
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