The fraudulent and criminal actions by Wells Fargo, its board of directors and affiliates has severely impacted the ability of Wells Fargo Advisors to bring in new business. These actions have also made it extremely difficult to generate fees and commissions, fulfill terms of the promissory notes, receive referrals and otherwise make a living. Wells Fargo recruited thousands of brokers to the firm with assurances and promises that the financial advisors could use Wells Fargo’s “good name and reputation” to help generate business and reach various compensation incentives. Unfortunately, the “parade of horrible’s” engaged in by Wells Fargo (and heavily documents in the press) has made this almost impossible for advisors currently with the firm.
While many financial advisors at Wells Fargo would like to leave the firm, various factors make this extremely difficult. For example, many financial advisors have years left on their promissory notes, meaning if they leave they will have to pay back to the firm hundreds of thousands of dollars. In addition, brokers who exit will forfeit money in the form of deferred compensation. And for many brokers, their credibility with clients has taken a massive hit causing clients to leave and making formerly lucrative referrals all but dry up. These defacto handcuffs mean that Wells Fargo brokers are stuck at the firm with reduced production or production that has not kept up with market performance.
The actions by Wells Fargo and its affiliates have severely damaged the firm’s brokers and their reputations. If you are a Wells Fargo advisor currently with the firm or if you’ve left in the last two years, please contact our Chicago based law firm about suing Wells Fargo in the FINRA arbitration forum. We can recover damages for you on a contingency fee basis.