Wells Fargo Advisors' focus on its independent broker and investment advisor channel is yielding positive results. The shift comes after years of significant advisor departures following the banking scandals of 2016.

Unlike its competitors—Merrill Lynch, Morgan Stanley, and UBS—Wells Fargo allows financial advisors to work as independent brokers and investment advisors. Although UBS considered a similar move, it ultimately abandoned the plan.

As reported by InvestmentNews, in 2022, Wells Fargo strengthened its independent broker-dealer, Wells Fargo Advisors Financial Network (FiNet), by introducing a new bonus for certain advisors who risked losing deferred compensation. This financial commitment is now being reinforced with practical support, as FiNet has increased staffing for support roles, and added relationship managers as well as dedicated recruiters. These resources have been made readily available through roadshows and virtual meetings, introducing many reallocated staff from Wells Fargo Advisors' Private Client Group (PCG).

PCG advisors represent the traditional employee wealth management channel, where financial advisors retain 35 percent to 40 percent of annual revenue but have access to the bank's wealthiest clients. In contrast, independent brokers and investment advisors usually keep more than twice that amount of revenue.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.