According to AdvisorHub, Wells Fargo continues to prioritize the growth of its brokerage channels, with a particular emphasis on expanding its independent and bank-based advisor networks.

Chief Financial Officer Michael P. Santomassimo stated that the bank remains committed to onboarding more independent advisors to strengthen its independent brokerage channel. This aligns with a multi-year initiative to enhance the Wells Fargo Advisors Financial Network and reduce revenue loss caused by advisor attrition from its private client group.

AdvisorHub also reports that Wells Fargo is hiring advisers from competitors and building a custody platform for independent registered investment advisers, signaling its intent to attract talent across various industry segments.

Finally, Wells Fargo Chief Executive Charles W. Scharf reported a 5 percent increase in the headcount of bank-channel advisers who service leads from the consumer bank. Over the past two years, bank-based advisers have benefited from $23 billion in referrals from the bank's "premier" rewards customers, defined as those with at least $250,000 to invest.

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