While Wells Fargo has an ongoing initiative to hire high-producing advisors, and that initiative is paying off, the firm's advisor headcount continued its decline within the first three months of 2021. Specifically, Wells finished March with 13,277 advisors in its wealth management division, which represents a 2% decrease in the first quarter of 2021 as well as an 8% decrease year-over-year. Wells Fargo spokeswoman Shea Leordeanu states that the decreased headcount was "anticipated" as the bank recently announced that it would be terminating its foreign wealth management business by the end of the year. 

Wells Fargo's wealth management division increased revenue by 8% year-over-year to $3.54 billion despite the decreased headcount, but net income decreased by 8% to $419 million likely due to higher revenue-related compensation. According to sources, Wells Fargo Chief Executive Charlie Scharf intends to cut costs across the company through streamlining the bank's wealth management services and selling its asset management business. Nevertheless, rising market prices within the past year have launched Wells' total client assets by 28% to a record $2.062 trillion.