The changes at Wells Fargo, as well as the decline in the number of advisors at the firm, have been discussed by this blog and as well as others over the past several months. Wells Fargo has seen its advisor head count decrease over the past several years, due in part to the fake account scandal at the bank in 2016. At the end of 2020, Wells Fargo had approximately 13,513 advisors. Wells Fargo's cost-cutting plan has also contributed to the decline in advisor numbers. Last fall, Wells Fargo laid off a "sizeable group" of salaried advisors.

Along with advisor headcount, Wells Fargo's stock price has also been falling. As of this week, the bank's stock price had dropped nearly 35% over the last twelve months. In an attempt to get the bank back on the right track, new CEO Charlie Scharf has announced a plan to cut billions of dollars of expenses. Wells Fargo has also increased its recruiting efforts by offering an industry-leading payout to recruiters.

However, as Bruce Kelly of InvestmentNews asks, how do Wells Fargo's changes affect its advisors? At a time when other firms are focusing on providing advisors with updated technology and increased compensation, how will Wells Fargo's cost cutting plan impact the experience of its advisors?

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