Wells Fargo

HighTower Grabs a $1 Billion Wells Fargo Team

From the desk of James Eccleston at Eccleston Law, LLC:

wells-fargo

A $1 billion team has left Wells Fargo to go independent with HighTower. After leaving Wells Fargo, the team of recruits formed Fortress Wealth Planning in Jacksonville, Florida.

In all, HighTower picked up a combination of 14 teams and tuck-ins in 2016.  HighTower attributes its grown to its fiduciary mindset and open-source, multi-custodial approach. In addition, there has been an overall industry-trend which demonstrates that independence remains a popular option for advisors. HighTower now has over 190 advisors operating from offices in 26 states.

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Current Wells Fargo Finet Recruitment Deal

From the desk of James Eccleston at Eccleston Law, LLC:

15309803_BG1

Wells Fargo Finet has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 25% to 75%. Additionally, the hurdle in order to meet back-end production goals under the deal is:

·         Year 1: Hurdle – 75% of revenue                                            Payout bonus: 0% to 50%

All proposed deals are negotiable and reflected in numerous agreements such as promissory note and employment agreements. Reps should retain qualified legal counsel to review those documents in advance of committing to transition to a new firm.

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Current Wells Fargo Recruitment Deal

From the Desk of Jim Eccleston at Eccleston Law LLC :15309803_BG1

Wells Fargo has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 125% and 150%. Additionally, the hurdles in order to meet back-end production goals under the deal are:

  • High Performance
  1. Premier Advisor Status
  • Client Experience
  1. Full best practices adoption
  2. Envision 80% average
  3. Advisory – 60% Advisory AUM or 80% Advisory Revenue
  4. Lending – $6,000 lending credits (or $8,000 lending credits for 2016 retro award)
  1. Delta Graduate
  • Growth
  1. 15% revenue growth or $150,000 revenue growth

All proposed deals are negotiable and reflected in numerous agreements such as promissory note and employment agreements. Reps should retain qualified legal counsel to review those documents in advance of committing to transition to a new firm.

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