Wells Fargo is aggressively pushing branch managers to maintain and recruit new brokers with a variety of incentive-based packages. For example, penalties will be in place for a drop in headcount when it comes to year-end bonuses and will include headcount retention and arrivals rather than purely based on overall revenue. Managers say they could lose big if they don’t increase new brokers and retain old ones. Wells has suffered in its ability to retain advisors as of late and is trying to play catch up with the incentives. Separate recruiting and retention bonuses will also be part of next year’s pay incentive structure.

FINSUM: These are drastic pay changes to the management structure; Wells is serious about growing its working base.