Wells Fargo fires first shot in war for 2023 advisor talent

Each year, FP puts together an analysis of industry pay grids, giving our readers a chance to see how pay compares with their counterparts at other firms. (We assume they know their own pay structure already.)

Sometimes, we have to wait quite a bit to get the data from firms, if they choose to participate at all. But yesterday, Wells Fargo did just the opposite . Not only did the firm share its 2023 pay info, it did so early.

Why? Well, it’s been a tough year. Surely you’ve noticed. And as the stock market has tanked, so, too, has the amount wealth managers can make, at least to some extent. Releasing pay grid data early, and keeping well-liked provisions intact, is an attempt to retain and attract talent.?

Opening point —> Wells Fargo.

Need a recap on the so-called war for talent? Arizent’s research is a good read , and we have four ways wealth management firms can win the war from earlier this year.

And you can familiarize yourself with the current pay structures.?

• Best advisor pay for the $2 million producer
• Best advisor pay for the $1 million producer
• Best advisor pay for the $600,000 producer
• Best advisor pay for the $400,000 producer

Last year, the experts told us to expect in 2022 much of what we’d seen the year before . It seems like next year may be different.

In other news: