https://www.advisorhub.com/wells-fargo-to-bolster-expense-accounts-for-teams-with-black-advisors/
Wells Fargo Advisors will offer an expense account bonus worth as much as $7,500 to those working on teams with at least one African American advisor as part of a round of policy changes aimed at fostering diversity across the firm’s sales force.
The adjustments, which take effect in September and continue until at least 2028, are outlined in a joint proposal by Wells and its African American brokers that was approved by a federal judge in late April. They represent substantial amendments to and an extension of programmatic relief that Wells promised to implement following a $35.5 million settlement in 2017. Wells and the plaintiffs had negotiated the terms of that relief for four years after a 2020 deadline passed.
Under the proposal, Wells brokers can earn a $5,000 expense account bonus for each advisor on a team with an African American member provided that at least 75% of the team’s revenue is tied to shared production codes. The $7,500 allowance will apply to each team member for a one-year period after the formation of the teams that meet the same criteria as above.
The brokerage, which will also maintain a database of advisors and trainees interested in joining teams, said the changes will apply to brokers in the private client group and bank-based advisors.