Wells Fargo to raise bonus cap for 15,000 financial advisers
- December 19, 2013 - 7:13 PM
Brokers bringing in revenue of at least $2.1 million can earn a bonus of as much as 11 percent, according to documents reviewed by Bloomberg News. That’s an increase from 8.5 percent this year, according to two people with direct knowledge of the company’s practices.
Advisers who produce $300,000 of revenue could get 8.25 percent, according to the documents. That would be a raise from 2 percent in 2013, said the people, who asked for anonymity to discuss the confidential plan.
Chief Executive John Stumpf is revising pay formulas as the lender seeks to retain brokers and boost assets under management. The new plan gives advisers more ways to reach targets and provides lower producers incentives to improve, the people said.
Bonuses depend on meeting a series of targets tied to different products and assets set by the San Francisco-based lender, according to the documents. The firm will offer deferred cash awards that vest over five years, one of the people said.
Raschelle Burton, a company spokeswoman, said Wells Fargo had no comment.
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