Wells Fargo Advisors hit by post-scandal departures

Wells Fargo Advisors hit by post-scandal departures

Wells Fargo & Co.’s brokerage business has been hit by a wave of departures since last September, when federal regulators fined the bank $185 million for opening accounts without customers’ knowledge. According to a report by InvestmentNews, 70 teams of advisers working with $19.2 billion in client assets have exited the bank from last October through June. Over the same period, Wells Fargo Advisors added 13 teams of advisers with $1.7 billion in assets under management.

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