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As the Bad News and Advisor Departures Continue, Experts

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As the Bad News and Advisor Departures Continue, Experts Cover Story Client assets in the wealth group remain steady at $1.9 trillion. But the number of financial advisors as of June 30 is The Scandals’ Causes According 14,226 — down 860, or about 6%, from September 2016. That’s to CEO Tim Sloan when the fake-accounts scandal at its parent company resulted in a $185 million fine from the Consumer Financial Protection We had product sales goals that Bureau; an estimate of the number of unauthorized deposit sometimes resulted in behaviors and credit-card accounts opened since 2009 stood at as many and practices that did not serve as 3.5 million (as of August 2017). our customers’ or our team Will the bank’s latest rebranding and other corporate efforts members’ interests. And we were make a difference to its wealth business, and can Wells Fargo slow to see the harm they caused. stop the outflow of registered representatives? And what do the fake-accounts and other scandals at Wells Fargo mean for Second, despite our ongoing efforts to combat the broader wealth industry? Investment Advisor spoke with a these unacceptable bad practices and bad group of industry experts about these issues to gauge both the behaviors, they persisted, because we either When Will significance of the bank’s troubles and their resolution. minimized the problem, or we failed to see the problem for what it really was — something bigger By Janet Levaux Reputational Risks than we originally imagined. Wells Fargo, now subject to a Federal Reserve consent order Photo-illustration by that restricts its growth, was raked over the coals by Congress Third, we failed to acknowledge the role leadership Chris Nicholls in September 2016. “The damage you have done to the market, played, and, as a result, many felt we blamed our to your industry, far exceeds the damage to your own busi- team members. That one still hurts, and I am It End? ness,” Rep. Mick Mulvaney (R-S.C.) told then Chairman and committed to rectifying it. As the bad news and CEO John Stumpf on Sept. 29. “Y’all were rotten.” Earlier, Sen. Elizabeth Warren (D-Mass.) said to the execu- Fourth, there were warnings signs in hindsight that advisor departures tive: “You should resign, … and you should be criminally we should have heeded sooner. continue, experts debate investigated.” Stumpf gave his resignation to the bank in mid- And finally, our leaders should have invited October 2016, and Tim Sloan took over as CEO. inspection more often and welcomed credible Wells Fargo’s future At the time, Sloan told employees: “Simply showing we care challenges to how we operate. and we’re committed to regaining the public’s trust is invalu- and what the wealth able. It’s also important to note there are no quick fixes to our Source: Speech of Oct. 25, 2016 challenges. You also should expect more tough headlines, as industry can learn additional accountability actions occur, and other investiga- from its scandals. tions and reviews are completed. Some of that is going to be This fallout has been predicted by recruiter Danny Sarch very painful for us.” of Leitner Sarch Consultants and others for nearly two years. He also pledged that the bank would “learn from [its] “Every competitor wins in this situation to a certain extent. mistakes,” adding that Wells Fargo’s legacy and future are [Wells Fargo] will lose people. If it drags on for months “worth fighting for.” with more investigations by authorities, that makes it worse. Issues continued to pile up (see “Timeline for Wells Fargo’s Advisors will get tired of answering questions” from clients Scandals”). Meanwhile, the bank launched its “Building Better and prospects, he said in October 2016, adding that such Every Day” campaign in 2017 and staged the “Re-Established” fatigue with a “tainted brand” leads advisors to do some seri- rebranding effort this year. “While we have made solid prog- ous thinking about leaving and perhaps to take action. ress, we recognize there is still work to be done,” Sloan said in Since then, of course, attention has turned to other prob- a statement about the PR effort on May 7, 2018. lems at the bank and, in 2018, even within the wealth unit. uly 13, 2018, was a bad day for Wells “incorrect fees being applied to certain assets At an industry event later that month, Shrewsberry acknowl- Earlier this year, Wells Fargo said it was reviewing some Fargo. Its second-quarter earnings and and accounts … during the past seven years,” edged that the “whole ‘mission accomplished’ thing has failed overcharges and incorrect wealth management fees, as well revenues missed analysts’ expectations, according to CFO John Shrewsberry. During for other people before … so I don’t think you’re going to hear as possibly “inappropriate” referrals and recommendations loans and deposits dropped over the past a call with equity analysts, he explained that those words [from us].” affecting 401(k) rollovers to its wealth unit. Regulators soon Jyear, and its stock price fell 1.2%. Meanwhile, the third-party review of its client accounts After Wells Fargo disclosed its second-quarter earnings, the became involved. net income at the Wealth and Investment continues “to determine the extent of any CFO acknowledged that its advisors could “make the case that Next came news that some segments of Wealth Brokerage Management unit sank 37%. additional necessary remediation, including with it’s a little harder to compete for new business or to compete Services and the Private Client Group could possibly be The bank revealed that it has set aside $114 respect to additional accounts not yet reviewed.” head-to-head with other advisors for new business,” according merged, according to a report in The Wall Street Journal. The million for refunds to wealth clients tied to In other words, stay tuned. to a Reuters report. “Just as it was a big tailwind because of bank’s “Wealth and Investment Management group is reimag- Wells Fargo’s reputation before that.” ining our business to become more efficient,” a spokesperson Tim Sloan photo: David Paul Morris/Bloomberg Paul David photo: Tim Sloan 18 INVESTMENT ADVISOR AUGUST 2018 | ThinkAdvisor.com AUGUST 2018 INVESTMENT ADVISOR 19 Cover Story said in a statement, but “no final deci- Woes at Wells Fargo Wealth & Investment Management Fargo to leave. “So, I don’t think they Heather Hunt-Ruddy, who heads sions have been made.” The number of financial advisors is down by 860 since news of fake-accounts and are through the worst by any stretch,” Wells Fargo Advisors’ Client Experience and Growth for Wells These developments seem to have other troubles came to regulators' attention. Meanwhile, net income for the business said Sarch. Recent M&A Roots Fargo Advisors, said in a statement: negatively affected Wells Fargo’s advi- unit has fluctuated, taking its biggest drop in the most-recent quarter. “When we think about how we retain sors and its wealth-management busi- Wells Fargo’s Take our advisors, it’s about culture and how Wachovia merges with ness, but to what degree? “There’s 16K $710 $714 $800 For its part, the bank insists its advisor- 2001 we enable our FAs to succeed … Our cul- $677 $682 $659 First Union, combining no question that other reps at other $653 $623 $700 headcount issues are tied to the indus- ture is the result of our history of merg- Wheat First Union and Interstate firms have used it against them. They $600 trywide problem of aging. Over the past ing smaller firms, and we’ve worked Johnson Lane do not know the opportunities that 15,086 $445 $500 12 months, its FA force dropped by “301 hard to keep that connected feeling even they have lost …” in terms of clients, 15K 14,882 $400 or 2.1%, with 259 producing FAs retiring as we’ve grown.” 14,657 $300 Wachovia combines Overall, the bank appears upbeat on prospects and assets, Sarch explained 14,527 14,564 14,544 during that time, which is nearly 80% 2003 in mid-July. “An advisor never hears 14,397 $200 of the net reduction in FA headcount,” with Prudential Financial WFA’s headcount, despite the quarterly 14,226 about these lost opportunities, and $100 according to a statement. pattern of declines. “Our retention pro- Wachovia acquires A.G. that’s why [hits to a firm’s] reputation 14K $0 In the second quarter of 2018, it notes, 2007 grams are working. We’re hiring top- are so damaging.” Q3 ’16 Q4 ’16 Q1 ’17 Q2 ’17 Q3 ’17 Q4 ’17 Q1 ’18 Q2 ’18 its headcount fell 173 or 1.2% from the Edwards notch advisors. We’re proud of the great work being done,” it stated. For Chip Roame, head of the consult- Advisor Headcount Net Income (millions) prior quarter, with 56 producing FAs ing group Tiburon Strategic Advisors, retiring. “On a percentage basis, we are Wells Fargo buys 2008 however, Wells Fargo’s wealth-manage- Source: Company reports basically flat from last quarter. While Q2 Wachovia Securities for ‘Picking at the Scab’ ment business appears to be “one of saw some challenges, we feel confident $15 billion, rolls out Wells Fargo Others disagree with this sanguine the least-accused businesses.” Though in our approach going forward,” Wells Advisors brand view of the wealth unit and the bank’s improper 401(k) referrals and other issues have come to light, Most of the departing advisors have not gone to other wire- Fargo explained. overall situation given the lengthy generally speaking “its wealth-management business alone house firms.
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