Comstock's magazine 0319 - March 2019 - Page 45

That talent and diversity is evidenced by brokerage firms can recruit, train, mentor, the numbers and percentages Wells Fargo is and compensate financial advisors and proud to share. Within Wells Fargo Advisors, branch managers.  30 percent of the Operating Committee is made up of female senior leaders, and 14 percent of the local advisors for Wells Fargo Advisors Private Client Group are female. These programs are giving predominantly salary-based advisors clients to work with immediately, in most cases, and providing them with seasoned advisors as mentors. Wells Fargo has a concentrated focus on The change in compensation structure recruiting more women to leadership, has also been key to recruiting and advisor, and team member roles, both retaining more women and minorities into internally through career pathing as well financial services. Three of the five models as externally through recruiting events. To also eliminate one of the chief barriers help ensure that these hires are successful, to attracting next generation talent— the company is using innovative thinking compensation—by replacing variable to transform how they attract more compensation with salaries and bonus- diverse people. based compensation programs. Based on internal competitive intelligence The firm reports that feedback from completed in February 2019, Wells Fargo participants has been positive and that Advisors believes it has the most programs it has a retention rate in excess of 80 to onramp new, diverse financial advisors percent. The Financial Advisor programs into the business. Wells Fargo Advisors also have shown between 40 and 45 percent has the highest reported retention rates in diversity, gender and ethnicity combined, these programs at 85 percent and is one of compared to the diversity average in the only two firms with deliberate programs brokerage industry, which is around 14 to attract diverse talent into new financial percent for female advisors, and the Black advisors and leader programs. African American and Hispanic diversity Most of the industry has utilized the same average is approximately 2 percent.  model:  Hire a bunch of people, give them Through broad-minded, inclusive some initial training, then expect them to company policies and commitment to be productive advisors very quickly. Wells diversity, as well as unique hiring and Fargo Advisors, however, developed several retention programs, everyone thrives at distinct programs radically reshaping how Wells Fargo Advisors. Wells Fargo Advisors Ramona Conklin | Administrative Assistant 1504 Eureka Road, Suite 300 Roseville CA 95661 916.789.0555 CLIENT PROFILE March 2019 Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate | of Wells Fargo & Company. Wells Fargo is an Affirmative Action and Equal Opportunity Employer, Minority/Female/Disabled/Veteran/Gender Identity/Sexual Orientation 47