Wells Fargo to Boost Signing Bonuses for Veteran Brokers

The move comes after both Bank of America/Merrill Lynch and Morgan Stanley announced efforts to move away from the practice.

Author:: Giovanni Bruno
Publish date:: May 25, 2017 2:24 PM EDT

Wells Fargo (WFC) - Get Report confirmed today that it will raise signing bonuses for veteran brokers, the Wall Street Journal reports.

"Attracting the industry's top talent will always be a priority for Wells Fargo Advisors," a spokeswoman for Wells Fargo said.

She added that recruiting advisers and gaining their clients has "helped us grow in key markets."

The move comes after Bank of America/Merrill Lynch (BAC) - Get Report said that it would stop paying the large upfront bonuses that brokerages have used to attract talent.

Morgan Stanley (MS) - Get Report has committed to "significantly" reduce the costly practice of recruiting brokers, the Journal reported.

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