A couple of narratives continue to plant flags in the current wealth management environment. UBS keeps losing advisors of note and Wells Fargo remains aggressive in pursuing and winning them. In spite of UBS’ protocol exit and efforts to retain legacy advisors, there seems to be too much overhang from missteps early in 2020 that are convincing advisors to seek greener pastures.
More of that happened today in San Francisco, CA as Craig Issacson moved to Wells Fargo in the city. Weighing in at just north of $1M in annual production and better than $120M in client assets, Wells Fargo won the prize as it competed with other firms of note in its category.
The Gershman Group CEO, Roger Gershman commented briefly on today’s move, “The Wells Fargo PWM opportunity is significant and lucrative. It continues to resonate with advisors up and down the spectrum. They are appropriately aggressive for the right advisor and team.”
As Wells Fargo remains aggressive in the recruiting space advisors continue to get more and more comfortable with the executive changes that have been made this year, as well as the depth and breadth of the offerings at the bank itself. Juxtaposed against the likes of UBS, Wells offers several pathways for advisors and the opportunity to move in and around their ecosystem.
As an example, at a minimum Mr. Issacson inked a deal worth 300% of his current annual production, while also having the opportunity to add another +200% should he decide to sunset his business within the Wells Fargo system. Or…he can choose to go independent within Wells’ framework should he choose to do so at the end of his current deal. Having options on top of a sizable stack of recruiting cash resonates.
Proof of that narrative is found in Mr. Issacson’s move today.
