Wells Fargo Growth Award Investigation
Aidikoff Uhl & Bakhtiari (“AUB”) and The Law Offices of Patrick R. Mahoney, P.C. (“PRM”) have teamed up to launch a comprehensive investigation of all issues surrounding Wells Fargo’s obligations to its financial advisors through its Growth Award program.
Wells Fargo developed and presented the Growth Award to its FAs in an effort to retain financial advisors leaving for competitors of Wells Fargo. Eligible FAs qualified for the Growth Award if they grew their revenue by 15% in at least one year during the performance period, which was the four-year period between January 1, 2012 and December 31, 2015.
In or about early 2014, Wells Fargo management realized that it significantly underestimated the amount of money it would have to pay out to FAs in Growth Award bonuses because a more significant percentage of FAs were on track to become eligible for the Growth Award than Wells Fargo had anticipated.
As a result, AUB and PRM are investigating the strategies Wells Fargo may be employing to limit its Growth Award exposure at the expense of FAs who have qualified for the Growth Award. Please follow the links below for the latest topics, updates, and information concerning the Wells Fargo Growth Award Investigation:
- Wells Fargo Uses “Good Standing” To Limit Growth Award
- Wells Fargo “Courtesy Calls” To Customers A Ruse?
- Wells Fargo Refuses Promotions To Limit Growth Award
- Wells Fargo’s Compliance Restrictions Limit Growth Award Payouts
- Wells Fargo Revenue Rules Changes Limit Growth Award Payouts
If you are a current or former Wells Fargo FA that has concerns about the payment of a Wells Fargo Growth Award, please contact us for an evaluation of your specific facts and circumstances.