Wells Fargo “Courtesy Calls” To Customers A Ruse?

Aidikoff Uhl & Bakhtiari (“AUB”) and The Law Offices of Patrick R. Mahoney, P.C. (“PRM”) have learned that Wells Fargo is currently performing extensive “good standing” reviews of the books of business of all of its FAs who have qualified for the Growth Award. Wells Fargo has conditioned payment of the Growth Award on its qualifying FAs being in “good standing.” It seems, however, that Wells Fargo is using these good standing reviews to find frivolous reasons to disqualify its Growth Award recipients at the 11th hour.

As part of this “good standing” review, AUB and PRM have learned that Wells Fargo’s compliance departments across the nation have begun making “courtesy calls” to some Growth Award qualifying FA customers. Wells Fargo has seemingly made these “courtesy calls” in an effort to prejudice and, in some cases, frighten unsuspecting customers into believing that their FA has committed sales practice violations with respect to their accounts when they have not.

Wells Fargo significantly underestimated the amount of money it would have to pay its FAs through the Wells Fargo Growth Award. AUB and PRM are investigating the mechanisms that Wells Fargo employed to artificially limit or prevent its FAs from earning the Wells Fargo Growth Award.