Wells Fargo Uses “Good Standing” To Limit Growth Award
Aidikoff Uhl & Bakhtiari (“AUB”) and The Law Offices of Patrick R. Mahoney, P.C. (“PRM”) have learned that Wells Fargo has conditioned payment of the Growth Award on its qualifying FAs being in “good standing.” Wells Fargo is currently performing in-depth reviews of the business practices of qualifying FAs to determine whether they are in “good standing” such that they will receive the Growth Award; though, the FAs subject to these “good standing” reviews have already achieved revenue growth rates sufficient to qualify for the award. Accordingly, AUB and PRM are investigating circumstances where Wells Fargo may have deemed qualifying FAs NOT in “good standing” for a frivolous reason as a pretext to justify disqualification from the Growth Award.
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.