In the last three months of 2022, Wells Fargo added to its headcount of financial advisors for the first time all year.
The bank’s modest gain of 16 financial and wealth advisors in the fourth quarter as compared to the prior period left just over 12,000 in Wells Fargo’s Wealth and Investment Management segment, according to the firm’s Jan. 13 earnings statement and a call with analysts. The slight reversal of a years-long trend toward shrinking headcounts highlighted a very profitable year for the company’s wealth arm, which is benefiting from rising interest rates.
“We continue to have strong momentum attracting the best and most talented advisors in the business and attrition continues to drop,” Wells Fargo spokeswoman Shea Leordeanu said in a statement. “Advisors recognize that Wells Fargo Wealth and Investment Management enables them to deliver a superior level of service, support, and advice to all their clients.”
For the key wealth management takeaways from Wells Fargo’s fourth-quarter earnings, scroll down the slideshow. Click here to view coverage of the bank’s rising expenses and here for a report on the employee headcounts at Wells Fargo, JPMorgan Chase and Bank of America. And, for a look at Wells Fargo’s third-quarter wealth earnings, follow this link.
Note: Unless otherwise noted, all metrics below refer to Wells Fargo’s Wealth and Investment Management segment, which is the home of Wells Fargo Advisors, Wells Fargo Advisors Financial Network, Wells Fargo’s private bank and its custodian. The company doesn’t break out metrics specific to those parts of its business.