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Wells Fargo Ups 2021 Monthly Compensation Hurdle

Wells Fargo Advisors has boosted the monthly revenue hurdle that brokers must clear in 20201 before they receive higher payouts. So reports ThinkAdvisor.

wells fargoBrokers’ hurdles jumped from $11,500-$13,250 in 2020 to $12,500-$14,250 in 2021 before their payouts can increase from 22% to 50%. This is the first hurdle increase at the firm since 2014 and impacts the firm’s more than 10,000 Private Client Group brokers.

Wells Fargo also noted that brokers with eight years or more in the industry and less than $300,000 in the last 12 months “will have a calculated grid rate of 19% applied to eligible revenue up to the hurdle and a 47% rate applied to eligible revenue above the monthly hurdle,” according to the article.

However, the firm also announced a pair of new deferred compensation opportunities for brokers.

Read the full article from ThinkAdvisor.

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