{"id":6360,"date":"2018-08-23T01:38:56","date_gmt":"2018-08-23T01:38:56","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6360"},"modified":"2022-05-19T09:56:45","modified_gmt":"2022-05-19T14:56:45","slug":"ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/","title":{"rendered":"Ex-Wells Fargo Advisors Claim Bank Pressured Them to Sell Products That Charged Higher Fees to High-Net Worth Investors"},"content":{"rendered":"

\t\t\t\tAccording to Yahoo Finance<\/em>, a number of Wells Fargo (WFC) advisors who used to work for the Private Bank\u2019s wealth management unit are claiming that the firm pushed them to place client funds in investments that charged higher fees to clients. The ex-bank employees contend that they were pressured to cross-sell products and bill clients for fees that they would not have had to pay otherwise.<\/p>\n

Yahoo Finance<\/em> reported that there are internal company documents verifying the former employees’ claims. The media outlet said that it conducted interviews with a number of these former advisors.<\/p>\n

The ex-Wells Fargo advisors were reportedly encouraged to place clients\u2019 funds in complex products and separately managed accounts. The advisors claim that they were told that if they did not meet sales quotas for certain products, their compensation would suffer.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to Yahoo Finance, a number of Wells Fargo (WFC) advisors who used to work for the Private Bank\u2019s wealth management unit are claiming that the firm pushed them to place client funds in investments that charged higher fees to clients. The ex-bank employees contend that they were pressured to cross-sell products and bill clients […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3762,3752,3781,3836],"tags":[3022],"class_list":["post-6360","post","type-post","status-publish","format-standard","hentry","category-current-investigations","category-financial-firms","category-investment-advisers","category-wells-fargo","tag-wells-fargo"],"yoast_head":"\nEx-Wells Fargo Advisors Pressured To Sell Higher Fee Products | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"The ex-Wells Fargo advisors were reportedly encouraged to place clients\u2019 funds in complex products and separately managed accounts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ex-Wells Fargo Advisors Pressured To Sell Higher Fee Products | Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"The ex-Wells Fargo advisors were reportedly encouraged to place clients\u2019 funds in complex products and separately managed accounts.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ex-Wells Fargo Advisors Pressured To Sell Higher Fee Products | Investor Lawyers Blog","description":"The ex-Wells Fargo advisors were reportedly encouraged to place clients\u2019 funds in complex products and separately managed accounts.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/","twitter_card":"summary_large_image","twitter_title":"Ex-Wells Fargo Advisors Pressured To Sell Higher Fee Products | Investor Lawyers Blog","twitter_description":"The ex-Wells Fargo advisors were reportedly encouraged to place clients\u2019 funds in complex products and separately managed accounts.","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Ex-Wells Fargo Advisors Claim Bank Pressured Them to Sell Products That Charged Higher Fees to High-Net Worth Investors","datePublished":"2018-08-23T01:38:56+00:00","dateModified":"2022-05-19T14:56:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/"},"wordCount":687,"keywords":["Wells Fargo"],"articleSection":["Current Investigations","Financial Firms","Investment Advisers","Wells Fargo"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/","url":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/","name":"Ex-Wells Fargo Advisors Pressured To Sell Higher Fee Products | Investor Lawyers Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2018-08-23T01:38:56+00:00","dateModified":"2022-05-19T14:56:45+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The ex-Wells Fargo advisors were reportedly encouraged to place clients\u2019 funds in complex products and separately managed accounts.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-wells-fargo-advisors-claim-bank-pressured-them-to-sell-products-that-charged-higher-fees-to-high-net-worth-investors\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Ex-Wells Fargo Advisors Claim Bank Pressured Them to Sell Products That Charged Higher Fees to High-Net Worth Investors"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1EA","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=6360"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6360\/revisions"}],"predecessor-version":[{"id":28128,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6360\/revisions\/28128"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=6360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=6360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=6360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}