Transcript of "Wells Fargo Financial Advisor Program Brochure"
Run your own
financial advising business
with the support of a
Thank you for considering
Wells Fargo Advisors …
I take pride that I started my career as a Financial
Advisor, and in knowing that, because of that work,
I understand the concerns and perspectives of the
Financial Advisors I now lead.
I spent my rookie years at Wheat First Securities, a firm
founded as J.C. Wheat & Co. in Richmond, Va., in
1934. Those early days on the job don’t feel like
yesterday – they were 30 years ago, after all – but they
are fundamental to who I am and to what Wells Fargo Advisors is.
I proudly tell anyone who asks that I have been at the same firm for three
decades. Wheat First is one of the many regional firms that built Wells Fargo
Advisors, and its Financial-Advisor culture – a culture of individuals doing their
best for clients every day – lives on at the firm today.
I know from my experience that clients do business with people, not
institutions. I believe that the only way for a firm to become more client-
centered is to be more Financial Advisor-centered. Thus, our firm’s whole
orientation is to empower Financial Advisors.
Like most people, my beliefs and opinions have evolved over the years. This
process has made them all the more central to my life and work. My core beliefs
come from the heart, and I try to demonstrate them in my daily actions. I want to
take this opportunity to share with you the principles I hold most dear.
Strengthening the unique relationship between the Financial Advisor and the
client is management’s primary responsibility. Therefore, we stand in service to
our Financial Advisors – not the other way around. I believe that the advisor, not
the firm, owns the client relationship, and that the advisor’s entrepreneurial spirit
is the basis for success.
I believe in open architecture. Clients and Financial Advisors demand choice in
and the availability of investment products, services and unbiased advice.
Because the Financial Advisor is in the best position to judge what’s best for the
client, there should not be mandates to distribute specific products and services.
“You’re about to get a glimpse of one of the world’s largest and most respected financial services
firms. A firm that believes in putting its clients and Financial Advisors ahead of itself. This is a
business philosophy we believe sets us apart from our competition.”
— Danny Ludeman
Best practices for Financial Advisors do exist. I believe that engaging advisors
and sharing ideas builds successful, client-centered practices. In the past, many
firms abdicated their responsibility to have these types of conversations. If we
truly care about our Financial Advisors, we will challenge them to improve their
service to clients and, over time, take their practices to the next level.
I believe that it is the firm’s responsibility to provide our Financial Advisors with
a best-in-class platform. We enable them to succeed by equipping and mobilizing
every part of our organization to ensure that excellence in execution is reflected
in every client and Financial Advisor experience. For this to happen, everyone in
the organization needs to understand that the Financial Advisors pay our salaries,
and for that we owe them nothing less than excellence.
I have a tremendous commitment to constantly staying connected to our advisors
and support staff. No matter how big our firm is, Financial Advisors’ voices will
always be heard, and their views will always be given the respect and consideration
they deserve. In reality, we must be a firm that actively listens to our constituents
and engages them in a dialogue about our future together.
None of these goals are easy to achieve. One of the most inspiring books I’ve
read is Tom Brokaw’s “The Greatest Generation.” In it, he writes that in World
War II, those who persevered in the face of danger, even for just one second
longer than others, become heroes. I think this applies in our industry.
We’ve been blessed. As leaders in our industry, as advisors to clients and as
central participants in our nation’s capital markets, we have an obligation to
keep our eyes firmly fixed on the beacon of integrity and honor. Your success
shows that you are guided by principles that serve you and your clients well.
They are principles that put the needs of your clients first and that recognize a
long-term responsibility to your firm, to your community, to your colleagues
and to your families.
President and CEO
Wells Fargo Advisors, LLC
Enrich your life and
the lives of others
It’s your life ... how do you want to live it? Frank C. Parker III
Blue Ash, Ohio
There’s no denying it: Our work is a big part of our lives. Where we work and
“I did two internships at
what we do help define who we are. The decisions we make about our careers
brokerage firms in college, so
have a major effect on our lives. Do you want to be in control of your career
and your life? I had an idea of how hard the
Financial Advisor job can be.
Do you want to help people achieve financial control over their lives? As a But once I decided that I
Financial Advisor, you’ll be able to help your clients achieve their financial goals, wanted to be a Financial
such as retiring comfortably, passing on their assets to their families, providing Advisor, I knew this firm had
a quality education for their children, or selling a business and retiring early. a solid reputation. The firm
Many people from all socioeconomic backgrounds and occupations are has let me grow my business
uncomfortable with the prospect of managing their financial lives. You’ll be the way that has worked the
there to help them work toward their financial goals and lifelong dreams. best for me and my clients.”*
You’ll change lives. Few careers offer the opportunity to positively affect
people’s lives and personally prosper.
* This is a personal view of the Financial Advisor and
may not represent the experiences of others.
We believe in open communication between our Financial Advisors
and key Home Office experts about client-related issues.
Why are we successful? With Wells Fargo Advisors, you’ll We are highly committed to using
The firm known today as Wells Fargo enjoy a career — and a way of life. current technology and are
Advisors is the successor to some of Our average length of service is continually looking for technological
the most respected regional among the highest in the industry. advances to help better serve clients
brokerage firms in the United States. Our annual turnover rate is less than and Financial Advisors. Financial
A key competitive distinction of 25% of the industry average. Once Advisors have powerful computer
Wells Fargo Advisors is its ability to you join us, we’re convinced you workstations with a sophisticated
combine the capabilities of a large won’t want to leave. client-contact management system to
national firm with a culture more akin help organize their businesses and let
An advisor-friendly them simultaneously view charts,
to that of the regional firms from
work environment quotes, research and client
which it evolved. Central to that
Financial Advisors are given the information. The workstations also
culture is a strong dedication to
freedom to recommend the product provide enhanced financial
supporting the relationship of the
or services that best meets their illustrations software and portfolio
firm’s Financial Advisors with
client’s needs. Only in this way can planning tools to help Financial
our Financial Advisors act in an Advisors develop in-depth strategies
In 2009, Wells Fargo & Company unbiased fashion for their clients. for investors. Plus, the firm offers
was ranked 14th overall by Fortune 24-hour online account access for
We believe in open communication
magazine in its annual list of the clients and their tax advisors.
between our Financial Advisors and
“World’s Most Admired Companies,”
key Home Office experts about In addition, our operational excellence
finishing first among financial
client-related issues. Wells Fargo gives our Financial Advisors the best
services companies.1 And for the
Advisors has a genuine desire to serve support available in the industry. This
fifth consecutive year, Wells Fargo &
our Financial Advisors and make our lets them concentrate on their
Company ranked among the world’s
Home Office staff accessible to them businesses, knowing transactions are
top 25 most respected public
as they serve their clients. processed efficiently and issues are
companies for 2009, as decided
by Barron’s.2 resolved quickly.
Fortune magazine, March 16, 2009
Barron’s, February 16, 2009
Fortune and Barron’s magazines are not associated with Wells Fargo Advisors, and do not endorse any product or service Wells Fargo Advisors oﬀers. Past performance is no guarantee of future results.
What makes a successful • Understand your clients’ objectives, • Recommend investment products.
Financial Advisor? and explain accompanying risks. Once you become proficient in the
It’s your responsibility to do what is skills mentioned above, you’ll need
Successful Financial Advisors come best for your clients by using their to convince investors to follow your
from all walks of life, but one trait parameters, not yours. Often, recommendations. It’s entrepreneurial,
they have in common is an appetite however, prospects and clients don’t and it’s necessary for you to remain a
for finance and investing. You don’t know exactly what they need. It will part of the Wells Fargo Advisors team.
have to be a technical market expert be up to you to educate them. • Review your clients’ assets, and
or economist because you have
• Be able to continually find assets, make recommended changes when
plenty of Home Office support, but
especially from people you don’t necessary. Because of the close
you do need to know the
know. Many people start in this relationships you’ll build with clients,
fundamentals of how the market
business thinking they can become you’ll know when an investment
works. In addition, you must:
successful by working with just strategy change may be needed —
• Be able to develop personal family and friends. But when they because of market volatility, the
relationships. Investors want their access their money, your overall birth of a child or grandchild, or the
Financial Advisors to have a asset base is reduced. Within six sale of the family business.
personal interest in them — to know months they realize they need a
their children, health problems and much larger asset base to succeed.
concerns in life. Know these things, Without a substantial asset base,
and you will help them manage all you will have limited business and
of their assets. Our successful little hope of success. Furthermore,
Financial Advisors become trusted some of your clients will die, move
friends to many of their clients. and leave for other reasons, so you
must know how to find new dollars
constantly, whether you are new in
the business or a seasoned veteran.
Sales and Prospecting Training
Twelve weeks Apprentice Period in Office
One week Sales and Prospecting Training (St. Louis)
Business Development Training
Five weeks Business Development Training in Office
One week Business Foundations Training (St. Louis)
Two weeks Product Training in Office
Ten weeks Exam Prep in Office
The New Financial Advisor
Wells Fargo Advisors training is uniquely Heather Barnett
structured to help you succeed Keokuk, Iowa
The third-party recognition we have received is due in part to our “high touch”
training approach that focuses on small group learning and individual attention. “I became a Financial Advisor
Each Wells Fargo Advisors Financial Advisor is supported by a training faculty trainee right after I finished
with more than 100 years of collective experience in the field as Financial graduate school. From the
Advisors. Our emphasis on training is substantiated by the number of trainees start, I knew I’d have to win the
we retain: Wells Fargo Advisors’ five-year retention rate for first-year Financial
confidence of potential clients
Advisors is over 30%; the five-year retention rate for other firms is under 15%.*
just because I was — and am
still — relatively younger than
most other advisors. It has
been difficult, and I’ve had to
work hard — after all, Keokuk is
a small market with a number
of competitors. But I never
viewed failing as a possibility.
The training, Financial Advisor
support and client service are
the best in the industry.”*
* This is a personal view of the Financial Advisor and may not
represent the experiences of others.
* Source: Securities Industry Institute, 2008
Our trainees have averaged a Series 7 exam first-time pass rate of at least 95%
for the past 3-5 years versus an industry-average first-time pass rate of 66%*
Exam prep through our interactive training conversations with investors. You’ll
Series 7 and Series 66 exam program. You’ll also learn how to use discover the importance of tracking
preparation in office – 10 weeks. To our state-of-the-art workstations. your contacts and monitoring your
become a Financial Advisor, you must activity. Throughout this process your
Business Foundations training in manager and sales trainer will
be registered with the NYSE, FINRA
St. Louis – one week. You’ll come provide you with incredible support
and other regulatory bodies. You’ll
qualify for this registration by passing to St. Louis for one week of in-depth and guidance.
a comprehensive exam known as the exposure to the core products and
Series 7. That’s where your training services Wells Fargo Advisors offers In addition to learning sales-related
starts, with 10 weeks of preparation in through briefings by experts in our skills, you’ll work closely with your
your local branch office. But you’re not sales and marketing product areas. office’s support professionals to gain
on your own. Your trainer in St. Louis You’ll work through case studies knowledge of the administrative
will lay the groundwork for your in small groups to reinforce your aspects of running your business.
success. Our trainees have averaged a knowledge. With the help of You’ll conclude this training
Series 7 exam first-time pass rate of at experienced trainers, you’ll develop experience by working with your
least 95% for the past 3-5 years versus confidence in providing suitable manager to select a primary
an industry-average first-time pass investment recommendations. prospecting approach (e.g., phone,
rate of 66%.* You’ll also be well- face-to-face or networking) to focus
prepared for your state registration Business Development training in on during the upcoming
because you’ll receive the same great office – five weeks. You’ll kick your Apprentice Period.
level of support for the Series 66. business development training into
high gear when you return to your Sales and Prospecting
Business Development branch office for five more weeks. training
training You’ll start off by demonstrating your Sales and Prospecting training in
Product training in office – two understanding of the firm’s products St. Louis – one week. You’re almost
weeks. Hands-on and high-touch best and services via an online ready, but not quite. Now you need to
describe the branch training experience. assessment. In-depth client scenarios demonstrate the value you offer
Once you pass your Series 7 and will help refine your product- investors, and that’s the training
Series 66 exams, you’ll perform target suitability skills, and phone and face- you’ll receive when you return to
market research, explore your existing to-face contacts will help you learn St. Louis for one week of sales and
network, and gain exposure to the the skill of conducting meaningful prospecting training.
firm’s core products and services
* Source: FINRA
This segment introduces you to our Apprentice Period – 12 weeks.
relationship-builder sales process and Welcome to the real-world version of
focuses on equipping you with the a “realistic preview.” Also referred to
skills needed to contact investors and as “Sprint to 24,” the three-month
convert those contacts into business Apprenticeship Period challenges
relationships. You’ll receive focused you to open 24 new accounts.
prospecting training based on your
selected Apprentice Period track. To help you reach your goal, you’ll
This includes large-group receive weekly coaching contacts from
presentations, small-group an experienced business development
prospecting labs and hands-on coach. You’ll also benefit from the
training from successful Financial financial support of a full training
Advisors — all under the direction of salary for the length of the Apprentice
seasoned sales trainers. Moreover, our Period. Your commitment to the
week-ending “Day in the Life” Apprentice Period expectations will
simulation will challenge help you and your manager determine
you to demonstrate your knowledge your probability for success as a
in a lifelike office environment. Financial Advisor.
Financial Advisor compensation:
it’s all in the plan
If you’re considering a career as a Financial Advisor, Norma Andrade
you’re probably aware that Wells Fargo Advisors is one of the world’s largest Lincoln Hills, Calif.
and most respected financial services firms. What you may not know is that
“My parents worked hard in the
Wells Fargo Advisors also offers one of the industry’s most competitive
fields for 30 years before
Financial Advisor compensation and incentives plans.
disability stripped them of the
Wells Fargo Advisors believes in the benefits of growing the firm with new ability to care for their family
Financial Advisors and is committed to having one of the best new advisor independently. If someone had
compensation models in the industry. Straightforward and easy to understand,
taught my parents about the
our plan is designed with your professional and personal success in mind.
importance of financial
Highlights of the plan include:
preparedness 30 years ago, their
• Rewards based on your success. We believe it is important to recognize early
lives would be different. I decided
on the sales professionals who are fast starters, who can build new
relationships quickly and who meet/exceed firm goals. During your first two to become a Financial Advisor to
years following training, you are eligible for annual deferred-compensation learn how to earn my parents’
awards and monthly, cash sales bonuses based on assets under management. independence back. Although I
• Built-in safety net. You’ll receive a full salary for the eight-month training had many employment options, I
period, and our competitive two-year base compensation package at the end was attracted to this firm and its
of your training period once you begin your business. value-driven approach to doing
business. I continue to share the
importance of financial-
preparedness strategies with
families at all income levels. All it
took was the support of a people-
focused firm and the motivation of
true hard work.”*
* This is a personal view of the Financial Advisor and
may not represent the experiences of others.
Wells Fargo Advisors is committed to providing you with a compensation and George Hofer
incentives plan unparalleled by any other in the industry. Our incentives include: Sun Lakes, Ariz.
• Domestic recognition trips “After 20 years in the Air Force
• Eligibility for the New-Financial-Advisor Business Development Workshop and 12 years at Motorola, I
• Access to enhanced performance-reporting tools decided to pursue my passion of
working with the markets. I looked
• Reimbursement for one CERTIFIED FINANCIAL PLANNERTM (CFP®)
at other firms, but they didn’t feel
certification study module
right. Wells Fargo Advisors lets
• Opportunity to earn the Chartered Retirement Planning Counselor (CRPC®) me select the products and
designation in your first 12 months services to offer my clients, and I
Your benefits do not end there like it that way. I love coming to
Wells Fargo Advisors also offers you a complete benefits package designed to work every day and helping
meet many of your personal and family needs and help protect you from people manage their money.”*
financial hardship in the event of illness or injury.
Your employee benefits are an important element of the total compensation
you receive. The firm’s medical, insurance and savings plans also mark its
commitment to provide you with a complete and generous health and wealth
* This is a personal view of the Financial Advisor and
may not represent the experiences of others.
What others say about us
Through the years, Wells Fargo Advisors, its predecessor firms and our parent
company, Wells Fargo & Company, have received several third-party accolades:
• Forrester – Rated Wells Fargo Advisors (formerly Wachovia Securities),
#1 in customer advocacy, 2009
• “World’s 14th Most Admired Company” – Fortune magazine, 2009
• One of the “Training Top 125” – Training magazine, 2009
• One of the “Top 50 Companies for Diversity” – DiversityInc magazine, 2009
• One of the “Top 50 Companies for Latinas to Work in the United States” –
LATINA Style magazine, 2009
• “Best Places to Launch a Career” – BusinessWeek magazine, 2009
• One of “America’s Best Big Companies” – Forbes magazine, 2008
• Awarded an ASTD (American Society for Training & Development)
BEST Award – October 2007
• Among the “100 Best Companies for Working Mothers” – Working Mother
magazine, September 2007
• Wachovia ranked No. 1 in customer satisfaction – American Customer
Satisfaction Index (University of Michigan), February 2007
• Wachovia Wealth Management named 2007 “High Net Worth Leader
of the Year” – Private Asset Management, September 2007
• Wachovia named “Most Shareholder-Friendly Company” among large-cap
banks – Institutional Investor magazine, April 2007
• One of the “25 Great Places for Women to Work” – Essence magazine, 2007
“Customer Advocacy 2009: How Customers Rate U.S. Banks, Investment Firms, and Insurers,” Forrester Research, Inc., May 2009.
* Wells Fargo Advisors (formerly Wachovia Securities) ranked #1 in percentage of customers who agree with this statement, “My ﬁnancial provider does what’s best for me, not just its bottom line.” Forrester Research, Inc. surveyed 5,000 U.S.
Consumers to rate their banks, investment ﬁrms and insurance companies on customer advocacy. Out of the 11 investment ﬁrms rated in the survey, Wachovia Securities was the #1 rated U.S. investment ﬁrm in customer advocacy. The ratings
may not be representative of any one client’s experience as the rating represents a sample of the Firm’s clients.
Past performance is no guarantee of future results. The publications mentioned above are not associated with Wells Fargo Advisors and do not endorse any product or service Wells Fargo Advisors oﬀers.
Be honest with yourself
This business is not for everyone. Your answers to these questions will help you
decide whether it’s right for you:
Am I self-driven, without the need for supervision?
Do I want to serve a wide spectrum of clients from a variety of backgrounds
and belief systems that may be different from my own?
Can I set and stay focused on my goals?
Can I manage my time efficiently, stay disciplined and prioritize my activities?
Is my family, especially my spouse or significant other, supportive of my going
into this business?
Can I handle a temporary drop in my current income without a major strain on
my family or my morale?
Can I cut back vacations and other leisure activities while I’m building my business?
Can I handle rejection?
Can I keep an upbeat attitude while I have 200 or more conversations with new
prospects every week?
Can I ask individuals I don’t know about their personal financial situations?
Can I take responsibility for my own recommendations?
If you can honestly say “yes” to all of these questions, then you are equipped
to be a successful Wells Fargo Advisors Financial Advisor.
It’s up to you . . .
Are you ready for a change?
Do you want to help others?
Do you want more control over your life?
As a Wells Fargo Advisors Financial Advisor, you’ll experience boundless
personal challenges, financial rewards, the autonomy to build your own
business your own way, and the dedicated support of a landmark corporation.
Take a look at yourself, your abilities, your goals, your dreams and your vision
of the future. If you think this is the career for you, then you’ll find no firm in
the industry that will give you more support, guidance and training than
Wells Fargo Advisors.