Wells Fargo last Wednesday said it added a new sports and entertainment program that's focused on financial advisors who serve clients within those industries.
"The Sports & Entertainment Program shows our commitment to both our financial advisors, and the affluent and high-net-worth clients that they serve,” Clarence Nunn, executive vice president of wealth and investment management at Wells Fargo, said in a statement. "I believe we provide the best service and support, and this development gives our business a greater ability to expand in an area where we believe we can offer great expertise."
In the statement, Wells Fargo cited the sports and entertainment accredited wealth management advisor designation rolled out in 2022 by the College for Financial Planning as a factor that will help its advisors meet such clients' needs.
Wells Fargo Advisors ended last year with 12,000 financial advisors.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
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