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Via AdvisorHub.

Wells brokers next year will have to hit a single hurdle of $13,500 in monthly production in order to jump from a 22% to a 50% payout rate, executives said. Under the 2021 plan, they had an opportunity to qualify for a lower $12,500 threshold and a higher $14,250 depending on achieving certain production or client-care targets.

The $13,500 hurdle could result in a small haircut for brokers who had qualified for the lower $12,500 option earlier, but that would only affect about 5% of the force, according to John Alexander, head of the Divisional Network for Wells’ Wealth business. The decision to streamline comes after Wells this year raised its hurdles by $1,000, the first increase in seven years.

Wells is also making it easier for brokers or teams who generate over $2 million in annual revenue to qualify for a flat 50% payout. The 2022 plan will eliminate targeted training and best-practice eligibility requirements for the flat payout rate.

In a nod to some broker qualms, the new plan also excises a client segmentation requirement that advisors have 75% of their roster as clients with $250,000 or more in assets to qualify for the flat 50%. (Brokers still face a reduced 20% payout on households under that threshold, which they are encouraged to send to call center brokers or trainees.)

Read the full story at:

https://www.advisorhub.com/2022-comp-wells-adopts-single-monthly-hurdle-sweetens-growth-bonuses/