Is Wells Fargo working for its clients or shareholders? Does it make sense for a Financial “Advisor” to be pressured to maximize the number of “products” that his clients have?
“The issue now is whether Wells Fargo is stepping over the line, both by selling products to customers that may not be in their best interests or clearly not need at all, and by pressuring their own employees to meet unrealistic sales quotas.
Wells is one of the few big banks to specify in regulatory reports how many products it cross sells to its customers. The latest SEC filings show Wells averages selling 6.13 banking services per retail customer household, up from just three in 1999. Its current goal, however, is to average eight products per customer. For wealthier clients, Wells reported an average of 10.52 products in its brokerage and retirement units.”
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