Good news for brokers looking to score a sweeter deal with their current employer. Wells Fargo is looking to add 1,400 new brokers this year. Wells may not carry the cache of a Morgan Stanley or Merrill Lynch, but its offers should help send broker guarantees higher at rivals.
Merrill Lynch is on the hunt for new brokers as it looks to rebuild its force after a wave of defections in the first half of 2009.
A Wells Fargo Advisors spokeswoman said the firm is expecting 40% of the new advisers to be hired to join teams and 60% to build their own book, adding, "our average trainee has 16 years of professional experience," according to a Dow Jones Newswires report this week. The firm will recruit approximately 1,000 brokers and train about 400 of the new workers switching from other professions.