Wells Fargo Advisors Financial Network is setting up a new business to attract "hybrid" advisers, a response to the growing allure of independence to brokers who manage money for wealthy individual investors, reports Reuters. The program has not been publicly announced, It will provide back-office, trading, regulatory and other business-management services to independent advisers who manage money for a fee but want to collect commissions from past or future sales of annuities, mutual funds and other products.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.