wells fargo financial advisor program brochure

Run your own financial advising business with the support of a client-first organization

Thank you for considering Wells Fargo Advisors …

I take pride that I started my career as a Financial

Advisor, and in knowing that, because of that work,

I understand the concerns and perspectives of the

Financial Advisors I now lead.

I spent my rookie years at Wheat First Securities, a firm

founded as J.C. Wheat & Co. in Richmond, Va., in

1934. Those early days on the job don’t feel like

yesterday – they were 30 years ago, after all – but they

are fundamental to who I am and to what Wells Fargo Advisors is.

I proudly tell anyone who asks that I have been at the same firm for three

decades. Wheat First is one of the many regional firms that built Wells Fargo

Advisors, and its Financial-Advisor culture – a culture of individuals doing their

best for clients every day – lives on at the firm today.

I know from my experience that clients do business with people, not

institutions. I believe that the only way for a firm to become more client-

centered is to be more Financial Advisor-centered. Thus, our firm’s whole

orientation is to empower Financial Advisors.

Like most people, my beliefs and opinions have evolved over the years. This

process has made them all the more central to my life and work. My core beliefs

come from the heart, and I try to demonstrate them in my daily actions. I want to

take this opportunity to share with you the principles I hold most dear.

Strengthening the unique relationship between the Financial Advisor and the

client is management’s primary responsibility. Therefore, we stand in service to

our Financial Advisors – not the other way around. I believe that the advisor, not

the firm, owns the client relationship, and that the advisor’s entrepreneurial spirit

is the basis for success.

I believe in open architecture. Clients and Financial Advisors demand choice in

and the availability of investment products, services and unbiased advice.

Because the Financial Advisor is in the best position to judge what’s best for the

client, there should not be mandates to distribute specific products and services.

1

D a n n y L u d e m a n

P r e s i d e n t a n d C E O

W e l l s F a r g o A d v i s o r s , L L C

Best practices for Financial Advisors do exist. I believe that engaging advisors

and sharing ideas builds successful, client-centered practices. In the past, many

firms abdicated their responsibility to have these types of conversations. If we

truly care about our Financial Advisors, we will challenge them to improve their

service to clients and, over time, take their practices to the next level.

I believe that it is the firm’s responsibility to provide our Financial Advisors with

a best-in-class platform. We enable them to succeed by equipping and mobilizing

every part of our organization to ensure that excellence in execution is reflected

in every client and Financial Advisor experience. For this to happen, everyone in

the organization needs to understand that the Financial Advisors pay our salaries,

and for that we owe them nothing less than excellence.

I have a tremendous commitment to constantly staying connected to our advisors

and support staff. No matter how big our firm is, Financial Advisors’ voices will

always be heard, and their views will always be given the respect and consideration

they deserve. In reality, we must be a firm that actively listens to our constituents

and engages them in a dialogue about our future together.

None of these goals are easy to achieve. One of the most inspiring books I’ve

read is Tom Brokaw’s “The Greatest Generation.” In it, he writes that in World

War II, those who persevered in the face of danger, even for just one second

longer than others, become heroes. I think this applies in our industry.

We’ve been blessed. As leaders in our industry, as advisors to clients and as

central participants in our nation’s capital markets, we have an obligation to

keep our eyes firmly fixed on the beacon of integrity and honor. Your success

shows that you are guided by principles that serve you and your clients well.

They are principles that put the needs of your clients first and that recognize a

long-term responsibility to your firm, to your community, to your colleagues

and to your families.

“You’re about to get a glimpse of one of the world’s largest and most respected financial services

firms. A firm that believes in putting its clients and Financial Advisors ahead of itself. This is a

business philosophy we believe sets us apart from our competition.”

— Danny Ludeman

3

Frank C. Parker I I I

B lue Ash, Ohio

“I did two internships at

brokerage firms in college, so

I had an idea of how hard the

Financial Advisor job can be.

But once I decided that I

wanted to be a Financial

Advisor, I knew this firm had

a solid reputation. The firm

has let me grow my business

the way that has worked the

best for me and my clients.”*

Enrich your life and

the lives of others

It’s your life ... how do you want to live it?

There’s no denying it: Our work is a big part of our lives. Where we work and

what we do help define who we are. The decisions we make about our careers

have a major effect on our lives. Do you want to be in control of your career

and your life?

Do you want to help people achieve financial control over their lives? As a

Financial Advisor, you’ll be able to help your clients achieve their financial goals,

such as retiring comfortably, passing on their assets to their families, providing

a quality education for their children, or selling a business and retiring early.

Many people from all socioeconomic backgrounds and occupations are

uncomfortable with the prospect of managing their financial lives. You’ll be

there to help them work toward their financial goals and lifelong dreams.

You’ll change lives. Few careers offer the opportunity to positively affect

people’s lives and personally prosper.

* This is a personal view of the Financial Advisor and may not represent the experiences of others.

4

Why are we successful?

The firm known today as Wells Fargo

Advisors is the successor to some of

the most respected regional

brokerage firms in the United States.

A key competitive distinction of

Wells Fargo Advisors is its ability to

combine the capabilities of a large

national firm with a culture more akin

to that of the regional firms from

which it evolved. Central to that

culture is a strong dedication to

supporting the relationship of the

firm’s Financial Advisors with

their clients.

In 2009, Wells Fargo & Company

was ranked 14th overall by Fortune

magazine in its annual list of the

“World’s Most Admired Companies,”

finishing first among financial

services companies.1 And for the

fifth consecutive year, Wells Fargo &

Company ranked among the world’s

top 25 most respected public

companies for 2009, as decided

by Barron’s.2

With Wells Fargo Advisors, you’ll

enjoy a career — and a way of life.

Our average length of service is

among the highest in the industry.

Our annual turnover rate is less than

25% of the industry average. Once

you join us, we’re convinced you

won’t want to leave.

An advisor-friendly work environment

Financial Advisors are given the

freedom to recommend the product

or services that best meets their

client’s needs. Only in this way can

our Financial Advisors act in an

unbiased fashion for their clients.

We believe in open communication

between our Financial Advisors and

key Home Office experts about

client-related issues. Wells Fargo

Advisors has a genuine desire to serve

our Financial Advisors and make our

Home Office staff accessible to them

as they serve their clients.

We are highly committed to using

current technology and are

continually looking for technological

advances to help better serve clients

and Financial Advisors. Financial

Advisors have powerful computer

workstations with a sophisticated

client-contact management system to

help organize their businesses and let

them simultaneously view charts,

quotes, research and client

information. The workstations also

provide enhanced financial

illustrations software and portfolio

planning tools to help Financial

Advisors develop in-depth strategies

for investors. Plus, the firm offers

24-hour online account access for

clients and their tax advisors.

In addition, our operational excellence

gives our Financial Advisors the best

support available in the industry. This

lets them concentrate on their

businesses, knowing transactions are

processed efficiently and issues are

resolved quickly.

1 Fortune magazine, March 16, 2009

2 Barron’s, February 16, 2009

Fortune and Barron’s magazines are not associated with Wells Fargo Advisors, and do not endorse any product or service Wells Fargo Advisors off ers. Past performance is no guarantee of future results.

We believe in open communication between our Financial Advisors

and key Home Office experts about client-related issues.

5

What makes a successful Financial Advisor?

Successful Financial Advisors come

from all walks of life, but one trait

they have in common is an appetite

for finance and investing. You don’t

have to be a technical market expert

or economist because you have

plenty of Home Office support, but

you do need to know the

fundamentals of how the market

works. In addition, you must:

• Be able to develop personal

relationships. Investors want their

Financial Advisors to have a

personal interest in them — to know

their children, health problems and

concerns in life. Know these things,

and you will help them manage all

of their assets. Our successful

Financial Advisors become trusted

friends to many of their clients.

• Understand your clients’ objectives,

and explain accompanying risks.

It’s your responsibility to do what is

best for your clients by using their

parameters, not yours. Often,

however, prospects and clients don’t

know exactly what they need. It will

be up to you to educate them.

• Be able to continually find assets,

especially from people you don’t

know. Many people start in this

business thinking they can become

successful by working with just

family and friends. But when they

access their money, your overall

asset base is reduced. Within six

months they realize they need a

much larger asset base to succeed.

Without a substantial asset base,

you will have limited business and

little hope of success. Furthermore,

some of your clients will die, move

and leave for other reasons, so you

must know how to find new dollars

constantly, whether you are new in

the business or a seasoned veteran.

• Recommend investment products.

Once you become proficient in the

skills mentioned above, you’ll need

to convince investors to follow your

recommendations. It’s entrepreneurial,

and it’s necessary for you to remain a

part of the Wells Fargo Advisors team.

• Review your clients’ assets, and

make recommended changes when

necessary. Because of the close

relationships you’ll build with clients,

you’ll know when an investment

strategy change may be needed —

because of market volatility, the

birth of a child or grandchild, or the

sale of the family business.

6

Twelve weeks Apprentice Period in Office

One week Sales and Prospecting Training (St. Louis)

Five weeks Business Development Training in Office

One week Business Foundations Training (St. Louis)

Two weeks Product Training in Office

Ten weeks Exam Prep in Office

Sales and Prospecting Training

Business Development Training

7

Wells Fargo Advisors training is uniquely structured to help you succeed

The third-party recognition we have received is due in part to our “high touch”

training approach that focuses on small group learning and individual attention.

Each Wells Fargo Advisors Financial Advisor is supported by a training faculty

with more than 100 years of collective experience in the field as Financial

Advisors. Our emphasis on training is substantiated by the number of trainees

we retain: Wells Fargo Advisors’ five-year retention rate for first-year Financial

Advisors is over 30%; the five-year retention rate for other firms is under 15%.*

Heather Barnett

Keokuk, Iowa

Branch Manager

“I became a Financial Advisor

trainee right after I finished

graduate school. From the

start, I knew I’d have to win the

confidence of potential clients

just because I was — and am

still — relatively younger than

most other advisors. It has

been difficult, and I’ve had to

work hard — after all, Keokuk is

a small market with a number

of competitors. But I never

viewed failing as a possibility.

The training, Financial Advisor

support and client service are

the best in the industry.”*

* Source: Securities Industry Institute, 2008

The New Financial Advisor

Training Program


8

Exam prepSeries 7 and Series 66 exam

preparation in office – 10 weeks. To

become a Financial Advisor, you must

be registered with the NYSE, FINRA

and other regulatory bodies. You’ll

qualify for this registration by passing

a comprehensive exam known as the

Series 7. That’s where your training

starts, with 10 weeks of preparation in

your local branch office. But you’re not

on your own. Your trainer in St. Louis

will lay the groundwork for your

success. Our trainees have averaged a

Series 7 exam first-time pass rate of at

least 95% for the past 3-5 years versus

an industry-average first-time pass

rate of 66%.* You’ll also be well-

prepared for your state registration

because you’ll receive the same great

level of support for the Series 66.

Business Development trainingProduct training in office – two

weeks. Hands-on and high-touch best

describe the branch training experience.

Once you pass your Series 7 and

Series 66 exams, you’ll perform target

market research, explore your existing

network, and gain exposure to the

firm’s core products and services

through our interactive training

program. You’ll also learn how to use

our state-of-the-art workstations.

Business Foundations training in

St. Louis – one week. You’ll come

to St. Louis for one week of in-depth

exposure to the core products and

services Wells Fargo Advisors offers

through briefings by experts in our

sales and marketing product areas.

You’ll work through case studies

in small groups to reinforce your

knowledge. With the help of

experienced trainers, you’ll develop

confidence in providing suitable

investment recommendations.

Business Development training in

office – five weeks. You’ll kick your

business development training into

high gear when you return to your

branch office for five more weeks.

You’ll start off by demonstrating your

understanding of the firm’s products

and services via an online

assessment. In-depth client scenarios

will help refine your product-

suitability skills, and phone and face-

to-face contacts will help you learn

the skill of conducting meaningful

conversations with investors. You’ll

discover the importance of tracking

your contacts and monitoring your

activity. Throughout this process your

manager and sales trainer will

provide you with incredible support

and guidance.

In addition to learning sales-related

skills, you’ll work closely with your

office’s support professionals to gain

knowledge of the administrative

aspects of running your business.

You’ll conclude this training

experience by working with your

manager to select a primary

prospecting approach (e.g., phone,

face-to-face or networking) to focus

on during the upcoming

Apprentice Period.

Sales and Prospecting training

Sales and Prospecting training in

St. Louis – one week. You’re almost

ready, but not quite. Now you need to

demonstrate the value you offer

investors, and that’s the training

you’ll receive when you return to

St. Louis for one week of sales and

prospecting training.

Our trainees have averaged a Series 7 exam first-time pass rate of at least 95%

for the past 3-5 years versus an industry-average first-time pass rate of 66%*

* Source: FINRA

9

This segment introduces you to our

relationship-builder sales process and

focuses on equipping you with the

skills needed to contact investors and

convert those contacts into business

relationships. You’ll receive focused

prospecting training based on your

selected Apprentice Period track.

This includes large-group

presentations, small-group

prospecting labs and hands-on

training from successful Financial

Advisors — all under the direction of

seasoned sales trainers. Moreover, our

week-ending “Day in the Life”

simulation will challenge

you to demonstrate your knowledge

in a lifelike office environment.

Apprentice Period – 12 weeks.

Welcome to the real-world version of

a “realistic preview.” Also referred to

as “Sprint to 24,” the three-month

Apprenticeship Period challenges

you to open 24 new accounts.

To help you reach your goal, you’ll

receive weekly coaching contacts from

an experienced business development

coach. You’ll also benefit from the

financial support of a full training

salary for the length of the Apprentice

Period. Your commitment to the

Apprentice Period expectations will

help you and your manager determine

your probability for success as a

Financial Advisor.

11

If you’re considering a career as a Financial Advisor,you’re probably aware that Wells Fargo Advisors is one of the world’s largest

and most respected financial services firms. What you may not know is that

Wells Fargo Advisors also offers one of the industry’s most competitive

Financial Advisor compensation and incentives plans.

Wells Fargo Advisors believes in the benefits of growing the firm with new

Financial Advisors and is committed to having one of the best new advisor

compensation models in the industry. Straightforward and easy to understand,

our plan is designed with your professional and personal success in mind.

Highlights of the plan include:

• Rewards based on your success. We believe it is important to recognize early

on the sales professionals who are fast starters, who can build new

relationships quickly and who meet/exceed firm goals. During your first two

years following training, you are eligible for annual deferred-compensation

awards and monthly, cash sales bonuses based on assets under management.

• Built-in safety net. You’ll receive a full salary for the eight-month training

period, and our competitive two-year base compensation package at the end

of your training period once you begin your business.

Norma Andrade

Lincoln Hi l l s , Cal i f .

“My parents worked hard in the

fields for 30 years before

disability stripped them of the

ability to care for their family

independently. If someone had

taught my parents about the

importance of financial

preparedness 30 years ago, their

lives would be different. I decided

to become a Financial Advisor to

learn how to earn my parents’

independence back. Although I

had many employment options, I

was attracted to this firm and its

value-driven approach to doing

business. I continue to share the

importance of financial-

preparedness strategies with

families at all income levels. All it

took was the support of a people-

focused firm and the motivation of

true hard work.”*

Financial Advisor compensation:

it’s all in the plan


13

George Hofer

Sun Lakes , Ar iz .

“After 20 years in the Air Force

and 12 years at Motorola, I

decided to pursue my passion of

working with the markets. I looked

at other firms, but they didn’t feel

right. Wells Fargo Advisors lets

me select the products and

services to offer my clients, and I

like it that way. I love coming to

work every day and helping

people manage their money.”*

Wells Fargo Advisors is committed to providing you with a compensation and

incentives plan unparalleled by any other in the industry. Our incentives include:

• Domestic recognition trips

• Eligibility for the New-Financial-Advisor Business Development Workshop

• Access to enhanced performance-reporting tools

• Reimbursement for one CERTIFIED FINANCIAL PLANNERTM (CFP®)

certification study module

• Opportunity to earn the Chartered Retirement Planning Counselor (CRPC®)

designation in your first 12 months

Your benefits do not end there

Wells Fargo Advisors also offers you a complete benefits package designed to

meet many of your personal and family needs and help protect you from

financial hardship in the event of illness or injury.

Your employee benefits are an important element of the total compensation

you receive. The firm’s medical, insurance and savings plans also mark its

commitment to provide you with a complete and generous health and wealth

benefits package.

There’s more:


14

What others say about us

Through the years, Wells Fargo Advisors, its predecessor firms and our parent

company, Wells Fargo & Company, have received several third-party accolades:

• Forrester – Rated Wells Fargo Advisors (formerly Wachovia Securities),

#1 in customer advocacy, 2009

• “World’s 14th Most Admired Company” – Fortune magazine, 2009

• One of the “Training Top 125” – Training magazine, 2009

• One of the “Top 50 Companies for Diversity” – DiversityInc magazine, 2009

• One of the “Top 50 Companies for Latinas to Work in the United States” –

LATINA Style magazine, 2009

• “Best Places to Launch a Career” – BusinessWeek magazine, 2009

• One of “America’s Best Big Companies” – Forbes magazine, 2008

• Awarded an ASTD (American Society for Training & Development)

BEST Award – October 2007

• Among the “100 Best Companies for Working Mothers” – Working Mother

magazine, September 2007

• Wachovia ranked No. 1 in customer satisfaction – American Customer

Satisfaction Index (University of Michigan), February 2007

• Wachovia Wealth Management named 2007 “High Net Worth Leader

of the Year” – Private Asset Management, September 2007

• Wachovia named “Most Shareholder-Friendly Company” among large-cap

banks – Institutional Investor magazine, April 2007

• One of the “25 Great Places for Women to Work” – Essence magazine, 2007

“Customer Advocacy 2009: How Customers Rate U.S. Banks, Investment Firms, and Insurers,” Forrester Research, Inc., May 2009.* Wells Fargo Advisors (formerly Wachovia Securities) ranked #1 in percentage of customers who agree with this statement, “My fi nancial provider does what’s best for me, not just its bottom line.” Forrester Research, Inc. surveyed 5,000 U.S. Consumers to rate their banks, investment fi rms and insurance companies on customer advocacy. Out of the 11 investment fi rms rated in the survey, Wachovia Securities was the #1 rated U.S. investment fi rm in customer advocacy. The ratings may not be representative of any one client’s experience as the rating represents a sample of the Firm’s clients.

Past performance is no guarantee of future results. The publications mentioned above are not associated with Wells Fargo Advisors and do not endorse any product or service Wells Fargo Advisors off ers.

15

Be honest with yourself

This business is not for everyone. Your answers to these questions will help you

decide whether it’s right for you:

Am I self-driven, without the need for supervision?

Do I want to serve a wide spectrum of clients from a variety of backgrounds

and belief systems that may be different from my own?

Can I set and stay focused on my goals?

Can I manage my time efficiently, stay disciplined and prioritize my activities?

Is my family, especially my spouse or significant other, supportive of my going

into this business?

Can I handle a temporary drop in my current income without a major strain on

my family or my morale?

Can I cut back vacations and other leisure activities while I’m building my business?

Can I handle rejection?

Can I keep an upbeat attitude while I have 200 or more conversations with new

prospects every week?

Can I ask individuals I don’t know about their personal financial situations?

Can I take responsibility for my own recommendations?

If you can honestly say “yes” to all of these questions, then you are equipped

to be a successful Wells Fargo Advisors Financial Advisor.

16

It’s up to you . . .

Are you ready for a change?

Do you want to help others?

Do you want more control over your life?

As a Wells Fargo Advisors Financial Advisor, you’ll experience boundless

personal challenges, financial rewards, the autonomy to build your own

business your own way, and the dedicated support of a landmark corporation.

Take a look at yourself, your abilities, your goals, your dreams and your vision

of the future. If you think this is the career for you, then you’ll find no firm in

the industry that will give you more support, guidance and training than

Wells Fargo Advisors.

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