Ex-Broker Says Wells Fargo’s Incentives Tanked His Business

Kwit’s revenue plunged 75% under a “standard operating contract” he wasn’t told about when he was hired, he says.

John S. Kwit walked 600 miles and knocked on 15,000 doors prospecting for clients as an Edward Jones financial advisor. After a year and a half of such enterprise, he opted to take his business to the next level and snapped up an offer to manage money as a Wells Fargo bank advisor.

But he left the firm three years later, and now Wells is taking him to arbitration with the Financial Industry Regulatory Authority in a dispute over promissory-note bonuses, Kwit tells ThinkAdvisor in an interview.

The hearing is set for Nov. 10.

Kwit, 52, resigned from Wells in July 2017. In its January 2020 claim, citing breach of two promissory notes, Wells demands that Kwit, who worked for the firm in Naples, Florida, repay balances totaling $97,482 plus interest

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