The wirehouse made no changes to monthly hurdles and payout rates under the cash compensation part of advisor pay, according to a summary of the plan reviewed by On Wall Street . monthly service, overdraft) may also apply to your account(s) that you make Bill Pay … But congresswoman waters is on deck in oversight, so let’s see how much more they serve as whipping boy. Executives have said that recruiting is bouncing back, in part due to higher incentives being paid to outside recruiters. Wells Fargo Advisors, which continues to see its headcount dwindle, is leaving most of its compensation program unchanged for 2020. Guests to include: Michael Kitces and Carl Richards discuss financial advising topics. There's no monthly service fee to use Bill Pay. As an industry expert, Frank LaRosa provides guidance and advice on a host of topics from recruiting and transitions, succession planning, practice management, M&A and more. Powering Independence Podcast, insights and ideas for RIAs, presented by Dynasty Financial Partners. Wells Fargo Advisors, which continues to see its headcount dwindle, is leaving most of its compensation program unchanged for 2020. The hurdles have not changed since 2014, according to the firm. Really well run but there are better channels if you were not a Wells Fargo advisor prior to. Core payout grids remained ... Wells Fargo kept a client segmentation award the firm instituted under the prior year’s plan intact. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. I just got and offer from Wells Fargo independent size FiNet. It currently has 13,753 advisors, down 751 from a year ago. Merrill Lynch advisors only get a full payout on client accounts with more than $250,000. Wells Fargo Advisors is the trade name used by Wells Fargo Clearing Services, LLC and WFAFN, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. $110 Million Wells Fargo Payout Could Put Money in Your Pocket Spencer Tierney March 29, 2017 Many or all of the products featured here are from our partners who compensate us. Platform fees at Finet in 2020 will range from 6 basis points on the first $30 million of customer assets kept at its broker-dealer to a marginal rate of zero on assets above $500 million. Our goal is to unlock the challenges to reveal the opportunities and what it means to provide advice in the 21st century. 0 comments Considering the drumbeat of scandals and investigations that has plagued Wells Fargo & Co. over the past two years, its decision to keep its compensation plan relatively unchanged is wise, Tasnady said. Wells Fargo is boosting advisor retirement payouts, in a bid to cope with the industry’s aging demographics and facilitate transfers of client lists between older and younger brokers. The “new advice value stack,” and how firms can use it to help maximize their own value propositions for their clients. Wells Fargo is close to selling its asset management business, and the likely buyer is a private equity consortium headed by GTCR and Reverence Capital Partners, according to Reuters. The new penalties apply to brokers with at least seven years of industry experience who generate less than $250,000 of annual revenue from their clients, a population that is less than 5% of private client group advisors, Wells officials said. For 2021, Wells Fargo Advisors has boosted by $1,000 the monthly revenue hurdle that its brokers must reach before they receive a higher payout rate, the wirehouse disclosed Thursday. Guests to include: Michael Kitces and Carl Richards discuss financial advising topics. Initial Wells Fargo Advisors complaints should be directed to their team directly. As an industry expert, Frank LaRosa provides guidance and advice on a host of topics from recruiting and transitions, succession planning, practice management, M&A and more. A financial literacy and commentary show that features a number of investors, financial experts, professional athletes, business owners and more. Wells Fargo will leave core payout rates unchanged under its 2020 comp plan — but it is making changes to small account policies and bonuses intended to spur advisors … Advisors are encouraged to undertake their own due diligence or to speak to a BrokerChalk Match consultant. Timeless wisdom, actionable information you can use right now to make smarter investment decisions. Suzanne Siracuse asks the questions nobody else asks, as influencers and interviewer collide in her new and truly unique podcast series The Big Reveal. Wells Fargo advisors must meet one of three monthly production hurdles ($11,500, $12,500 and $13,250) in order to qualify for a 50% cash payout on revenue above those levels. “We stand behind the decision,” a spokeswoman said. Advisors are encouraged to undertake their own due diligence or to speak to a BrokerChalk Match consultant. Wells Fargo Advisors. (Merrill, however, is eliminating payouts for all brokers next year on the first 3% of revenue they produce.). Wells Fargo & Co is in exclusive talks to sell its asset management business, which manages more than $607 billion on behalf of customers, to a … The St. Louis-based Wells Fargo Advisors Financial Network, known by most as FiNet, is the first independent channel to be launched by a wirehouse and observers say that since its start in 2001, it has successfully built an army of high-producing advisors. Made for and dedicated to those folks serious about their financial plan. 24 hours a day, 7 days a week. The increased recruiting payouts is part of Wells Fargo's larger plan to attract more advisors. The three hurdles will continue to range from $11,500 for the highest performers—based on revenue, size of average household accounts and service mix— to $13,250 before the 50% payout is collected. The Brighthouse Financial Insights Panel is a group of leading, independent experts providing powerful insights into the big challenges facing you and your clients. In one effort to assuage current advisors who work on teams, Wells on Thursday eased their ability to qualify this year for a 50% payout on all revenue regardless of the hurdle if 75% of their household accounts have at least $250,000 and at least one team member produces $800,000. The $65,000 client threshold is still much lower than Wells Fargo Advisors’ competitors. Wells Fargo recruitment deal for RIA, independent and wirehouse financial advisors. In a rare exception to the penalty-box culture, Merrill Lynch has excised a 2018 payout that fell to 20% for brokers who generate less than $250,000, reinstating the firm’s standard low-point grid rate of 34% for 2019. The independent contractor arm of Wells Fargo Advisors… It’s important to understand that our brokerage accounts and services are governed by different sets of laws and regulations than our investment advisory accounts and services. The 2019 plan is the fifth in a row without a rise in the monthly hurdle rate, and the eighth consecutive year of payout stabilizing at the 22/50% rate. Wells Fargo Advisors has lost more than 1,000 brokers net across its private client, independent contractor and in-bank channels since its parent disclosed two years ago that bankers opened fake accounts to hit sales and bonus targets. The must listen-to podcast for financial advisors by Tony Sirianni. Broker info: upfront payments, payout bonus, compensation grid. Additionally, the firm has increased its offer to top advisors from 325% of annual production to 340% of annual production. The penalties for low producers are generally in-line, if not slightly less punitive, than “penalty box” policies at competitors such as Morgan Stanley Wealth Management and UBS Wealth Management USA,  said Andy Tasnady, a retail brokerage compensation consultant who helped design Wells Fargo Advisor’s two-tier monthly plan more than a decade ago. Though wirehouses typically looked askance at the idea of serving independent advisors, the kinds of advisors leaving have begun to set off alarm bells. Advisors have to sign a multi-year non-solicitation agreement to get the funds. To qualify, advisors need to generate at least $250,000 in trailing-12 month revenue and have at least 75% of their client households above $250,000 in assets. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). The platform fee range has eight breakpoints, sandwiched by the 6 basis-point-of-assets at the low end and the zero charges for those producing $500-million and above. For more information, contact a Financial Advisor at Wells Fargo Advisors at 1-866-243-0931. Investment products and services are offered through Wells Fargo Advisors. Don't Threaten. Suzanne Siracuse asks the questions nobody else asks, as influencers and interviewer collide in her new and truly unique podcast series The Big Reveal. The must listen-to podcast for financial advisors by Tony Sirianni. Wells Fargo Advisors can offer brokerage and investment-advisory account services because we are registered as both a broker-dealer and an investment advisor. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & … Payout bonus: 25% of production from incoming T-12 BrokerChalk makes every effort to update this information in a timely fashion but cannot guarantee its accuracy. New York, NY 10036, Smith Collection/Archive Photos/Getty Images. Practices that produced $500,000 to $999,000 will keep 85% of their production before expenses. In addition, our turnkey practice reduces some of your typical out-of-pocket startup expenses as well as the time and effort required for a successful transition. Driven by a strong and abiding commitment to service, we help our clients succeed financially with investment planning and advice designed to help them achieve their life needs and financial goals. This Week’s Top Stories: Morgan Stanley Sues RBC Team, Finra Raps Broker over A-Shares, and More, Merrill’s New Household Growth Fell 40% in 2020–Sources, Wells’ Wealth Profit Climbs Despite Continued Broker Attrition, Rockefeller, RBC Lure Merrill, UBS Teams in Midwest, Morgan Stanley Rehires $3.3-Mln UBS Team in North Carolina, Sanctuary Hires $435-Mln Merrill Team, Snowden Lures Another from Retirement, Stifel Hires 33-Year Brokerage Vet from Jefferies in Dallas, Merrill Hires $2-Mln JPMorgan Bank Team in Texas, Wells Fargo Claws Back $3 Million from Jailed Ex-Broker, Finra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares, SEC Puts Nail in Ex-Morgan Stanley Broker’s Career Coffin, Finra Fines LPL $6.5 Million over Broad Supervisory Failures, `Nothing Safer Than Cash’: Tech Rout Puts Silicon Valley on Edge, ‘Any News Is Bad News’ as Earnings Fail to Save Equity Bulls, ‘50 Cent’ Profited From Volatility Jump, Wells Fargo Says, ‘Beaten Down’ ETF Is a Way to Play Inverted Curve, BofA Says, Opinion: Coronavirus – What Advisors Need to Know, Opinion: Investors Conquered Fees but Not Their Own Behavior, Investor Confidence in Stocks Rightly Declines: Opinion, Opinion: Schwab’s Zero Commission Decision Challenges Its RIA Clients, Merrill Systems Hiccuped on Thursday as Stocks Slid, ‘The Rock’ Invests in Finance App Acorns, and New Users Get $7, High-Frequency Traders Love Business With Robinhood, Jay Z, Charles Schwab-Backed Ethereum App Opens Doors to Public, From the Publisher: Sirianni’s Predictions for 2021, Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth, Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill, An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners, Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni, Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni, Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni, Coronacrash Update: BNY Mellon | Pershing’s Ben Harrison & Tony Sirianni, Raymond James Slashes CEO Pay 17% in Turbulent Year, Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year, J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim, Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth, Merrill Wealth Slowly Eases Out of Covid Slump, Fired Merrill Broker in Beverly Hills Barred by Finra. Join Sound Financial Group CEO Paul Adams and President Cory Shepherd every week, as they help you Design and Build a Good Life™. Now is the Best Time | Wells Fargo Advisors Financial Network is currently offering an aggressive transition package for qualified advisors who are ready to be independent. A free inside look at Wells Fargo bonus trends based on 40,350 bonuses wages for 5,373 jobs at Wells Fargo. New York, NY 10036, by 311 W. 43rd St., “When you’re doing the right thing for clients, the result is that you’ll do more business.”. Go behind the scenes with registered investment advisors and other related independent business model experts. In its third-quarter financial report, Wells Fargo said it ended the period with 12,908 financial advisors, down 815, or 6%, from a year ago and 391, or 3%, from the prior quarter. This Week’s Top Stories: Morgan Stanley Sues RBC Team, Finra Raps Broker over A-Shares, and More, Merrill’s New Household Growth Fell 40% in 2020–Sources, Wells’ Wealth Profit Climbs Despite Continued Broker Attrition, Rockefeller, RBC Lure Merrill, UBS Teams in Midwest, Morgan Stanley Rehires $3.3-Mln UBS Team in North Carolina, Sanctuary Hires $435-Mln Merrill Team, Snowden Lures Another from Retirement, Stifel Hires 33-Year Brokerage Vet from Jefferies in Dallas, Merrill Hires $2-Mln JPMorgan Bank Team in Texas, Wells Fargo Claws Back $3 Million from Jailed Ex-Broker, Finra Fines, Supends Ex-Ameriprise Broker Who Flipped ‘A’ Shares, SEC Puts Nail in Ex-Morgan Stanley Broker’s Career Coffin, Finra Fines LPL $6.5 Million over Broad Supervisory Failures, `Nothing Safer Than Cash’: Tech Rout Puts Silicon Valley on Edge, ‘Any News Is Bad News’ as Earnings Fail to Save Equity Bulls, ‘50 Cent’ Profited From Volatility Jump, Wells Fargo Says, ‘Beaten Down’ ETF Is a Way to Play Inverted Curve, BofA Says, Opinion: Coronavirus – What Advisors Need to Know, Opinion: Investors Conquered Fees but Not Their Own Behavior, Investor Confidence in Stocks Rightly Declines: Opinion, Opinion: Schwab’s Zero Commission Decision Challenges Its RIA Clients, Merrill Systems Hiccuped on Thursday as Stocks Slid, ‘The Rock’ Invests in Finance App Acorns, and New Users Get $7, High-Frequency Traders Love Business With Robinhood, Jay Z, Charles Schwab-Backed Ethereum App Opens Doors to Public, From the Publisher: Sirianni’s Predictions for 2021, Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth, Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill, An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners, Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni, Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni, Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni, Coronacrash Update: BNY Mellon | Pershing’s Ben Harrison & Tony Sirianni, eliminating payouts for all brokers next year on the first 3%, higher incentives being paid to outside recruiters, commitment to remaining in the Protocol for Broker Recruiting, Raymond James Slashes CEO Pay 17% in Turbulent Year, Solomon Sees Vaccine Bringing Goldman Staff Back by End of Year, J.P. Morgan Bank Broker Cleared of Coronavirus Crash Claim, Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth, Merrill Wealth Slowly Eases Out of Covid Slump, Fired Merrill Broker in Beverly Hills Barred by Finra. Salary information comes from 36 data points collected directly from employees, users, and past and present job advertisements on Indeed … Wells Fargo Advisors told brokers in its private client group on Thursday that it won’t be rocking the boat on their 2019 compensation, with the exception of a payout cut to its lowest producers. In prior plans, fee-based administrative charges were applied at the account level while clearing and execution charges were activity-based, the spokeswoman said. In the $30 million-to-$50 million range, for example, Wells collects five-to-six points from brokers. Wells Fargo is providing advisors a way to earn a full payout on small accounts, albeit in the form of deferred compensation. AdvisorHub Staff. If you are a Wells advisor this is 100% the best option unless you just hate the firm. Wells Fargo & Co.’s financial advisers with at least seven years of experience will see their pay rate drop next year if their 12-month revenue falls below $250,000. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network (WFAFN), LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.Any other referenced entity is a separate entity from Wells Fargo Advisors Financial Network. Recruiters can earn a 10% payout for recruiting as few as 2 advisors to Wells Fargo if those advisors come from designated firms. Threats of … Our webcast is dedicated to helping our viewers get real insights by avoiding the cognitive dissonance of today’s media outlets and biased editorial filters. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry. Rich Getzoff, who runs Wells Advisors six “East” regions, said in an interview that the firm has championed consistency in its compensation plan for many years. It simplifies FiNet’s former use of two grids—one for individual advisers and another for the entire practice. Wells Fargo also will allow the financial advisors who are part of a team to qualify for a 50% payout on all revenue regardless of the hurdle if 75% of their household’s accounts have at least $250,000 in revenue and at least one team member of the group produces $800,000. Isn’t that the entire firm? Boogerhead, no more bad news? Who cares, I would say something negative about Wells, but I’ve had such a great experience with all of the accounts I didn’t know I opened…. Assuming, the advisor's fees and commissions for the past 12 months were $500,000 and the buyer and seller agreed to a 100% buy-out, the negotiated succession valuation is 125% or $625,000. Enter your username and password to securely view and manage your Wells Fargo accounts online. A financial literacy and commentary show that features a number of investors, financial experts, professional athletes, business owners and more. The average Wells Fargo salary ranges from approximately $31,000 per year for Customer Support Representative to $114,694 per year for Vice President of Operations. The revenue grid summary highlights three levels of compensation that bring the largest gains to practices that grow the most. Full Service Brokerage For customers investing with a Financial Advisor: 1-866-281-7436 WellsTrade For customer support with WellsTrade accounts: 1-800-TRADERS (1-800-872-3377)Email The platform fees consolidate administrative, clearing and execution charges across a practice’s complete book. We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people’s lives. I love Raymond Charles III sense of humor!/deeann griebel. Username. According to a Securities and Exchange Commission filing, Wells Fargo Advisors was censured and agreed to pay $3.5 million to settle allegations the brokerage failed to file suspicious activity reports (SARs) for transactions suspected to be linked to money laundering.. Independent contractors, to be sure, pick up the tab for a range of product, servicing, technology and other support fees that Wells provides. Wells Fargo also will allow the financial advisors who are part of a team to qualify for a 50% payout on all revenue regardless of the hurdle if 75% of their household’s accounts have at least $250,000 in revenue and at least one team member of the group produces $800,000. According to the lawsuit, Wells Fargo Advisors “knew and/or recklessly disregarded” the fact that client associates were working more hours than were reported in its timekeeping system yet refused to properly pay them in accordance with state and federal law. 12th Floor “Our intention is to reward advisors for participating in the program regardless of when they achieved the segmentation requirement, given it was the first year of the program,” the spokeswoman said. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Average Wells Fargo hourly pay ranges from approximately $11.00 per hour for Sales Representative to $53.85 per hour for … In … An Introduction to Independence: 5 Key Episodes to Jumpstart Your Knowledgebase. However, it comes with a catch. Wells Fargo will leave core payout rates unchanged under its 2020 comp plan — but it is making changes to small account policies and bonuses intended to spur advisors … “rock the boat”? Equipping independent financial advisors with the tips, insights, and knowledge needed to evolve in every aspect of his or her life. Equipping independent financial advisors with the tips, insights, and knowledge needed to evolve in every aspect of his or her life. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language. Average Wells Fargo Financial Advisor yearly pay in the United States is approximately $48,822, which is 28% below the national average. 311 W. 43rd St., The comp changes are the latest in a series of payout revisions at big firms. Hopefully, there will be no further drips of bad news and more revamp in senior leadership to fully turn the page. Our webcast is dedicated to helping our viewers get real insights by avoiding the cognitive dissonance of today’s media outlets and biased editorial filters. Wells Fargo Advisors is a premier financial services firm, serving investors nationwide through around 12,900 Financial Advisors. For your security, we do not recommend using this feature on a shared device. What’s changing, according to Wells Fargo executives, is the amount of revenue advisers must generate each month to get the more lucrative, 50% payout. ‘B’ players in the C suite is never a good thing. It really is a good platform for higher producers in major cities. Wells Fargo started the year by dangling a carrot at its 14,544 retail and wealth management advisers, while Morgan Stanley is waving the stick at its sales force, who number 15,712. Industry focused content and breaking news. The firm's payout rates, at 22% and 50%, have not changed since 2011. Independent Broker-Dealers ... Wells Fargo Advisors Financial Network filed a ... Schmidt was ordered to pay one victim $34,446 in restitution. PLEASE TURN OFF YOUR CAPS LOCK. Account fees (e.g. To qualify, advisors need to generate at least $250,000 in trailing-12 month revenue and have at least 75% of their client households above $250,000 in assets. The summary did not break out the myriad fees that independent brokers are charged for things like errors and omissions insurance, cybersecurity and risk management protections, fidelity bonds, technology and marketing and operational support. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry. The Kuderna Podcast, focusing on wealth in it's original meaning- a state of well being. Industry focused content and breaking news. Its take falls to 1-to-2 points of assets at the $250 million to $499 million tier. Jay is an investment strategist, CERTIFIED FINANCIAL PLANNER™ and business consultant to financial advisors. Wells Fargo Advisors can help you create and manage your own personalized investment plan. Save Username Checking … Broker info: upfront payments, payout bonus, compensation grid. “At a certain level, the revenue that you produce is indicative of your engagement with clients,” said John Alexander, head of Wells Advisors’ five “West” regions. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. As expected, the brokerage unit is making no changes in payout for the bulk of its roughly 9,400 brokers, continuing to guarantee them 50% of all fees and commissions they produce from clients after hitting monthly “hurdles” and 22% on revenue up to the hurdle levels. Charges may apply, however, for the Wells Fargo Same Day Payments Service SM.Please refer to our fees page for fees associated with our online services. Our goal is to unlock the challenges to reveal the opportunities and what it means to provide advice in the 21st century. For 2021, Wells Fargo Advisors has boosted by $1,000 the monthly revenue hurdle that its brokers must reach before they receive a higher payout rate, the wirehouse disclosed Thursday. (Clarifies in fifth paragraph that platform fees are marginal, with no charges on assets over $500 million.). We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people’s lives. Citing coronavirus market volatility, Wells Fargo Advisors will use the higher of current values or those at Dec. 31, 2019 values to determine when client accounts fall … Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. The change is “net neutral” for Wells Fargo Advisors, but in “leveraging” the grid it scales the base payout upward for many advisors, a spokeswoman said. Brokerage firms cause agita among their salesforce by tweaking their payouts, bonus qualification and recognition club criteria almost annually to induce sales and customer-care behavioral changes. Bonuses posted anonymously by Wells Fargo employees. Wells Fargo Advisors will pay high-producing independent contractors in its Financial Network (FiNet) between 85% and 92% of revenue they produce in 2020, according to … As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space. The acquiring advisor will pay 100% of that amount and Wells Fargo will pay 25%. For 2020, Wells Fargo Advisors had changed advisors’ cut of revenue from households with AUM between $100,000 and $250,000–to a flat 20%. But in line with competitors that are penalizing low-level producers, Wells is cutting payouts for some brokers to a mere 19% on pre-hurdle revenue and 47% after that. In the end, it was the prospect of an open-architecture platform that helped Mayflower Advisors to go fully independent after 14 years with Wells Fargo. (Updates 12th paragraph with Wells commitment to remain in the Protocol for Broker Recruiting.). Wells Fargo Advisors is also trying to sweeten the pot for advisers who may seek an increased payout by changing channels at the firm. Payout bonus: 25% of production from incoming T-12 BrokerChalk makes every effort to update this information in a timely fashion but cannot guarantee its accuracy. Brokerage and investment-advisory account services because we are registered as both a broker-dealer and an investment strategist CERTIFIED... 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