Wells Fargo to Boost Broker Sign-On Bonuses as Rivals Cut Back

Wells Fargo & Co. will pay bigger sign-on bonuses to some new brokers as competitors including Morgan Stanley and Bank of America Corp. seek to reduce recruitment inducements.

The Wells Fargo Advisors unit plans to offer better pay packages to brokers who oversee the largest books of business as it seeks to woo more big producers, according to a person familiar with the matter. The firm plans to offer competitive pay as its focuses on attracting more high-net worth clients, said the person, who asked not to be identified discussing compensation.