Former Wells Fargo Advisors Sue the Company Over Cross-Selling

Two former Wells Fargo advisors are suing the firm for breach of contract, unfair business practices, and retaliation after they say they resisted pressure from their supervisors to secretly transfer sensitive client information from the advisor and brokerage side of the company to the private bank.

The advisors, Karen Keusayan and Richard Green, are also alleging that Wells Fargo improperly withheld deferred compensation after they resigned in 2021 and joined Morgan Stanley , where they are still registered.

In their complaint, filed in Los Angeles County Superior Court, the advisors describe themselves as high-producing employees who were loyal to the company even through the “nightmarish” years of 2015 to 2017, when Wells Fargo’s banking division was “publicly scorned” for the fake account scandal.

“This is not the ‘sour grapes’ case of a disgruntled employee(s) who sought a promotion and did not get one,” the advisors say in their complaint. “Neither Ms. Keusayan nor Mr. Green ever wanted to leave Wells Fargo. The goal for each had always been to retire at Wells Fargo.”

Wells Fargo declined to comment on the lawsuit.

The two advisors joined forces in 2015 to form a “production partnership,” according to the complaint, which says they grew their book of business to more than $1 billion by 2020.

In 2018, Wells Fargo introduced a new element to its advisor compensation plan, according to the complaint. Advisors were expected to complete forms called client discovery reviews, or CDRs, detailing information about advisory clients. The plaintiffs say they were directed by a compliance officer to keep the forms secret from the clients themselves.

Instead, the CDRs were intended for Wells Fargo’s private bank, “not the broker-dealer/financial services side where plaintiffs worked,” according to the complaint.

They contend that advisors were pressured to work with clients to complete CDRs, which would be secretly shared with Wells Fargo private bankers who could use them as sales leads.

Before submitting the forms to count toward a quota that resulted in additional compensation, the advisors had to check three boxes stating that they had discussed the information with the client, that the information was accurate, and that they had offered the client an opportunity to obtain a copy of the document. On that last item, the plaintiffs allege that Wells Fargo essentially instructed the advisors to lie, explaining that the document didn’t belong to the advisors, but the bank, even though the information came from their own clients.

“[H]igh-ranking compliance personnel at Wells Fargo Advisors repeatedly told plaintiffs to never deliver or present the CDR to the client since, as it was explained by compliance, the CDR was a bank document,” the complaint states. “Worse, plaintiffs were told not to inform the client that a CDR had been prepared.”

The plaintiffs say that these “dishonest instructions” put them in an “impossible position” and that they soon began raising concerns with their superiors. But each time they spoke out, they were told by their supervisors to continue submitting the forms as a requisite part of the company’s compensation plan.

The complaint describes the advisors’ growing unease with being pressured to falsify the CDR submission document, as well as concerns over the personal privacy of their clients, whose information was allegedly being shared internally without their knowledge or permission.

The advisors say that their bosses undertook a retaliatory campaign against them for continuing to raise objections to the CDR program, “including by failing to provide the banking support that plaintiffs and their clients had come to expect as a benefit of being associated with a large, full-service, retail bank,” according to the complaint.

They also say that the advisors felt their jobs were at risk, offering examples of a hostile or coercive work environment. “Mr. Green was berated by a yelling supervisor in front of fellow employees, and Ms. Keusayan was informed that the bank would not issue a routine credit card to her sister (a customer) if a CDR was not on file,” according to the complaint.

The advisors say the deteriorating work environment ultimately led them to resign around July 2021, after which they were informed that they were ineligible for large sums of deferred compensation—$662,000 for Keusayan and nearly $814,000 for Green.

The advisors are seeking to recoup the deferred comp they say they are owed, and are asking the court for additional damages, as well as an injunction barring Wells Fargo from engaging in the conduct alleged in the complaint, among other relief.

Australian football superstar and Matildas captain Sam Kerr has joined one of the world’s most exclusive luxury watch brands, reflecting on the sacrifices behind a career at the pinnacle of professional sport and revealing she only signed with her new club last week.

As Richard Mille’s first and only Australian partner, Kerr has joined an elite group of global athletes, artists and innovators associated with one of the world’s most prestigious watchmakers.

Speaking in Sydney, the 32-year-old reflected on her next chapter, the extraordinary growth of women’s football and the personal sacrifices required to reach the top of the game.

Founded in 2001, Richard Mille has built a reputation for producing some of the world’s most technically advanced and exclusive timepieces. The Swiss watchmaker is renowned for its use of ultra-lightweight materials, Formula One-inspired engineering and limited-production watches that often sell for hundreds of thousands of dollars and, in some cases, more than $1 million.

Its ambassadors include tennis great Rafael Nadal, Formula One stars Charles Leclerc and Lando Norris, actress Michelle Yeoh and sprint champion Shelly-Ann Fraser-Pryce.

During the Sydney event, Kerr wore the Richard Mille RM 07-04 Automatic Sport, a lightweight model featuring a pink case, blue strap and skeletonised movement. Designed for active lifestyles, the watch reflects the brand’s philosophy of combining high-performance engineering with luxury craftsmanship.

For Kerr, becoming the brand’s first Australian partner is a source of considerable pride.

“Of course, being the only Australian is incredible to me,” she said. “I am very proud to be Australian and I like to put Australia on the map.”

The announcement comes as Kerr prepares for the next stage of her football career following her departure from Chelsea after six-and-a-half years.

While speculation around her future has been mounting for months, Kerr revealed a decision was only finalised recently.

“Everyone thinks that it was decided and I’ve known that (it was) reported that I’d signed somewhere in April, but honestly, I only signed my contract on Wednesday last week,” she said.

“I really hadn’t decided what I was going to do until last week.”

Kerr said she expects details of her new club to be announced around the beginning of July once her Chelsea contract officially concludes.

Despite her excitement about what lies ahead, she admitted leaving one of the world’s biggest football clubs has been emotional.

“I am really sad about it,” she said. “It’s been my home for 6.5 years. I have so many good memories there. I have so many amazing teammates. I’m sad to leave.

“It sucks to leave such a big club like Chelsea too, but it comes to an end to everything, right?”

The 32-year-old also reflected on the transformation of women’s football during her career, describing the Matildas’ rise from relative obscurity to household-name status as one of her proudest achievements.

“What the Matildas have done over the last four or five years has been incredible,” she said.

“The most important thing for me is that you leave the game in a better place.”

Kerr noted that when she began playing, there were few professional pathways for women, limited sponsorship opportunities and crowds that bore little resemblance to those regularly attending matches today.

“We are a part of that generation that still knows what it was like when there was no one in the crowd,” she said.

Today, she said, crowds of tens of thousands remain something the team never takes for granted.

“Even last night we had 20,000 on a Tuesday night nearly. That’s special to us,” she said.

“We feel very lucky that people come out and spend their money and come to a game and watch us.”

Yet behind the accolades, sponsorships and sold-out stadiums, Kerr said there have been significant personal sacrifices.

“I’ve been living out of home since I was 17 years old. I’ve missed a lot of my family’s life,” she said.

“I’ve missed a lot of weddings. I’ve missed funerals. I’ve missed so many things that people don’t see.”

Kerr revealed she was unable to return home for her grandmother’s funeral last year because of football commitments.

“You have to love what you’re doing. You have to want to sacrifice,” she said.

“Everyone makes sacrifices, of course, and what I do is a massive privilege, but there comes a lot of sacrifice with it.”

Away from football, Kerr said Australia remains central to her identity despite spending much of her adult life overseas.

“I think we take for granted in Australia the beaches, the ocean, the open spaces,” she said.

As she prepares for a new club, a new season and a new role with Richard Mille, Kerr said she remains motivated by the same passion that first drew her to the game as a teenager.

“It was really organic,” she said of her relationship with the luxury watchmaker.

“It’s a real family brand.”

Former Wells Fargo Advisors Sue the Company Over Cross-Selling

The Matildas captain has joined one of the world’s most exclusive luxury watch brands, sharing candid insights into the sacrifices required to succeed at the highest level of world football.