Credit card and savings customers may not be the only ones who were misled by Wells Fargo & Co. Some clients of the bank’s wealth-management division were steered into investments that maximized revenue for the bank and compensation for its employees, Bloomberg News reported. Those investments weren’t always in the best interests of clients, the people said. They included estates, trusts and loans. Wealth advisers as recently as 2016 were given ambitious quotas and could earn extra pay by steering clients into loans and accounts with recurring fees. To hit certain goals, some advisers plugged data into financial planning software that they knew would recommend portfolios their clients already owned.
