One day after Wells Fargo said it was reviewing some overcharges and incorrect wealth management fees, as well as possibly “inappropriate” referrals and recommendations affecting 401(k) rollovers to its wealth unit, industry watchers are speaking out on what the latest developments mean for the group’s 14,500 advisors.

“Now the investigation [of Wells Fargo] is finally hitting [its] advisory business,” said recruiter Danny Sarch of Leitner Sarch Consultants, in an interview.