Paul Clever stands before a classroom of 89 new financial advisors who braved 14-degree temperatures, snow and flight delays to get to St. Louis. The students, who came from as far away as Salt Lake City and Pensacola, Florida, listen closely to Clever's lecture on fixed income. "Clients must be aware that if they sell a bond before maturity, they could lose money," he says.

As head of the fixed income trading desk at Wells Fargo, Clever was doing his part during a week of training new recruits (who have all passed their Series 7) for the firm. It is Wednesday, December 15th , and he tells the rookies to remind clients: "Prices will fluctuate but if they hold them to maturity, they'll get their par back."

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