Three years and nearly $1 billion later, Wells Fargo & Co. is finally playing offense in one of Wall Street’s hottest battlegrounds: wealth management.
The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business catering to rich clients, according to Barry Sommers, who oversees Wells Fargo’s wealth and investment management unit. The independent offering is already Wells Fargo’s fastest-growing wealth channel.
When Chief Executive Officer Charlie Scharf took the reins at Wells Fargo in 2019, he quickly tagged the firm’s wealth offerings as an area he’d seek to develop. For the turnaround, Scharf turned to Sommers. “Fixing the place” was step one when he arrived, Sommers said, declining to comment on the precise amount the company invested in the business. The 54-year-old was responsible for everything “from digital account opening to getting rid of fax machines, I mean you name it.”
In recent weeks, Wells Fargo lured teams from Morgan Stanley and Raymond James Financial Inc. to the independent platform. The wirehouse offering has also been adding a bevy of talent recently, including two advisers in Fort Worth from JPMorgan Chase & Co.
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