Skip to Main Content
SUBMIT A TIP RECEIVE DAILY NEWS
Menu AdvisorHub
  • News
      • Latest News
          • Reading phoneThis Week’s Top 5: Ex-Morgan Stanley Star Said to Have Bugged Partner’s Office, and More
          • Credit SuisseCredit Suisse’s New Chairman to Decide If a Deal Is the Answer
          • Chicago, IllinoisMorgan Stanley Hires $4-Mln UBS Private Wealth Team in Chicago
          • ESG FundBlackRock Scores Biggest-Ever ETF Launch With New ESG Fund
        • Close
      • Advisor Moves
          • Chicago, IllinoisMorgan Stanley Hires $4-Mln UBS Private Wealth Team in Chicago
          • Financial Advisor MovesRaymond James Reels in $2 Mln Florida Team from Merrill
          • Advisor MovesRockefeller Nabs $3.8-Million UBS Team in Texas
          • Advisor MovesMerrill Loses Top-Ranked New York, New Jersey Brokers to UBS and RIA
        • Close
      • Enforcement
          • Advisor FraudSEC Charges RIA with Pro Athlete Niche for Ripping Off Clients
          • advisor-diy-tools-772×485Ex-Jones Broker Suspended for Attempting DIY Settlement with Client
          • Advisor GuiltyEx-Merrill Broker in Chicago Pleads Guilty to $3-Mln Fraud
          • J.P. MorganFinra Fines, Suspends Ex-J.P. Morgan Broker Fired over Unauthorized Trades
        • Close
      • Markets
        • `Nothing Safer Than Cash’: Tech Rout Puts Silicon Valley on Edge
        • ‘Any News Is Bad News’ as Earnings Fail to Save Equity Bulls
        • ‘50 Cent’ Profited From Volatility Jump, Wells Fargo Says
        • ‘Beaten Down’ ETF Is a Way to Play Inverted Curve, BofA Says
        • Close
      • Opinion
          • Opinion-How-Will-The-Coronavirus-Affect-The-Stock-Market-Opinion: Coronavirus – What Advisors Need to Know
          • opinion-investors-conquered-fees-next-up-is-their-own-behaviorOpinion: Investors Conquered Fees but Not Their Own Behavior
          • Investor-Confidence-In-Stocks-Rightly-Declines-Opinion-772x485Investor Confidence in Stocks Rightly Declines: Opinion
          • Opinion-Schwabs-Zero-Commission-Decision-Challenges-Its-Ria-ClientsOpinion: Schwab’s Zero Commission Decision Challenges Its RIA Clients
        • Close
      • Fintech News
          • Fintech Cryptocurrency ClearingFintech Firm Apex Clearing Agrees to Go Public Via SPAC
          • System outageMerrill Systems Hiccuped on Thursday as Stocks Slid
          • 7 dollar rolls‘The Rock’ Invests in Finance App Acorns, and New Users Get $7
          • TraderHigh-Frequency Traders Love Business With Robinhood
        • Close
      • From the Publisher
          • Welcome to AdvisorHub RIA-772×485Welcome to AdvisorHub RIA
          • 2021 PredictionsFrom the Publisher: Sirianni’s Predictions for 2021
          • Josh Rogers – 772×485Seven Questions with Tony Sirianni: Josh Rogers, Founder and CEO, Arete Wealth
          • Phil Hildebrandt — 772×485Seven Questions with Tony Sirianni: Phil Hildebrandt, Principal, CEO of Segall Bryant & Hamill
          • Christian Hyldahl, President of Varium Investment Partners-772×485An AdvisorHub Interview with Christian Hyldahl, President of Varium Investment Partners
          • John Peluso – 772×485Timely interview with John Peluso and AdvisorHub CEO Tony Sirianni
          • Louis Dworsky Coronacrash Interview-772×485Coronacrash Update: Hayden Royal’s Louis Dworsky & Tony Sirianni
          • Stratos_Jeff pic.jpg-772×485Coronacrash Update: Stratos Wealth Partners’ Jeff Concepcion & Tony Sirianni
        • Close
    • Close
  • Deals & Comp
  • Recruiting Wire
  • Breakaway Center
  • Resources
    • resources-home-menuResources Home
    • PRACTICE MANAGEMENT RESOURCESPractice Management Resources
    • Transition ResourcesTransition Resources
    • Fintech ResourcesFintech Resources
    • menu fintechFintech Product Directory
    • Menu-Institute-772×485Institute
    • Boutique Wealth AdvisorsBoutique
    • EventsEvents
    • Asset Manager Hub
    • Close
  • AdvisorHub TV
  • Podcasts
  • RIA Center
  • Virtual Summit
close X
March 4, 2021

Wells Fargo to Merge Wealth Management Sales Regions

by Mason Braswell
|
News
|
Wells Fargo
|
Charlie Scharf, Crisis Management, Reorganization, Wells Fargo, Wells Fargo Advisors, Wells scandal
|
Comments (4)
Share This
SUBMIT A TIP
Wells Fargo
DW labs Incorporated - stock.adobe.com

(Story was updated on March 11 to say that Wells is folding its Abbot Downing family office unit into its private bank.)

Wells Fargo Advisors is continuing to pare the structure of its wealth management businesses, consolidating the 12 regions of its private client group into eight and giving broader management sway to fewer executives.

The plan, announced to managers and brokers Thursday afternoon, will affect the leadership structure of the approximately 12,000 brokers throughout Wells’ private client group and in-bank branches, as well as of the private banking and family office groups being melded more closely into the brokerage unit, a spokeswoman confirmed.

While less eventful than the company’s decision two weeks ago to sell its asset management business, the shifts have the same goal: To streamline businesses and reduce costs as the banking giant emerges from regulatory shackles and fines related to an overaggressive sales culture created by now-deposed senior executives.

The shifts, which will occur over several months, follow a reorganization of Wells Fargo Advisors less than two years ago that eliminated eight regions and senior field positions. They come as the wealth unit struggles to replace more than 2,000 advisors net who have left since Wells acknowledged in 2016 that bankers had created fake banking and credit card accounts to meet sales quotas.

“We are evolving into a flatter, more nimble organization that brings all our services to clients and makes it easier for them to do business with us and for advisors to support clients in doing so,” Wells spokeswoman Shea Leordeanu said in an email. “We want to make sure our advisors, who are in front of clients every single day, are in a position to deliver seamlessly the services their clients want and need and to get answers quickly.”

Under the new look, sales regions within Wells Fargo Advisors will be renamed divisions, and their heads will relinquish the title of regional president for “division leader.” The eight leaders will have a wider geographic and organizational mandate, overseeing traditional stockbrokers along with the approximately 400 private bankers and family office advisors at Abbot Downing.

Wells is also shuttering Minneapolis-based Abbot Downing as a separate brand that services ultra-high-net-worth families, foundations and endowments, consolidating it into Wells Fargo Private Bank, the company said. “The name may change, but our commitment to the business, our clients and our advisors serving these clients is steadfast,” Barry Sommers, CEO of the bank’s Wealth & Investment Management division, said in a prepared statement issued on March 11.

Abbott Downing was introduced as a separate brand 10 years ago after two legacy family office businesses from banks Wells bought were merged. It was named for a 19th century manufacturer of stagecoaches, the bank’s trademark.

Wells is also eliminating the positions of four private banking regional presidents who worked outside the Advisors unit and of the three presidents of the “private wealth” unit within Advisors who were overseeing ‘private client’ brokers servicing clients with $5 million or more of assets. Wells Advisors announced in January that it will no longer service accounts serving clients outside the U.S., affecting the jobs of dozens of advisors and the manager of its “international” unit.

The new divisions and their leaders are:

  • Eastern – Rich Getzoff, currently head of Wells Fargo Advisors’ branch network
  • Midwest – Kent Caldwell-Meeks, currently national practice leader of trust sales through advisors
  • Northeast – Mike Carroll, currently Metro Northeast regional president in the private client group
  • Northern – Susan Mayo, currently head of the private bank’s southwest region
  • Pacific North – Kevin Kitchin, current president of the West region in the private wealth unit
  • Pacific South – Dave Altshuler, currently president of the Pacific South region in the private client group
  • Southeast – Keith Vanderveen, currently president of the Florida region in the private client group
  • Southern – Alberto Gonzalez Saint Geours, currently president of the international client segment

Presidents who are losing their positions will need to find other roles “either inside or outside the company,” said a person familiar with the change.

In addition to reorganizing regions, Wells Fargo Advisors will later this year tweak the number of markets, or complexes, it uses to manage the field. Wells has begun the process through attrition, by not filling vacant seats, according to the source.

Like this article? Let AdvisorHub come to you!  Sign up

Share This
Comments (4)
  • on Mar 4 2021, Bobby Tolan says:

    sad, market hitting new highs and this place is a dumpster fire. Been around a long time, never heard of any of these guys, are they former Walmart mgrs?

    > Reply to Bobby Tolan
    • on Mar 4 2021, Sells expensive beta says:

      Vanderveen and Kitchen are studs. I’ve worked for Vanderveen who is the best Regional I’ve known in 30 years in the business. Don’t know the others.

      > Reply to Sells expensive beta
  • on Mar 4 2021, Mallard Drake says:

    Wells Fargo’s systems are antiquated. You can’t transfer your RMD from a Wells Fargo IRA online. Must call Wells Fargo on the phone, be placed on hold to hear annoying music, then ask someone to make RMD after being placed on hold again while she consults a supervisor. It’s like banking in the 1980s or earlier.

    > Reply to Mallard Drake
    • on Mar 4 2021, George Rodart says:

      Yes, you’re absolutely correct !

      > Reply to George Rodart

Leave a Reply Cancel reply

Tony Sirianni Podcast Banner

CORONACRASH NEWS

  • Fed to End Covid-19 Capital Break It Gave Wall Street Banks

    Fed to End Covid-19 Capital Break It Gave Wall Street Banks

    Mar 19, 2021
  • Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume

    Credit Suisse Replaces U.S. Exec, Halts Bonuses as Clients Fume

    Mar 18, 2021
  • Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

    Firing of Billion-Dollar Broker Sends Warning on Work-from-Home Compliance

    Mar 12, 2021
  • Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures

    Big U.S. Banks’ Vows to Halt Job Cuts End as Virus Endures

    Feb 26, 2021
  • Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

    Raymond James Executive: We’re Open to Flexible Work Arrangements for Advisors

    Feb 25, 2021

NEWS

  • This Week’s Top 5: Ex-Morgan Stanley Star Said to Have Bugged Partner’s Office, and More

    This Week’s Top 5: Ex-Morgan Stanley Star Said to Have Bugged Partner’s Office, and More

    Apr 10, 2021
  • Credit Suisse’s New Chairman to Decide If a Deal Is the Answer

    Credit Suisse’s New Chairman to Decide If a Deal Is the Answer

    Apr 9, 2021
  • Morgan Stanley Hires $4-Mln UBS Private Wealth Team in Chicago

    Morgan Stanley Hires $4-Mln UBS Private Wealth Team in Chicago

    Apr 9, 2021
  • BlackRock Scores Biggest-Ever ETF Launch With New ESG Fund

    BlackRock Scores Biggest-Ever ETF Launch With New ESG Fund

    Apr 9, 2021
  • 25 Years Later, RIA Executive Clears His Brokerage Record

    25 Years Later, RIA Executive Clears His Brokerage Record

    Apr 8, 2021

Recruiting Winners: 2020 Year in Review

FINANCIAL INDUSTRY PODCASTS

AllIndependence
The must listen-to podcast for financial advisors by Tony Sirianni. Guests to include:
-Ron Kruszewski
-Shirl Penney
-Penny Pennington
-Eric Clarke
and many more
Incisive conversations focused on helping investors navigate the ever-changing global market landscape
Michael Kitces and Carl Richards discuss financial advising topics.
The “new advice value stack,” and how firms can use it to help maximize their own value propositions for their clients.
Interviews and insights for advisors curious about switching to a new broker dealer.
The Brighthouse Financial Insights Panel is a group of leading, independent experts providing powerful insights into the big challenges facing you and your clients.
Powering Independence Podcast, insights and ideas for RIAs, presented by Dynasty Financial Partners. A podcast dedicated to presenting fresh ideas and best practices for the wealth management industry.
As an industry expert, Frank LaRosa provides guidance and advice on a host of topics from recruiting and transitions, succession planning, practice management, M&A and more.
Our goal is to unlock the challenges to reveal the opportunities and what it means to provide advice in the 21st century.
Go behind the scenes with registered investment advisors and other related independent business model experts
As a nationally recognized recruiter and consultant to financial advisors, Mindy Diamond has unmatched experience in introducing advisors to the independent space.
The must listen-to podcast for investors, venture capitalists and financial advisors, with Tony Sirianni and Paul Dietrich.
An Introduction to Independence: 5 Key Episodes to Jumpstart Your Knowledgebase
Jay is an investment strategist, CERTIFIED FINANCIAL PLANNER™ and business consultant to financial advisors.
We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people’s lives.
A financial literacy and commentary show that features a number of investors, financial experts, professional athletes, business owners and more.
Join Sound Financial Group CEO Paul Adams and President Cory Shepherd every week, as they help you Design and Build a Good Life™.
The Kuderna Podcast, focusing on wealth in it's original meaning- a state of well being.
Timeless wisdom, actionable information you can use right now to make smarter investment decisions.
Made for and dedicated to those folks serious about their financial plan.
Suzanne Siracuse asks the questions nobody else asks, as influencers and interviewer collide in her new and truly unique podcast series The Big Reveal.
Our webcast is dedicated to helping our viewers get real insights by avoiding the cognitive dissonance of today’s media outlets and biased editorial filters.

Latest News 
Advisor Moves 
Enforcement 
Opinion 
  • About Us
  • Contact Us
  • Advertise
  • Events
  • Careers

 get our newsletter

Industry focused content and breaking news.

SIGN UP

Contact Us

EMAIL US
1707 Post Oak Blvd.
#484
Houston, TX 77056

© 2021 AdvisorHub
  • |Terms of Use
  • |Privacy Policy
  • |Advertise
  • |Careers
  • Facebook
  • Linkedin
  • Twitter

Back to top