09.23.23

Wells Fargo Preps for Wealth Battle After $1 Billion Turnaround

by: Hannah Levitt

Wells Fargo is trying to lure hundreds of independent advisors to join its platform as part of a larger push to expand the firm’s business catering to wealthy clients, according to Barry Sommers, who oversees Wells Fargo’s wealth and investment management unit. “We believe over the next three to five years there’s a significant opportunity to gain a lot of market share,” Sommers said in an interview. In recent weeks, Wells Fargo lured teams from Morgan Stanley and Raymond James Financial Inc. to its independent platform. The wirehouse offering has also been adding a bevy of talent recently, including two advisors in Fort Worth from JPMorgan Chase & Co.

Read the full article on Bloomberg