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Wells Fargo spins heads and kills fax machines with radical plan to counter wealth management erosion by five-fold building of its IBD network -- even it if means cannibalizing its own advisors

Wealth CEO Barry Sommers tells Bloomberg its 1,600-advisor IDB will exceed 12,000-broker unit in five years, but internal one- to two-year wait-list will complicate effort, recruiters say.

Author Lisa Shidler October 11, 2023 at 2:59 AM
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Barry Sommers is ready to put FiNet ahead of Wells Fargo Private Advisors.
Brooke Southall and Keith Girard contributed to the editing of this article.

Related Moves

In RIA custody milieu, Charlie Scharf's BNY Mellon exit for Wells Fargo is latest unforeseen vapor trail after Lisa Dolly, Tim Hockey, Terri Kallsen, Andy Gill and others fade into the firmament

The CEO-for-rent will face a monumental challenge turning around Wells Fargo, but perhaps not as bleak a landscape for profit margins; Is the RIA free ride coming to an end?

October 1, 2019 at 1:06 AM

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