The latest advisor headcount of 12,908 advisors is down 815, or 6%, from a year ago and 391, or 3%, from the prior quarter. ARK's Cathie Wood: Big Shift From Bonds to Stocks Is Coming, Harry Dent: Market Crash Coming in 2-3 Years; Economy ‘Already Dead’, 33 Undervalued Stock Picks for 2021: Morningstar, 11 Key Pieces of Biden's $1.9T Stimulus Plan. Access practical suggestions and clear insights for portfolio management - easily and quickly. Net asset value (NAV) is the value of one share of the fund excluding any … Wells Fargo reportedly is exploring the sale of its asset-management arm, a business that could fetch more than $3 billion, as it looks to revamp its business. The business managed $607 billion as of Sept. 30, $307 billion of which were in Wells Fargo funds. New figures released by the bank include the average level of yearly revenues (fees and commissions) per financial advisor. According to the bank, “In late September, Barry Sommers … shared his vision of WIM client teams. As for the streamlining of the wealth unit, this effort is being led by Barry Sommers, brought in from JPMorgan by Wells Fargo CEO Charles Scharf in June to lead the Wealth and Investment Management business. The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. Learn more about our capabilities. Performance including sales charge assumes the sales charge for the corresponding time period. … Thanks for contacting us. If you need assistance, please contact your Wells Fargo Asset Management representative, or email us at WFAMInstitutional@wellsfargo.com. However, as part of … The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. The sale of the asset management business a step to turn Wells Fargo around following a years-old sales practices scandal. Julia Wellborn, head of Private Wealth Management, will lead client experience across WIM, as well as “the strategy and model for the high- and ultra-high-net-worth client segments across all channels,” it explained. Wells Fargo plans to keep its wealth management business that caters to high-net worth clients, the sources said. Wells Fargo has been dogged by problems since 2016 when the company was fined for creating millions of fake accounts. They have been cutting costs and shedding noncore businesses. Wells Fargo's asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said. Scharf told analysts on the bank’s third-quarter earnings call this month that he expected to create some room on Wells Fargo’s balance sheet by exiting non-core businesses. The San Francisco-based bank has discussed a potential deal with asset management companies and private equity firms, according to the sources, who cautioned that a divestment is not certain and asked not to be identified because the matter is confidential. Scharf, the bank's chief executive who took over in late 2019, suggested on an Oct. 14 earnings call with analysts that a sale of some noncore businesses is on the table. In the third quarter, the bank’s Wealth & Investment Management unit had a 64% drop in net income from last year to $463 million. Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank’s biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said on Thursday. The latest advisor headcount of 12,908 advisors is down 815, UBS Wealth Reports Dwindling Advisor Headcount, Asset Outflows in Americas, Buffett Inches Toward Wells Fargo Exit as Scharf Sets Course, More Reasons to Rethink the 60/40 Portfolio, Wells Fargo Wealth Unit Boosts Profits, Releases More Advisor Data, Sign Up for the Portfolio Builder Newsletter, Sign Up for the Inside Wealth Management Newsletter, Sign Up for the Career Advantage Newsletter. WIM includes the Private Bank and Abbot Downing operations. Terms of Use Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in a sale, two of the sources said Thursday. It sold its retirement plan services business to Principal Financial Group Inc last year for $1.2 billion. Investment products and services are offered through Wells Fargo Advisors. Wells Fargo is reportedly in talks to sell its asset management arm. The wealth and investment management division is led by Barry Sommers, the former head of JPMorgan Chase’s wealth management business that Scharf recruited in June. 1,267, This story has been shared 836 times. Online Account Access Log In Register. This story has been shared 1,629 times. Wells Fargo has reportedly fired more than 100 staffers after... Post was not sent - check your email addresses! Wells Fargo’s asset management arm, which managed $578 billion on behalf of customers as of the end of June, could fetch more than $3 billion in … Sorry, your blog cannot share posts by email. All Rights Reserved. Wells Fargo has been dogged by problems since 2016 when the company was fined for creating millions of fake accounts. Public offering price (POP) is the price of one share of a fund including any sales charges. Wells Fargo is exploring a sale of its asset management business, in what would be the bank’s biggest shake-up since former Bank of New York Mellon chief executive Charles Scharf joined as CEO last year, people familiar with the matter said. How to Exceed Investor Service Expectations: An Advisor's Guide to Expanding Value Propositions. As of Sep 30, 2020, the company’s asset management division had about $607 billion under management. Wells Fargo’s asset management business — part of the wealth unit — could be sold for over $3 billion, according to sources who spoke with Reuters for … The sale of the asset management business is one of many steps taken by Scharf to turn Wells Fargo around following a years-old sales practices scandal. (Reuters) - Wells Fargo & Co is exploring a sale of its asset management business, in what would be the U.S. bank's biggest shake-up since former Bank of … Wells Fargo & Company WFC is looking to divest its asset management division, per Reuters. Wells Fargo & Co. is exploring the sale of its asset management unit, a business that could fetch more than $3 billion, according to a person briefed on the matter. Wells Fargo reportedly exploring sale of asset management business Wells Fargo fires over 100 staffers for COVID-19 relief abuse Wells Fargo third-quarter profit plunges 57 percent The cap prevents Wells Fargo … This traditional allocation will not only fall short on returns but actually increase risk, according to BlackRock strategists. The company is also said to be considering a potential sale of its asset management business. … As part of the reorganization, Wells Fargo Advisors President Jim Hays is set to take on more “responsibility for the combined client structure,” including “the advisors and leaders serving clients in the Private Bank and Abbot Downing along with all of the WFA channels,” the bank said. The unit’s restructuring plan was first reported by Financial Advisor IQ early Friday. Wells Fargo & Co. is exploring the sale of its asset-management unit as the biggest banks choose paths of diving deeper into the business or getting out. Your article was successfully shared with the contacts you provided. We are exiting them because they are not core to serving our core customer base on the consumer and large corporate side. As it moves to improve results, Wells Fargo is planning job cuts that may trim up to 20% to 25% of its workforce — representing about 50,000 to 66,000 jobs, according to a report last month in Pensions & Investments. The sale is likely to fetch around $3 billion for the company. Just weeks after Morgan Stanley agreed to buy Eaton Vance, Wells Fargo is weighing the sale of its asset management business, two people familiar … The best way to deliver quality service is by understanding what clients want from your interactions. 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