As Wells Fargo Reports Q2 Earnings, Advisor Total Ranks No. 3

Wells Fargo Advisors' latest headcount of 15,102 puts it behind Morgan Stanley's and Bank of America-Merrill Lynch's

As Wells Fargo (WFC) on Wednesday, July 21, beat second-quarter estimates on lower sales and profits, it saw the ranks of its advisor force move into the number three spot, despite rising year-over-year assets and sales in its wealth-management and brokerage businesses.

Assets managed by Wells Fargo Advisors increased 6% from a year earlier to $1.1 trillion, while the larger wealth, broker and retirement unit saw its total assets hit $1.2 trillion - down from $1.3 trillion in the first quarter of 2010, but up from $1.1 trillion last year.

The number of its financial advisors stood at 15,102 in the second quarter, which - according to Reuters - was down 4% from the previous year.

This puts it behind Morgan Stanley Smith Barney's 18,087 and Bank of America-Merrill Lynch's 15,142.

Wells Fargo's combined wealth, brokerage and retirement operations - which include almost 5,100 licensed bankers - earned $270 million in the second quarter, up 5% from a year earlier, as total revenue rose 2% to $2.87 billion, according to the company.

The bank also said that managed-account assets for its retail brokers grew $36 billion, or 22%.

On July 20, Wells Fargo said its fund unit completed the merging of the fund families of Wells Fargo & Co. and the former Wachovia Corp., now collectively known as Wells Fargo Advantage with some $224 billion in assets.

Reprints Discuss this story
We welcome your thoughts. Please allow time for your contribution to be approved and posted. Thank you.

Most Recent Videos

Video Library ››