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July 21, 2010 at 08:00 PM
As it beat estimates on lower sales and profits, Wells Fargo (WFC) 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.
