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