Danny Ludeman, head of Wells Fargo Advisors, will retire on Jan. 1 after 34 years with the group, the company said. He will be replaced by Mary Mack, who now leads the WFA Financial Services Group.
Ludeman was tapped to be executive vice president of Wells Fargo Advisors after it merged with Wachovia in 2008. He led Wachovia Securities for nearly 10 years and held key leadership posts at Wheat First Securities before First Union/Wachovia acquired that firm.
“Under Danny’s leadership, we have created a premier brokerage and advisory firm whose success is based on offering clients advice and planning through multiple channels, in brokerage offices, retail bank stores or online,” said David M. Carroll, head of Wells Fargo’s Wealth, Brokerage and Retirement business, in a press release.
Wells Fargo Advisors has more than $1 trillion in client assets. It is based in St. Louis, which was the home of Wachovia, while the parent company is headquartered in San Francisco. Its headcount of client-facing professionals stands at 18,632—including 15,285 financial advisors and 3,347 licensed bankers.
Mack joined predecessor firm First Union in 1984 and has held various leadership positions for groups including Wealth Brokerage Services, Investment Services Group and Wachovia Client Partnership. She now serves on the Private Client Services Committee for the Securities Industry and Financial Markets Association, or SIFMA.