Wells Fargo Advisors President Mary Mack has named her top two deputies.
Bob Vorlop is head of products and advice, while Joe Nadreau will lead the group’s innovation and business strategy. WFA created the two new roles “to streamline tools and strengthen opportunities for financial advisors to help their clients succeed financially,” the company says.
“Bob Vorlop and Joe Nadreau are two leaders who bring tremendous industry experience and seasoned viewpoints to the leadership groups that play central roles in helping our financial advisors provide the advice and financial solutions our clients need,” Mack said in a press release. “I look forward to having the benefit of their knowledge and perspectives as members of our Executive Committee.”
WFA has about 15,280 financial advisors and 3,328 licensed bankers with some $1.4 trillion in client assets.
A 30-year Wells Fargo veteran, Vorlop will be in charge of the strategic direction and management of WFA’s lending and banking services, investments and advisory products, advice, recruiting, and advisor and branch manager development and retention. Earlier, he was head of investment and advisory products.
Nadreaum, who has been with the company for 15 years, will focus on managing the processes and platforms used by financial advisors to serve clients. The group he now leads was recently expanded to include the newly formed Innovation Lab, Client Experience team, Advisor Best Practices and WFA Strategy.
They report to Mack, who took the reins from Danny Ludeman on Jan. 1. Previously, she led WFA’s Financial Services Group. The WFA chief joined predecessor firm First Union in 1984; it was later acquired by Wachovia, which merged with Wells Fargo in 2008.
Wells Fargo’s Wealth, Brokerage and Retirement unit boosted its fourth-quarter net income 40% year over year and 9% from Q3 to $491 million. Sales for the unit expanded 11% in Q4’13 from a year ago and 4% from Q3 to $3.4 billion.
The bank noted in its fourth-quarter press release that it had “strong growth in asset-based fees, as well as higher net interest income and higher gains on deferred compensation plan investments (offset in compensation expense).”
Managed account assets increased $71 billion, or 23% from a year ago, “driven by strong market performance and net flows.” Wealth management assets hit $218 billion in Q4’13, a jump of 7% from a year ago.