Wells Fargo Advisors (WFC) said late Thursday that it had named Jim McHale chief compliance officer.
McHale, who most recently was head of brokerage compliance at E*Trade Financial, reports to Bob Mooney, chief compliance officer of Wells Fargo’s Wealth, Brokerage and Retirement. The unit includes nearly 15,190 financial advisors and about 3,850 bankers for clients with some $1.4 trillion in assets.
“Jim is an exceptional addition to our team,” said Mary Mack, president and head of Wells Fargo Advisors, in a statement. “He has the skills, perspective and leadership required to help WFA thrive in an increasingly complex and demanding regulatory environment.”
McHale worked on an enterprise compliance program at E*Trade. Earlier, he was assistant general counsel for the Securities Industry and Financial Markets Association (SIFMA).
In the most recent quarter, Wells Fargo’s wealth unit reported net income of $514 million as of Dec. 31, down $36 million, or 7%, from third quarter of 2014, but up about 5% from $491 million in the year-ago period.