Wells Fargo’s wealth management business will likely be reorganized, according to a report in The Wall Street Journal, with segments of Wealth Brokerage Services and the Private Client Group possibly being merged.
Overall, Wells Fargo Advisors includes some 14,400 advisors as of March 30. The private client group has about 9,500 brokers, while Wealth Brokerage Services has around 3,400 brokers, the paper said.
The bank’s “Wealth and Investment Management group is reimagining our business to become more efficient,” a spokesperson said in a statement shared with ThinkAdvisor, but “no final decisions have been made.”
It intends to continue working with investor clients across different channels, including community bank branches, advisor-led branches, Wells Fargo Financial Network (or FiNet, for independent advisors), online and by phone, according to a statement.
More details could emerge on Thursday, according to people involved with the matter who spoke with the paper.