Wells Fargo Broker Head Shifts Advisers From Stock Picks
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Mary Mack, Wells Fargo & Co.’s new brokerage chief, plans to put more retail clients into managed accounts as the largest U.S. firms nudge advisers away from picking individual stocks.
Customers at Wells Fargo Advisors now rely more on investment choices made by the bank than by their brokers, a trend that probably will continue, said Mack, who takes control of the unit when Danny Ludeman, 56, retires from the San Francisco-based bank on Jan. 1.