Finance
Wells Fargo Preps for Wealth Battle After $1 Billion Turnaround
- Wells Fargo seeking to add hundreds of independent advisers
- CEO Charlie Scharf has spent years looking to grow in wealth
A Wells Fargo bank branch in New York, US.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Three years and nearly $1 billion later, Wells Fargo & Co. is finally playing offense in one of Wall Street’s hottest battlegrounds: wealth management.
The banking giant is trying to lure hundreds of independent advisers to join its platform as part of a larger push to expand the firm’s business catering to rich clients, according to Barry Sommers, who oversees Wells Fargo’s wealth and investment management unit. The independent offering is already Wells Fargo’s fastest-growing wealth channel.