Wells Fargo Advisors Revamps Sales Management
In a move promoted as enhancing its “client-first” philosophy, Wells Fargo Advisors said Tuesday that it has promoted two regional managers to oversee its more than 15,000 brokers and elevated two other veteran managers to senior positions reporting to Wells Advisors President David Kowach.
John Alexander, who had been in charge of strategy for Wells Advisors’ private client group of more than 11,000 brokers, is now head of a five-region division that Kowach has dubbed “Advisor Led West.” His counterpart who is overseeing the six-region “Advisor Led East” is Richard Getzoff, who was most recently running the private client group’s Eastern region.
Alexander, who has been with Wells Advisors and its predecessor fund distribution firm Evergreen Investments for 16 years, will oversee the Midwest, Northern, Southwest, Gateway and Western sales regions, Wells said in a news release.
Getzoff, a 22-year veteran of Wells and predecessor firms Prudential and Wheat, First Securities, will be responsible for the New England, Metro Northeast, Southern, Eastern, Florida and Mid-America regions.
Unlike Wells Advisors competitors such as Morgan Stanley, which earlier this week said it was centralizing its sales management structure by shrinking to six from eight regions, Wells is positioning its reorganization as a way to give local sales managers more autonomy. “We are making a significant investment to ensure that every person in our firm is empowered with the tools they need to help us offer the very best advice to clients,” Kowach said in a prepared statement.
The senior executive, who was promoted to run St. Louis-based Wells Fargo Advisors in August amid its parent bank’s platooning of managers to deal with fallout from its retail bank account scandal, also has consolidated sales strategy and training for the broker-dealer under Heather Hunt-Ruddy, who was previously president of its home-office Gateway Region.
Hunt-Ruddy, who assumes the title of head of client experience and growth, will be in charge of business development, Financial Advisor productivity and development, field leadership effectiveness, FA integration & growth, high net worth partnership and next-generation talent, Wells said.
Wells has not yet named successors to Hunt-Ruddy in the Gateway region and Getzoff in the eastern regions.
Kowach, who has recently realigned the firm’s operating committee with the appointment of new technology, risk management and independent channel executives, also promoted Erik Karanik from head of operations for the private client group to head of national operations for the firm’s three brokerage channels and its clearing unit. Karanik, a 27-year veteran of Wells Advisors, is responsible for compensation policies and real estate, as well as for operations and services throughout the broker-dealer’s branch and home-office structure.
Wells Fargo Advisor, which includes 15,086 brokers and almost 4,000 bankers, is part of Wells Fargo & Co.’s Wealth and Investment Management Group that is run by David Carroll.