Danny Ludeman, longtime chief of Wells Fargo Advisors LLC, is retiring at year-end, the company said Friday.
He will be replaced by Mary Mack, currently head of the brokerage firm's financial services group. Ms. Mack will take over Jan. 1, 2014.
“I'm sorry to see him go,” said a Wells Fargo adviser who asked not to be named. “All they have left are bankers. [Mr. Ludeman] was the only guy, in top management, that had a broker's mentality.”
Ms. Mack's unit, the financial services group, is responsible for Wells Fargo Advisors' advisory products, lending and banking services, adviser development and recruiting and integration.
Ms. Mack “is very sharp, and fun, but she's from the bank side,” said another Wells Fargo adviser who requested anonymity.
“[Mr.] Ludeman had a reputation of protecting [advisers] from the bank,” this adviser added. “Now the question is, how will this be felt at Wells Fargo Advisors.”
"I am confident Mary has the right mix of experience, vision, and energy to lead our advisers in continuing to help our clients succeed financially," said David Carroll, head of Wells Fargo's wealth, brokerage and retirement business, in a statement.
"Under Danny's leadership, we have created a premier brokerage and advisory firm whose success is based on offering clients advice and planning through multiple channels — in brokerage offices, retail bank stores, or online," Mr. Carroll said.