Ludeman retiring at year-end

Danny Ludeman, longtime chief of Wells Fargo Advisors LLC, is retiring at year-end, the company said last Friday.

He will be replaced by Mary Mack, head of the brokerage firm's financial services group, Jan. 1.

“I'm sorry to see him go,” said a Wells Fargo adviser, who asked not to be identified.

“All they have left are bankers. [Mr. Ludeman] was the only guy in top management that had a broker's mentality,” the adviser said.

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 also requested anonymity.

PROTECTED ADVISERS

“Ludeman had a reputation of protecting [advisers] from the bank. Now the question is, how will this be felt at Wells Fargo Advisors?” this adviser said.

“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,” David Carroll, head of Wells Fargo's wealth, brokerage and retirement business, said 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.”

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