Kent Christian on Tuesday was named president of
Wells Fargo Advisors Financial Network — the wirehouse's independent adviser channel, more commonly called FiNet.
Mr. Christian, currently head of Well Fargo's Financial Services Group of employee advisers, is returning to the independent channel, where he has spent much of his career.
He apparently missed the indie channel as the move is a demotion of sorts. Mr. Christian came to
Wells Fargo as president of the Independent Brokerage Group, which includes FiNet. He will now report to Brand Meyer, the current president of that business unit.
“In many ways, returning to the independent brokerage business is like a homecoming for me,” Mr. Christian said in a statement. “I look forward to leading this business at a time when its potential for growth has never been greater.”
Prior to joining
Wells Fargo in 2005, Mr. Christian was national sales director at
Raymond James Financial Services Inc., the independent broker-dealer at the Florida-based firm. He started his career in the industry as a manager at Banc of America Investment Services Inc.
Since
Wells Fargo launched its independent channel in 2001, the business has amassed assets of $55 billion. It had 140 practices with 320 advisers in the network in 2002 and now has 528 practices with 1100 advisers, said
Wells Fargo spokeswoman Rachelle Rowe. “FiNet is a huge growth success story,” Ms. Rowe said. “Kent will be running a very important business for
Wells Fargo.”
Wells Fargo's brokerage businesses as a whole had 15,134 financial advisers and 3352 licensed bankers at the end of the first quarter. Client assets under management totaled $1.2 trillion. The FiNet business contributed $600 million in revenue to the company in the first quarter and the average adviser in the independent channel managed $50 million in assets, according to Ms. Rowe.
“[Mr. Christian's] appointment to lead our independent adviser business underscores the importance we place on serving the needs of independent business owners,” Danny Ludeman, chief executive of
Wells Fargo Advisors, said in the statement. “It also affirms our commitment to the multichannel model that provides choice and flexibility to advisers and clients.”
The bank has not yet found a replacement for Mr. Christian at the Financial Services Group.
