Top executive to depart Wells Fargo Financial Network

Wells Fargo Advisors Financial Network, the bank's independent channel with more than 1,150 advisers, is shaking up its top management. The firm, which is known as FiNet, plans to consolidate its two regional director positions into one, according to people familiar with the matter. Ronald M. Sallet, a co-head of branch development who reports directly to FiNet president Kent Christian, will soon depart, leaving Alex David, the other co-head of branch development, responsible for both of the firm's geographic divisions, sources said. Sources said Mr. Sallet was being considered to oversee FiNet's recruiting efforts but was passed over for the job. As a result, Mr. Sallet is in talks with several firms in the RIA space, including Dynasty Financial Partners, a service platform for independent advisers, about the prospect of future employment. Dynasty spokeswoman Sally Cates declined to comment on the record. “Ron has deep recruiting experience in the wirehouse world and would be an excellent choice for a firm like Dynasty that is interested in attracting large wirehouse teams,” said recruiter Mark Elzweig. For his part, Mr. Sallet declined to comment on the report. “I am gainfully employed,” he said Thursday. “I am with Wells Fargo at this time.” A spokeswoman for Wells Fargo Advisors, Rachelle Rowe, declined to comment on the reorganization. Mr. Sallet has been at FiNet since 2007 and in his current role since 2010, according to his profile on LinkedIn. He is responsible for branch development and recruiting in 27 states. Mr. Sallet began his career in 1993 and also worked at Lehman Brothers Holdings Inc. and Citigroup Inc., according to records from the Financial Industry Regulatory Authority Inc.