Jim Hays stepping down as head of Wells Fargo Advisors

Jim Hays stepping down as head of Wells Fargo Advisors
After 35 years in the industry, Hays is retiring. He'll be replaced by Sol Gindi, who will also head the Wealth & Investment Management client relationship group.
MAY 13, 2022

In a reshuffling of the senior management that oversees its 12,250 financial advisers, Wells Fargo & Co. said Friday afternoon that Jim Hays, who has been head of Wells Fargo Advisors since July 2019, was retiring.

Hays is being replaced by Sol Gindi, who will also head the Wealth & Investment Management client relationship group. Gindi will report to Barry Sommers, head of Wealth & Investment Management.

Gindi takes the lead at Wells Fargo Advisors at a point when the firm is in flux and the financial advice industry is grappling with a turbulent stock market after a record 2021 for many firms. Wells Fargo has been focusing on recruiting larger advisers at a time when its wirehouse competitors have been shying away from bringing on experienced advisers, which is expensive.

The Wealth & Investment Management unit — known as WIM internally — has Wells Fargo Advisors under its roof in the bank's wider corporate structure.

In this role, Gindi will lead the Wells Fargo traditional employee brokerage and wealth management channels, the independent brokerage and registered investment adviser business, and First Clearing. Every adviser leading a client relationship reports up to him, the company said in a statement.

Hays is announcing his retirement after 35 years in financial services. He will remain at Wells Fargo over the coming months to ensure a smooth leadership transition.

Gindi joined Wells Fargo in October 2020 as chief financial officer for Wealth & Investment Management.

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.