Wells Fargo taps senior female executive for new wealth management role

Trying to put a bow on its broad reorganization of thousands of financial advisers, Wells Fargo's Wealth and Investment Management group, which includes Wells Fargo Advisors, said it had picked company veteran Heather Hunt-Ruddy as head of national sales with the intention of connecting the dots between a sprawling organization.

Over the past year, Wells Fargo's WIM group has seen a number of changes, including a sale of its asset management group, moving 800 or so private bankers and portfolio managers into Wells Fargo Advisors and cutting its international wealth management business.

"Heather will work to ensure we have the right connections established as we bring new products, services and offerings to our advisers," according to a memo sent this week to Wells Fargo advisers announcing the promotion. "And she will make sure that our client-facing teams have all the right resources and information they need in a timely manner."

Previously Hunt-Ruddy's title was head of business development, and she continues to report to Jim Hays, the head of Wells Fargo Advisors. The goal is for the organization to take care of pain points that financial advisers experience.

Heather Hunt-Ruddy was a 2018 InvestmentNews Woman to Watch nominee while at Wells Fargo. She is also remembered by some Wells Fargo financial advisers for her comments about Tater Tots and financial advisers cutting fees.

"Over the last 10 years, our fees have compressed less than 10 basis points," she told Barron's in 2019. "I do see financial advisers often thinking that the way to compete is to be the cheapest. And my lesson to them is, don’t be a Tater Tot."