Wells Fargo last Wednesday said it added a new sports and entertainment program that's focused on financial advisors who serve clients within those industries.
"The Sports & Entertainment Program shows our commitment to both our financial advisors, and the affluent and high-net-worth clients that they serve,” Clarence Nunn, executive vice president of wealth and investment management at Wells Fargo, said in a statement. "I believe we provide the best service and support, and this development gives our business a greater ability to expand in an area where we believe we can offer great expertise."
In the statement, Wells Fargo cited the sports and entertainment accredited wealth management advisor designation rolled out in 2022 by the College for Financial Planning as a factor that will help its advisors meet such clients' needs.
Wells Fargo Advisors ended last year with 12,000 financial advisors.
Recruited assets, organic growth both powered ahead
Goldman Sachs' Padi Raphael, Global Co-Head of Third-Party Wealth, said the "door is always open" regarding a potential RIA referral program, as the firm looks to serve the "mega trend" of growing wealth from independent advisors.
UBS research finds lack of planning and communication as key challenges for high-net-worth widows and next-generation women in navigating inheritances.
The proposed "all markets" fund is structured to enable quarterly redemptions, driven by investments in public equities, fixed income, and private market assets.
The firm has been dogged by compliance issues for years, resulting in multiple fines by various regulatory bodies.
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