Ludeman retiring from Wells Fargo Advisors

Danny Ludeman, longtime chief of Wells Fargo Advisors, is retiring, leaving all bankers in charge. That has advisers worried.
OCT 04, 2013
Danny Ludeman, longtime chief of Wells Fargo Advisors LLC, is retiring at year-end, the company said Friday. He will be replaced by Mary Mack, currently head of the brokerage firm's financial services group. Ms. Mack will take over Jan. 1, 2014. “I'm sorry to see him go,” said a Wells Fargo adviser who asked not to be named. “All they have left are bankers. [Mr. Ludeman] was the only guy, in top management, that had a broker's mentality.” Ms. Mack's unit, the financial services group, is responsible for Wells Fargo Advisors' advisory products, lending and banking services, adviser development and recruiting and integration. Ms. Mack “is very sharp, and fun, but she's from the bank side,” said another Wells Fargo adviser who requested anonymity. “[Mr.] Ludeman had a reputation of protecting [advisers] from the bank,” this adviser added. “Now the question is, how will this be felt at Wells Fargo Advisors.” "I am confident Mary has the right mix of experience, vision, and energy to lead our advisers in continuing to help our clients succeed financially," said David Carroll, head of Wells Fargo's wealth, brokerage and retirement business, in a statement. "Under Danny's leadership, we have created a premier brokerage and advisory firm whose success is based on offering clients advice and planning through multiple channels — in brokerage offices, retail bank stores, or online," Mr. Carroll said.

Latest News

Why uncertainty is making behavioral coaching more valuable than ever
Why uncertainty is making behavioral coaching more valuable than ever

Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions

Florida investor hits real estate syndicator with fraud suit over $750K
Florida investor hits real estate syndicator with fraud suit over $750K

Six apartment deals, one "big account," and $2.7M in undocumented insider loans. Now the lawsuit lands

Chicago’s 'Mr. Finance' posed as advisor in loan scheme, according to Illinois regulators
Chicago’s 'Mr. Finance' posed as advisor in loan scheme, according to Illinois regulators

The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”

Bezos calls for zero income tax on bottom half of earners
Bezos calls for zero income tax on bottom half of earners

But the Amazon executive chair seems to want it both ways, arguing that taxing the ultra-wealthy won't help struggling Americans.

Why the Charity Parity Act matters for retired clients in 401(k)s
Why the Charity Parity Act matters for retired clients in 401(k)s

Northern Trust planning leader sees the bill extending qualified charitable distributions to employer plans as a potential positive step — but advisors shouldn't overlook bigger holes in the strategy.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline