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
By  DJAMIESON
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

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

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.