Wells Fargo taps JPMorgan alum as new regional market head

Wells Fargo taps JPMorgan alum as new regional market head
The industry veteran's appointment to lead the firm's New England and Upstate New York operations comes amid a broader Eastward expansion.
DEC 05, 2024

Wells Fargo is sharpening its focus in the Northeast as a former JPMorgan advisor and market leader joins its ranks.

On Thusday, the firm announced the appointment of Tim Grumley as its New England-Upstate New York market leader. Grumley will report to Barry Simmons, head of Wells Fargo Advisors' Northeast division.

“I’m thrilled to have Tim join our team and lead our New England-Upstate NY market,” Simmons said in a statement. “Having served as both regional director for markets across the Northeast and as an accomplished financial advisor throughout his career, Tim is an exceptional leader with a proven track record of helping financial advisors grow.”

According to his BrokerCheck record, Grumley has been working in the wealth industry for more than two decades, starting in 2003 at First Investors Corporation in New Jersey. He worked at JPMorgan for the bulk of his career, holding progressively senior roles; most recently, he was a managing director - regional director at JP Morgan Wealth Management for four years, as per his LinkedIn profile.

Grumley’s appointment comes as Wells Fargo shifts more of its operations and leadership presence toward the East Coast. Citing unnamed surces, a Wednesday report by the Wall Street Journal said the bank plans to sell its iconic San Francisco headquarters at 420 Montgomery Street. While the wirehouse will still maintain a presence in the Bay Area, the wirehouse is moving its power center across the country, with CEO Charlie Scharf and other members of its senior leadership now being based in New York and Charlotte, North Carolina.

The appointment also coincides with Wells Fargo’s efforts to move past regulatory restrictions. A report from Reuters last week revealed that the bank is in the final stages of resolving governance and risk management concerns tied to the $1.95 trillion asset cap regulators imposed on it in 2018. According to sources familiar with the process, the cap could be lifted as early as the first half of 2025, marking a significant milestone in the bank’s path to redemption from its fake accounts scandal.

Latest News

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

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.