Wells Fargo said that the conversion involves 1.9 million clients with $131bn in assets and it also enable clients to access additional products and services, including investment planning resources of Wells Fargo from the same financial advisors.
The coversion also helps financial advisors with enhanced front-end system and a common platform for trading and brokerage activities.
Wells Fargo Investments, WellsTrade and HD Vest were part of Wells Fargo’s brokerage operations.
Following this integration, Wells Fargo Investments now operates under the Wells Fargo Advisors name and includes financial advisors who will be based in bank stores.
WellsTrade is the online and discount brokerage service, and HD Vest works with independent tax and accounting professionals to integrate financial services into their practices.
Wealth, Brokerage and Retirement (WBR) division is a part of Wells Fargo with a market share in all of its businesses and a key component of bank’s strategy to provide for all of customers’ financial needs. WBR has more than 25 years of experience in operating banking and brokerage model.
Wells Fargo WBR division head David Carroll said that the brokerage conversion has gone extremely well. With brokerage clients across all of the channels on a single operating platform, we can provide a consistent experience and common products and services.
"We work closely with other parts of the company, including community banking and wholesale banking, to help customers succeed financially. Our multi-channel business model enables clients to choose how they want to do business with us and provides a competitive advantage," Carroll said.
