* Vorlop named to head products and advice
* Nadreau running business strategy
* Wells' brokerage subsidiary promises brokers technology
By Jed Horowitz
NEW YORK, March 19 Mary Mack, the new retail
brokerage boss at Wells Fargo Advisors, has elevated Bob Vorlop
to head of products and advice for the firm's more than 11,000
brokers as she fills out her management team.
The position is a new one, created when Mack in February
split in half the financial services group that creates tools
and products for the brokers. At the time, she named Joe
Nadreau, 43, to run innovation and business strategy and said
the products role would be filled soon.
Mack, who became president of the Wells Fargo & Co
broker-dealer subsidiary in January following the retirement of
long-time brokerage head Danny Ludeman, also plans to name an
executive to head a new Mobile and Online Group, a spokeswoman
Mack previously ran the combined unit at Wells Advisors,
which is the third-largest brokerage firm in the United States,
as measured by number of financial advisers.
Vorlop, 56, oversees brokers' sale of loans and other
banking products, an area of growing importance as bank-owned
brokers such as Wells, Bank of America Merrill Lynch and UBS
Wealth Management Americas attempt to sell products of their
parent companies in addition to investment products. His group
also oversees investment services and recruiting of brokers and
Vorlop, who has been with Wells Fargo and predecessor
brokerage firms such as Wachovia Securities for 30 years, had
most recently run investment and advisory products.
Nadreau's innovation and business strategy group creates and
manages processes and platforms that brokers use. Nadreau and
Vorlop also have joined the broker-dealer's executive committee.
Like its competitors, Wells Fargo has been pouring money
into new technology to make its products and services more
accessible to clients and brokers. Wells' brokerage group has
grown through a series of acquisitions that left it with
numerous systems and workstations that did not always
In an internal email to brokers last month, David Kowach,
president of the branch-based private client group, said he has
heard their complaints about poor technology and inefficient
services and is addressing them. Improvements range from new
scanners in all branches that he promised will eliminate "the
frustration and inefficiency" of using faxes for service request
for things like issuing checks and moving money to an upgrade of
brokers' computer workstations to allow them to simultaneously
see accounts of multiple clients.
Wells next quarter will roll out an iPad application that
will let advisers access relevant client information remotely
for in-person visits.
Kowach also promised that in late 2014 or early 2015, Wells
will roll out a "360 Degree View of the Client" that allows
brokers to see in a single location what clients own across all
their accounts, all relevant information about their goals and
other crucial information.
"Today our client information is all over the place - and
that's been a big point of frustration that I've heard from
you," Kowach wrote in the memo seen by Reuters. "Through the
years, we've essentially quilted together a lot of different
(Reporting by Jed Horowitz; Editing by Leslie Adler)