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Wells Fargo Wants More Women

Monday, November 01, 2010 - 04:46

Following his appearance at the 2010 Reuters Wealth Management Summit, Head of Wealth Management at Wells Fargo David Carroll says his focus is client relationships and more female advisers.

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where the industry's growing going today. More relationship for an atlas transaction trading oriented we're excited about the opportunity to change the complexion virus to. And I'd like to have 50%. One. Perhaps -- upfront. Fargo's is a mainstay of your strategy -- this a fortune of growth potential are you potentially too close to the back. I don't think we're too close to the bank and all we see enormous untapped potential both investment products with our banking clients. And you know it around as -- it was him. Associates earlier this morning. At Wells Fargo news. We have almost 900000 households in our brokerage firm with him in the banking relationship they Entrust us with their investment long term assets. And yet we don't they're checking him kind of discussion takes the emphasis off of what are short term interest rates today what's the market doing this week versus last quarter. David Carroll thanks for your time thank you very much I'm Rhonda Fargo -- neck and neck with its larger rivals and a wealth management industry to clean top spot in assets under management. And total number of financial advisers David Carroll has the business besides me today thank you. If it is wealth management summit you mentioned that there will be some experimentation with compensation. Levels and packages and models going forward would that look like to think and -- that can help you attract the best talent well -- exact. Sure does look like give an example of something we're working on as you've probably in. Acts the industry today. Are probably eighty to 85% male. Yet for what we know about demographics and the -- decision making household finances in the US. The industry's actual lacking in women count and so we've got some more going on this year and 2011. To increase the ranks of financial advisers and we know. Historically. And went to financial advisers. Take a little bit longer to build their practice -- where the industry's growing going today. More relationship for an atlas transaction trading oriented we're excited about the opportunity to change the complexion virus to. And I'd like to have 50%. One. Perhaps -- upfront. It may mean partnering with us seasoned veterans that maybe within five years of retirement. It may be teaming. Younger. Advisors with. More experienced advisers. It may mean different forms of content to bridge -- while building books will will try on number different things. Cross sell within wells Fargo's is a mainstay of your strategy -- this a fortune of growth potential are you potentially too close to the back. I don't think we're too close to the bank and all we see enormous untapped potential both investment products with our banking clients. And you know it around as -- it was him. Associates earlier this morning. At Wells Fargo news. We have almost 900000 households in our brokerage firm with him in the banking relationship they Entrust us with their investment long term assets. And yet we don't they're checking him equity loan mortgage. The numbers going the other way even more compelling we almost three million affluent households that consider us their primary bank they have no investments with us. We think there's huge opportunity for us dealing with Wells Fargo customers not to mention human growth. In the market. You had mentioned that the financial regulatory reforms. Will potentially result in a narrowing of product offerings and that products will be simpler. How that translate into revenue generation is there at. Sense that there might be less on the revenue side of some of those products are reduced or something I know I don't think. What do we have -- we have. Problem today and we have too -- product providers believe in and they're all important to us but. This is not to suggest that we would have fewer asset classes fewer product. Vehicles themselves it's do you really need fifty large cap value funds do you really need fifty. US government bond funds for example and mutual -- space. How many people serving his name style box investment strategy NASA class do you have for each one of us. And because the way the industry has built itself over the years basically migrating advisers one from the next. Over a period of time they end -- bringing the firms and products -- familiar with. And what results is something that's probably not going to be very easy to surveil. And maintain compliance and a fiduciary court. You mentioned that client assets that are sitting out in deposits Cuddy convincing clients to put their -- to work given the current market environment and it. Scars from -- fallout. What we're building -- business not around trading but around individual lives customized investment and financial plans. And trying to the galvanized if you will the client's attention from daily movements in markets. And focused on longer term goals which frankly partner relevant to the movement this appeal of the Dow. What are their life goals. -- house sending kids to college start a foundation care for aging parents whatever. Build an investment plan -- customized them and populated. With assets. Broadly managed for the most part the best third party managers would confront. We have that kind of discussion takes the emphasis off of what are short term interest rates today what's the market doing this week versus last quarter. David Carroll thanks for your time thank you very much I'm Rhonda schaffler this -- writers.

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Wells Fargo Wants More Women

Monday, November 01, 2010 - 04:46