The iconic Wells Fargo stagecoach has a few extra stops to make. Wells Fargo Advisors is one of the nation's largest retail brokerages, with more than 15,000 financial advisors and some $1 trillion in client assets. The company provides advisory services, asset management, estate and retirement planning, brokerage, and portfolio monitoring services. Wells Fargo Advisors has around 1,300 office locations, many within Wells Fargo branches. After buying Wachovia in the largest bank acquisition to date, Wells Fargo merged its existing brokerage operations with Wachovia Securities in 2009 and rebranded the firm as Wells Fargo Advisors.
Since the acquisition, Wells Fargo has benefitted from the boost in non-banking fees that Wells Fargo Advisors has provided. The company plans to expand its brokerage operations by hiring more representatives and advisors and possibly by acquiring other firms.
Wells Fargo is known as a leader in cross-selling its various products and services to customers. In early 2011, the company completed the integration of Wells Fargo Investments and WellsTrade (online brokerage) into the Wells Fargo Advisors brokerage platform. The conversion added more cross-selling opportunities for Wells Fargo.
Also in 2011 the bank determined that another unit, H.D. Vest, which offers tax and investment services, did not align with the rest of Wells Fargo Advisors' business and sold it to Partheon Capital Partners.
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