Wells Fargo Regional Manager Leaves for Laird Norton
Wirehouse Wells Fargo continues shedding advisors and executives, most recently losing one of its regional managers to Laird Norton Wealth Management, FA magazine writes.
Carla Wigen served as Wells Fargo Bank’s regional manager of investment and fiduciary services as well as being the market leader for Bellevue, Wash., and all of Alaska, according to the publication.
At Laird Norton, Wigen has been named managing director of the firm’s fiduciary strategy unit, according to the firm, FA magazine writes.
Her move follows a June report by the Wall Street Journal that Wells Fargo was planning to cut around 1,000 staff through attrition and get rid of roughly 100 regional managers within its wealth management business.
Laird Norton, meanwhile, says the addition of Wigen will help boost the firm’s array of services thanks to her specialization in trusts and estate planning, FA magazine writes. Part of Wigen’s duties will be to expand the firm’s fiduciary operations, build services to meet demand from clients and assess new market segments, according to the publication.
Wells Fargo’s advisors and staff have been leaving the firm ever since the 2016 revelations that employees in the company’s retail banking division opened millions of bogus accounts.
The SEC and the Justice Department, meanwhile, are investigating the sales practices at the firm’s wealth management units.
Most recently, Wells Fargo lost an advisor who managed $50 million to Towerpoint Wealth, another representative to the newly-formed Live Oak Private Wealth, and several advisors to Janney, Stifel and RMB Capital.
Meanwhile, Wells Fargo is also merging its wirehouse and bank-based broker units.