Welcome to Financial Advisor IQ

Wells Fargo Appoints New Head of Asset Management

By Alex Padalka June 10, 2019

Wells Fargo has promoted Nico Marais to CEO and head of Wells Fargo Asset Management, the company says.

Marais is replacing Kristi Mitchem, who left WFAM in January, according to a press release from Wells Fargo.

Marais, who joined WFAM in February 2017 from Schroders, had been co-CEO of WFAM and previously served as president and head of multi-asset solutions in the unit, the company says.

Marais’s co-CEO Kirk Hartman, who joined WFAM in 2002, will continue serving as chief investment officer of the unit and will also take over as its president, working closely with Marais, according to the press release.

WFAM oversaw $476 billion as of the end of March, Wells Fargo says.

News of Marais’s promotion come on the heels of reports that Wells Fargo’s board is considering keeping its interim CEO C. Allen Parker permanently.

Parker had taken over the role in March, after the abrupt departure of CEO Tim Sloan amid investigations into the company’s sales practices following a 2016 bogus-account scandal.


Wedbush Hires Rep Discharged from Wells Fargo

Meanwhile, Wedbush Securities has hired a broker who was discharged from Wells Fargo in February.

Sean Satterfield joins Wedbush in Honolulu as managing director, investments, the company says in a press release.

"Sean’s work and top-tier service within the community ensures the excellence our clients have come to expect from Wedbush, and we welcome his addition to our Wedbush family,” Chris Mone, executive vice president and head of wealth management for Wedbush Securities, says in the press release.

Satterfield joined the financial services industry in 1996, registering with Morgan Stanley, and had a stint with UBS before joining Wells Fargo in 2015, according to his BrokerCheck profile.

Wells Fargo discharged Satterfield this February over allegations that he had provided “misinformation to [Wells Fargo] during internal investigation regarding source of client documents, belonging to another brokerage Firm, which were found on Wells Fargo premises,” according to BrokerCheck.


BNY Mellon Nabs JPMorgan Private Bank Exec

BNY Mellon Wealth Management has poached an experienced executive from JPMorgan Private Bank, BNY Mellon says.

David Ogburn joins as BNY Mellon’s senior client strategist in San Francisco, the company says in a press release.

He’s tasked with growing BNY Mellon’s wealth management business in Northern California, heading its endowments and foundations practice group and creating wealth planning and business transition strategies for entrepreneurs, the company says.

Prior to joining BNY Mellon, Ogburn was an executive director at JPMorgan Private Bank, according to the press release. He has been in the financial services industry for more than 23 years, BNY Mellon says.


Buckingham Strategic Wealth Names New Leadership

Buckingham Strategic Wealth has named Wendy Hartman its president and Justin Ferri its chairman, according to news reports.

Hartman previously served as managing director of the RIA and succeeds David Levin, who now serves as chief operating officer of parent company Buckingham Family of Financial Services, the St. Louis Business Journal writes.

Ferri recently joined Buckingham from Focus Financial Partners, where he co-headed regional management and acquisitions, according to the publication.

The Clayton, Mo.-based Buckingham Strategic Wealth has more than 150 advisors overseeing $15 billion from 33 offices in 19 states, while the parent company manages more than $34.5 billion collectively, the St. Louis Business Journal writes.