Wells Fargo keeps digging its way out of the negative headlines and walking its way into the good graces of advisors and ultimately, clients. The announcement of a new head of Wells Fargo Advisors is another step in the right direction.
In a reshuffling of senior management, Wells Fargo & Co. said late Wednesday that Jim Hays, a 14-year veteran of the firm, would become the new head of Wells Fargo Advisors.
As Wells has buttressed its remake with large recruiting deals and bonuses for recruiters, the positive headlines have begun to trickle in. Banking on a comeback from continued trips to Capital Hill to explain its retail misdeeds will take more time, but getting the leadership right has to come first.
Mr. Hays most recently was head of the newly formed Private Wealth Financial Advisors Group; teams of advisers who work primarily with high net worth and ultra-high net worth clients.
Mr. Hays replaces David Kowach, who is moving over to head community banking. Mr. Kowach will report to Mary Mack, head of consumer banking. He had been in charge of Wells Fargo Advisors since 2016. Mr. Hays will report to Jonathan Weiss, head of Wells Fargo’s Wealth & Investment Management Group.
Mr. Kowach started his career working with clients as a financial adviser, according to a statement from the company. He has worked in the financial services industry for more than 28 years, most with Wells Fargo Advisors.
This moves continues to get positive reviews across the industry, and mostly from advisors on the ground at Wells Fargo. That bodes well for the firms stability and quest to slow down departures and simultaneously bring in new teams on big recruiting deals.
Watch closely as we expect more leadership changes and announcements to make their way to the newswires.