The advisor headcount at the bank’s wealth and Investment Management unit declines 1% during the first quarter, to 13,828.
At the end of the first quarter the bank’s Wealth and Investment Management unit had 13,828 advisors, down 1% from 13,968 at the end of 2018, according to Wells Fargo’s first-quarter earnings supplement.
Allen Parker, who is serving as interim CEO in the wake of Tim Sloan’s departure, said in the first-quarter earnings release he is focused on “meeting and exceeding the expectations of our regulators.” During a conference call, he said he agreed with the Fed’s assessment that Wells still has more work to do with respect to the asset cap.
In the Wealth and Investment Management unit, however, net income fell 19% year over year, to $577 million. The company chalked that up to lower asset-based fees and higher seasonal personnel expenses. Total client assets of $1.8 trillion declined 2% from the first quarter of 2018, primarily the result of net outflows, which were partly offset by higher market valuations.
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