https://www.fundssociety.com/en/wells-fargos-wealth-investment-management-is-exiting-its-international-segment
300+ advisors will need to find a new home.
Financial Advisors are in Californiaa, Texas, Miami, and NYC. I saw somewhere that the collective assets of those international clients (lots in Latin America, China, Europe) are 40 billion in investments (mutual funds and bonds). They also have billions in bank deposits (checking, savings, CD's).
There are not 300 FAs that are exclusively international. Maybe 300 have international clients. Also, most firms are existing the business due to AML concerns. And the clients will need a home, if an FA only has 10% in international they don't have to leave.
The truth is that Wells Fargo does not have the technology or expertise to properly manage business for international clients, trading and settling in foreign currencies etc. I’m glad we are finally admitting that this is not our forte. WFC can not be everything to everybody. This is actually a very solid decision coming out of the Charlie camp. I am not on the pro-Charlie train one bit, but I will give him credit where credit is due.
@oek facts are facts
You must work for CNN/Fox news the way you worded the title and added your 2c
Nice try though.