Updated Monday, December 22, 2014 as of 9:15 PM ET

Wells Fargo Mines Wealth Business for Fee Riches

But it is not a business Wells can entirely ignore. In the fall of 2011, the bank consolidated a handful of wealth units into a new "ultra high net worth" division it christened Abbot Downing (after the manufacturer of Wells Fargo's beloved stagecoach mascot). The Abbot Downing brandis separate from Wells Fargo and its more mass-market brand, like the Bloomingdale's to the main bank's Macy's. It is largely intended to offer specialized services, including advice from psychologists and people trained in what Carroll calls "family dynamics," when existing Wells Fargo customers receive inheritances or otherwise come into more money.

Get access to this article and thousands more...

All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here