After five years as head of Wells Fargo Advisors, Danny Ludeman announced on Friday that he will be retiring at the end of the year. He will be replaced by Mary Mack, who is currently the head of Wells Fargo Advisors Financial Services Group.
Ludeman, 56, had been the head of Wachovia Securities for 10 years before taking over as head of Wells Fargo Advisors in St. Louis in 2008 when the two companies merged. Under his leadership, the firm has grown to more than 15,000 advisors and currently manages more than $1 trillion in client assets.
"Under Danny's leadership, we have created a premier brokerage and advisory firm whose success is based on offering clients advice and planning through multiple channels - in brokerage offices, retail bank stores, or online, the head of Wells Fargo's Wealth, Brokerage and Retirement business, David M. Carroll, said in a statement. "His many contributions to Wells Fargo, his commitment to our communities across the country, and his strong dedication to the client will be missed."
Mary Mack officially moves in to the new role on January 1, 2014, according to the announcement. As head of the Financial Services Group, a role she took on in June 2012, she has overseen investment products, lending, banking, and other cross-sold services for the advisor group.
Her replacement is yet to be determined, according to Wells Fargo spokeswoman Erica VanRoss.
Advisors at the firm were notified earlier today, VanRoss said.
Ludeman, who had been in the financial services industry for 34 years, has not publicly announced the reason for his retirement. In the announcement, the firm indicated that Ludeman has been acting as a community advocate through involvement in city development projects and educational boards.