Wells Fargo Advisors has completed the conversion of Wells Fargo Investments, WellsTrade and HD Vest onto its brokerage technology platform. This conversion includes 1.9 million clients with $131 billion in assets.
Wells Fargo Investments, WellsTrade and HD Vest were part of legacy Wells Fargo’s brokerage operations. More specifically, WellsTrade is the online and discount brokerage service, and HD Vest works with independent tax and accounting professionals to integrate financial services into their practices. Wells Fargo Investments, which now operates under Wells Fargo Advisors, includes financial advisors who are based in bank branches.
“The brokerage conversion has gone extremely well,” said David Carroll, head of Wells Fargo’s Wealth, Brokerage and Retirement division, in a press release. “With brokerage clients across all of our channels on a single operating platform, we can provide a consistent experience and common products and services.”
Clients will continue to work with their same advisor, but now will have access to additional products and services, the company said.
Wealth, Brokerage and Retirement is a growing part of Wells Fargo and a key part of the company’s strategy to provide all of a customer’s financial needs. “We work closely with other parts of the company, including community banking and wholesale banking, to help customers succeed financially,” Carroll said. “Our multi-channel business model enables clients to choose how they want to do business with us and provides a competitive advantage.”
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