Dive Brief:

• The head of Wells Fargo’s financial advisory unit Jim Hays is stepping down after serving for nearly three years in the role, the bank announced in a press release last week. 
• The San Francisco-based bank is tapping Sol Gindi, its chief financial officer for wealth and investment management (WIM) and a former JPMorgan Chase executive, to lead the financial advisory team in Hays’ place.
• Hays will remain at Wells Fargo over the next few months to ensure an orderly transition, the bank said in the press release.

Dive Insight:

Gindi is replacing Hays as the head of Wells Fargo Advisors (WFA) and the WIM Client Relationship Group. Hays has served as the head of WFA since July 2019, and is retiring after 35 years in financial services. 

Gindi joined Wells Fargo in October 2020 as chief financial officer of WIM, reporting to the bank’s CFO Mike Santomassimo. 

As head of WFA, Gindi will lead Wells Fargo’s brokerage and wealth management channels, the independent business and First Clearing, according to the press release.

Prior to joining Wells Fargo, Gindi served in various leadership roles at JPMorgan Chase, including as chief financial officer and chief operating officer for its wealth management and consumer banking businesses.

At JPMorgan, Gindi was responsible for client and advisor experience, advisor platforms, branch real estate, branch operations and the innovation lab. 

Gindi also previously served on the board of the Consumer Bankers Association, according to the press release. 

In his new role, Gindi will report to the head of WIM Barry Sommers, who also formerly served as an executive at JPMorgan, according to his company bio.

“Sol has been a strong CFO for WIM and has been deeply immersed in every aspect of our business,” Sommers said in the press release. "I have every confidence he will be a dynamic leader as we grow the Wells Fargo wealth management business. Jim has been a strong leader and partner and I wish him all the best in his upcoming retirement.”

Wells Fargo is one of the largest wealth managers in the country, with almost $2 trillion in assets. WIM provides financial advisory services and investment products to clients through WFA, and serves high net worth clients through Wells Fargo Private Bank.

WIM recently relaunched its automated investing platform Intuitive Investor, which is now accessible with a minimum $500 investment, the firm announced in a press release Tuesday. 

The robo-advisory platform is offered through WFA, and allows clients to invest in portfolios built by the Wells Fargo Investment Institute, including a group of new sustainability-focused portfolios. 

“With Intuitive Investor we are delivering a digital experience that makes investing easy and automated,” Michelle Moore, the head of digital for consumer and WIM at Wells Fargo, said in the press release. "We’re committed to simplifying the digital investing experience for our clients and Intuitive Investor is an important step."