Wells Fargo Advisors has reportedly split the Financial Services Group, which manages investment products, technology and adviser development, into three separate units.
The new units are: Innovation and Business Strategy, Mobile and Online Group, and Products and Advice, InvestmentNews has reported.
Post restructuring, all three divisions will report directly to Mary Mack, the newly appointed president of Wells Fargo Advisors.
Mack, who is based in the firm’s Charlotte, North Carolina office, ran Financial Services Group before replacing former president Danny Ludeman when he retired at the end of last year.
"What began as a search for someone to replace me as the head of the Financial Services Group led to a more comprehensive look at our overall structure," she wrote in a letter to advisers and employees.
"This will elevate key priorities such as innovating more and enhancing our client platform, as well as enable an executive committee-level leader to focus solely on products and advice," InvestmentNews quoted her as saying.
However, Mack’s letter didn’t indicate that any staff reductions or cuts were in order.