Wells Fargo & Co., an American financial services firm, has launched a new wealth management office in The Woodlands, in the Greater Houston area, US, to expand its business.
The Woodlands office in Hughes Landing currently operates with a team of 27 employees and it intends to bank on its existing client base and the wealth management industry growth that has witnessed 50% rise in last three years.
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Wells Fargo’s wealth management group regional managing director Jeff Shipley told the Houston Business Journal that the new office is to launch is business into one of Houston’s wealthiest neighborhoods, citing a potential $10bn market.
"Our data shows that in the four zip codes in The Woodlands, there are 6,000 households with $1 million in assets to invest that already do business with Wells Fargo," Shipley added.
"And there are as many as 1,000 households with assets of $5 million or more that have some kind of relationship with Wells Fargo."
Meanwhile, the wealth management unit of Wells Fargo that has offices in Wells Fargo Plaza downtown and in the Uptown Park neighborhood are keen to expand the business towards west, citing The Energy Corridor as a probable destination.
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