What Skills Should Wells Fargo Look For In The New Head of Wealth Management

Spec for Head of Wealth Management

First and foremost the candidate has to be a charismatic leader. The type of individual that attracts outsized industry talent and energizes them to run through walls to get things done. Wealth and asset management is a people business. It is also a relationship business. The two are inextricably linked. The business is performed by people and delivered to relationships. Attracting the type of talent that is industry-leading in performance on the investment management side and linking them to bankers and wealth managers who have deep long-standing relationships is a recipe for delivering incredible asset growth with industry best margins. Charismatic leaders with engaging communication skills attract that type of talent, which is why this trait is on top of our list.

Right behind leadership, sort of the 1a on the checklist is a deep knowledge and experience in both the product and distribution sides of the business. The candidate must have that or he/she will not be able to garner the respect of both businesses. They also would not be able to sense changes in the market as they occur and push the business to develop sets of products and services that position Wells to emerge as the leader, an innovator, a visionary, able to create and deliver unique solutions that differentiates them from the competition. Solutions that literally become a magnet for attracting new clients to the bank. The experience leading both types of businesses is essential to seamlessly sew the objectives of the product and distribution professionals together in a manner that allows them to become an extension of each other, thus providing exponential growth for the bank.

Thirdly, the candidate should bring an impeccable reputation to this storied bank, one free of any past personal or professional entanglements that could reflect on the bank as it continues its turnaround. This means he/she is an extremely candid, honest and credible individual that in the past has garnered the utmost trust with individuals and organizations he/she has been engaged with.

Fourth, an industry reputation must be present. The person should be well known in the industry and have the respect of other professionals in the wealth business. (this is one I would waver on for certain individuals who are not that well known, but clearly are superstar material)

Lastly, the candidate must be a driven, motivated person who likes and is likable in every way.

That’s our summary take on who Charlie should hire.