Wells Fargo Advisors named David Kowach, a longtime executive at the wirehouse, to replace Mary Mack as president.
Kowach, an industry veteran of 25 years, has served as head of Wells Fargo Advisors' Private Client Group since 2012. In that role, he has overseen approximately 11,000 financial advisers, according to the firm.
In his new role, Kowach will report to David Carroll, head of Wells Fargo Wealth and Investment Management. Kowach will also lead Wells Fargo Advisors' Operating Committee, which oversees all of the firm's brokerage units. Wells Fargo has approximately $1.5 trillion in client assets and about 15,000 employee, independent and bank channel advisers.
Revenue continues to fall for the industry's largest brokerages, but lending remains strong.
Carroll cited Kowach's experience and knowledge as reasons he was chosen for the job.
"He has a demonstrated track record of creativity and a vision for the evolution of the advisory business that is so important to our future competitiveness," Carroll said in a statement.
Kowach, who will continue to be based in St. Louis, said he was honored for the opportunity to lead the unit.
-
A search is underway to replace Mary Mack, who will transition to a different unit.
July 12 -
Wealth management leaders are weathering current markets while aiming to jumpstart AUM growth with expanded client services and new tech tools.
May 31 -
With more than 15,000 advisers overseeing $1.4 trillion, the wirehouse would be one of the largest entrants into the digital advice space.
July 19
Mack was promoted last month to oversee Wells Fargo's Community Bank, which has 94,000 employees, according to a spokeswoman.
Kowach started his career as a financial adviser in Philadelphia, according to Wells Fargo. He joined Wells Fargo from Evergreen Investment Services in 2000, according to FINRA BrokerCheck records. Prior to leading the Private Client group, he oversaw adviser recruitment and retention as head of the firm's Business Development Group.
Kowach studied finance at Villanova University. His successor has not yet been chosen, according to the company.
