Wells Fargo loses another executive, this time to LPL
Another senior executive has left the wealth management group at Wells Fargo & Co., the giant bank that has been overhauling its financial advice business since Charlie Scharf took the reins as CEO in 2019.
Jim McHale had been executive vice president and head of compliance at the bank’s Wealth & Investment Management Division, or WIM, which includes Wells Fargo Advisors, for more than three years. He left Wells Fargo last month and is now executive vice president and chief compliance officer at LPL Financial, according to a statement from LPL Wednesday.
In the past few years, Wells Fargo has seen a steady outflow of senior managers, some respected by financial advisors and others not highly regarded. McHale’s departure only confirms that changes have taken hold at the bank’s wealth management group, which has seen thousands of financial advisors retire or leave for rivals since 2016, when scandals at the bank were revealed.
One Wells Fargo Advisors financial advisor was sanguine about the changes, noting that Scharf’s team, led by Barry Sommers, CEO of WIM, and Sol Gindi, head of Wells Fargo Advisors, have carried through on improvements that others had failed to deliver. Both were plucked from JPMorgan Chase & Co.
“They are intentionally focusing on process and technology improvements, and actually getting them done,” said the advisor, who spoke confidentially toInvestmentNews. “The old management said the same thing but was unable to deliver.”
“Christos Tsamadias has taken on the role of WIM head of compliance,” a spokesperson wrote in an email.
Tsamadias joined Wells Fargo from UBS in December 2021 as a risk officer supporting Wells Fargo Advisors and has over 22 years of experience in audit, risk, compliance,
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