Wells Fargo 2009 Annual Report Download - page 8

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attendees on the spot or shortly after with lower rates, lowered
principal or change in terms (or some combination). We plan
more workshops in 2010 in Los Angeles, Miami and Oakland.
Managing more of our customers’ wealth
Our customers are still recovering from the shock of the largest
decline in the U.S. fi nancial markets since the Great Depression.
Investors — including 70 million baby boomers scheduled to
retire in the next 15 years — are cautious and concerned. They’re
searching for guidance they can trust and because of that
there’s more “money in motion” than ever before.
We want to help customers build a fi nancial road map so
they can see where they want to go and understand what it will
take to get there. We work with them to clarify short- and long-
term fi nancial goals, create a clear and achievable plan to reach
those goals and adjust as needed. This approach led Barron’s to
rank us as the nation’s third-largest wealth manager. We want
to earn the privilege of bringing this expertise, guidance and
personal approach as a trusted fi nancial provider for all our
customers. Our retail banking households that have a Wealth,
Brokerage and Retirement relationship with us have an average
of 9.3 products with Wells Fargo, about two-thirds more than
our average household relationship.
Wealth Management Wells Fargo Private Bank and Wells Fargo
Family Wealth manage $118 billion in assets, up 6.4 percent
from the previous year. Our clients entrust us with $49 billion
in deposits, up 63 percent from the previous year. Family
Wealth, which serves ultra-high-net-worth families, was ranked
the second largest multi-family o ce in the U.S. based on assets
by industry analyst Family Wealth Alliance.
Brokerage Wells Fargo Advisors, our coast-to-coast retail
investment brokerage, is the nation’s third largest in revenue.
Our 15,000 fi nancial advisors serve six million households
nationwide from 1,300 o ces, and through many of our banking
stores and other channels. We hold $1.1 trillion in client assets
and $77 billion in deposits. Using a process called “Envision®, ”
we provide clients with investment plans tailored to their goals
and aspirations. More than half our a uent clients have an
Envision plan. Our goal: provide one for every client, so we
can help satisfy all their fi nancial needs and help them
succeed fi nancially.
In a year of volatile markets and industry consolidation,
our reputation for strength and stability enabled us to attract
1,300 experienced fi nancial advisors and hire 400 advisor
trainees. We ended the year as the third-largest full-service
retail brokerage, based on the number of advisors. We have
unprecedented opportunity to attract new customers and
earn more business from our current ones: only nine of
every 100 customers who bank with us have a relationship
with Wells Fargo Advisors.
Retirement Our institutional retirement business is the nation’s
seventh-largest. We administer 401(k) plans for 3.5 million
employees and manage $223 billion in plan assets. We’re fourth
nationally in IRA assets under management, and we’re the #1
distributor of annuities. We’ve just begun to tap our potential
to satisfy all the retirement needs of our customers: only six of
every 100 Wells Fargo customers have an IRA with us.
Wholesale Banking: loan demand down but
relationships growing
Banks that are strong, well-capitalized and have customer
relationships that are broad, deep and long-lasting tend to
earn more business, especially when times are tough. So, even
though commercial loan demand was weak, our outstanding
Wholesale Banking teams attracted new customers and
earned more business from current customers. When the
economy picks up, so will loan demand, and we’ll earn even
more of our customers’ business. Our Wholesale team leads
our company in cross-sell. Our average Wholesale relationship
(legacy WellsFargo) has 6.4 products with us; our average
Commercial Banking relationship (companies with annual
revenue of $25million – $500million) in legacy WellsFargo
has almost eight.
We led all U.S. banks in three important categories. We were
#1 with the most lead relationships with Commercial Banking
customers, in the number of lead relationships that borrowed
from us, and in establishing the most new Commercial Banking
relationships. We made $12 billion in loans to 8,000 cities, non-
profi ts, colleges and universities, and non-profi t healthcare
organizations, up nine percent from 2008. We’re scheduled to
complete the integration of our Wachovia Commercial Banking
o ces into WellsFargo’s operating model in early 2010, so we
can satisfy all the fi nancial needs of more customers. We also
created a new group to serve businesses that make, market
or develop products and services such as electric and low-
emission vehicles, solar and wind power, energy and water
e ciency, and smart-grid applications.
Mutual funds: soon nation’s 10th largest Our mutual funds
business, WellsFargo Advantage Funds®, grew sales four times
the industry average in 2009. After integrating the Wells Fargo
“ We want to help customers build a fi nancial road map so they
can see where they want to go and understand what it will take
to get there. We work with them to clarify short- and long-term
fi nancial goals, create a clear and achievable plan to reach those
goals and adjust as needed.”