A stock analyst from UBS says the wealth management unit of Wells Fargo faces headwinds from the impending finalization of the Department of Labor’s (DOL) proposed fiduciary rule.
Brennan Hawken, senior analyst at UBS Investment Bank, told CNBC that DOL’s fiduciary rule will impact Wells Fargo’s wealth management unit more than other wire houses. Wells’ wealth management unit is “mass-affluent oriented,” said Hawken.
“Over 40 percent of assets are in retirement accounts,” he added. If finalized as proposed, DOL’s rule will impose a fiduciary standard of care on all IRA accounts and 401(k) plans with fewer than 100 participants.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
