The wealth management division of one of America’s leading financial services firm is taking aim at modest Tri-City investors who need help managing their portfolios.
Wells Fargo Advisors, one of more than 80 business lines of San Francisco-based Wells Fargo and Company, opened its first Tri-City office last week in Kennewick. The office is the first new branch for Wells Fargo Advisors in five years, said John Gonnason, managing director for Wells Fargo’s Inland Northwest Complex.
The Spokane-based office serves clients in Eastern Washington, Idaho and Montana. It manages more than $2 billion in client assets, including retirement savings, stocks, bonds and other assets. It also helps clients secure loans and financing. Nationally, Wells Fargo Advisors manages $1.4 trillion in client assets.
Wells Fargo Advisors is a separate division from the well-known bank, which has a branch on North Kellogg Street in Kennewick.
Wells Fargo Advisors is at 8203 W. Quinault Ave. It opened with three financial advisers, Erik Hebdon, James Utz and Jeremy Hunsaker. It expects to grow to about 15 advisers.
Wells Fargo Advisors has no upper or lower asset limits. Its “sweet spot” is households with about $250,000 in net assets, including home equity, Gonnason said.
“We’re the homespun local people who want to help people with lower net worth grow,” he said.
Gonnason said new office answers pent up demand for wealth management in a community that recently posted its 36th consecutive month of job growth.
Wells Fargo Advisors opened April 21 at 8203 W. Quinault Ave. in Kennewick. It serves mid-level investors and considers assets of about $250,000 its sweet spot.