Wells Fargo Advisors CEO outlines priorities

In a rare interview, Wells Fargo Advisers CEO Danny Ludeman said his priority was to cultivate a small-firm feel for his business, even though he already employs 15,000 brokers and aims to add another 1,000 this year. Ludeman said the strategy would help differentiate his brokerage from Morgan Stanley Smith Barney and Bank of America Merrill Lynch. The wealth management industry in time will adopt a “barbell” shape, Ludeman said, with a few giants on one end, lots of boutiques on the other end and nothing in between. Ludeman also said he was not likely to pursue new acquisitions.