Wells Fargo advisors will no longer be able to service clients abroad, according to a company memo.
Wells Fargo plans to stop catering to clients outside the U.S. in an effort to “simplify the business,” said Jim Hays, head of Wells Fargo Advisors and the wealth and investment management client relationship group, in a memo to advisors obtained by
WealthManagement.com.
“Within the WIM client relationship Group, we also want to focus on our core business, which is serving clients who primarily reside in the United States,” Hays wrote. “As such, we have decided to exit the international segment of our business. Because this segment requires different processes, approaches, and infrastructure maintenance, we have determined we will simplify the business.”