Wells Fargo Private Bank has started a national life insurance business group that will focus on selling life insurance to affluent and high-net-worth clients.
Wells Fargo & Company, San Francisco (NYSE:WFC), a bank holding company with $1.2 trillion in assets, has been merging its own wealth management operations with those of Wachovia Corp., Charlotte, N.C., a large bank it acquired in December 2008.
Wells Fargo says the private bank unit wants to make life insurance an integral part of its wealth management services offering.
Stan Gregor, head of Eastern markets at Wells Fargo Private Bank, will oversee the insurance business, and Robert Chewning will be the national insurance sales manager.