After five years as head of Wells Fargo Advisors, Danny Ludeman announced on Friday that he will be retiring at the end of the year. He will be replaced by Mary Mack, who is currently the head of Wells Fargo Advisors Financial Services Group.

Ludeman, 56, had been the head of Wachovia Securities for 10 years before taking over as head of Wells Fargo Advisors in St. Louis in 2008 when the two companies merged. Under his leadership, the firm has grown to more than 15,000 advisors and currently manages more than $1 trillion in client assets.

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