Wells Fargo Divisional Head Vanderveen Steps Down

Posted on January 7th, 2022 at 12:23 PM
Wells Fargo Divisional Head Vanderveen Steps Down

From the Desk of Jim Eccleston at Eccleston Law:

One of eight regional directors monitoring Wells Fargo Advisors’ private client group departed the firm last week after a leave of absence that lasted several weeks. 

According to a Wells Fargo spokeswoman, Keith Vanderveen has retired after spending the past two decades in management roles at the firm. Vanderveen had been promoted to be Southeast divisional manager last March. According to BrokerCheck, Vanderveen previously served as regional president for Wells’ Florida territory prior to March. 

Vanderveen likely ran into issues after a fired complex manager in Florida, Joseph Bruno, submitted a 4,500-word letter critiquing Vanderveen to at least 250 Wells employees and senior executives last September, according to sources familiar with the matter and as reported by AdvisorHub. While the firm did not publicly address the letter, the potential for controversy might have prompted Vanderveen to accelerate his retirement plans. Bruno was terminated last August over “workplace conduct inconsistent with Company standards relating to professionalism and anti-retaliation”, according to his Form U-5 termination notice. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, wells fargo

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