Spotlight On: Nicholas Bruno, Managing Director – Market Leader, Jacksonville, Wells Fargo Advisors
December 2024 — In an interview with Invest:, Nicholas Bruno, managing director and market leader at Wells Fargo Advisors, discussed the firm’s contributions to Jacksonville, trends in the wealth management sector, leveraging technology for client service, and the importance of community involvement alongside business growth.
What have been the overall contributions or impact of Wells Fargo Advisors in the Jacksonville and Northeast Florida area over the last year?
The contribution we’re seeing here in Jacksonville is about meeting the growing need. This area is experiencing significant growth, with more people moving in.
We’ve been preparing for this growth opportunity by focusing on how Wells Fargo Advisors can provide advice and the best service to current and future clients. We’re excited about the work we’ve done; ensuring we have the right people in place, the right locations, and strong partnerships with other parts of the firm to meet the needs of our clients.
What is your overview of the wealth management sector in Jacksonville, and are there any trends we should take note of?
We’re well-positioned in Jacksonville. A key trend we’re seeing is that as financial advisors grow their businesses and client bases, many are moving to our independent channel. This isn’t just happening here at Wells Fargo Advisors, but across the industry. It’s a space where experienced advisors with teams are increasingly gravitating toward independence.
Recently, we hired a couple of advisors from other firms into one of our Ormond Beach locations, and we’ve had several teams transition to our independent platform. The great thing about Wells Fargo Advisors is that even on an independent platform, advisors still have access to all the resources we offer. From high-net-worth to ultra-high-net-worth clients, they can leverage institutional resources like commercial banking, investment banking, philanthropic services, and trust and estate planning. We believe we’re well-positioned to help advisors serve their clients with the best resources available.
What do you think makes Jacksonville a good location for business expansion or relocation?
It’s all about the opportunity. People are moving into Jacksonville, not just from other parts of Florida but from across the country. I moved here from Pittsburgh a couple of years ago, and many others are doing the same. Some are even coming from southern Florida, looking for something less congested. Jacksonville offers an attractive environment, and people aren’t just moving here temporarily — they’re coming to stay. It’s less transient compared to other areas.
From an investment standpoint, Wells Fargo Advisors is well-prepared to help clients here. We focus on understanding their goals, investment objectives, and risk tolerance. With our well-trained advisors, teams, and partners across different channels, we’re well-positioned to serve the needs of both new and existing clients as the area continues to grow.
How does Wells Fargo Advisors leverage technology and innovation to operate efficiently and provide superior customer service?
The pandemic forced us to reassess how we operate, shifting from traditional face-to-face service to virtual advice. We adapted quickly, using platforms like Zoom and Teams, and many clients have become comfortable with virtual meetings, allowing us to meet their needs more efficiently.
However, we haven’t completely moved away from in-person meetings. Some clients still prefer face-to-face for annual reviews, while quarterly check-ins might be virtual. This balance offers more flexibility.
Tools like our mobile app and LifeSync, allow clients to interact with their portfolios, check FICO scores, and engage with their financial plans. This streamlines the advisory process, enhancing our ability to provide timely and effective advice.
Where do you see investor confidence right now, and what are the common concerns clients are expressing at the moment?
Investor confidence is interesting right now. We’re seeing all-time highs in the market, which has created a level of comfort for many clients. However, we’re also in an election year, and that can bring some uncertainty. Depending on the outcome, it can lead to different reactions in the market. Clients are also concerned about interest rates and the economy. Will there be a recession, or are we heading for a soft landing?
These are all sources of uncertainty, and when clients express concern, we return to the fundamentals: starting with an investment plan and understanding their goals, risk tolerance, and objectives. Creating a comprehensive plan helps alleviate some of the worries tied to market volatility. Our financial advisors focus on ensuring clients are positioned to weather these ups and downs, giving them peace of mind despite external uncertainties.
How has the definition of financial freedom changed over the years, and what’s important to your clients as they look toward their future goals?
The concept of financial freedom has evolved. But are we ever truly “financially free?” I’m not sure, though having a solid plan helps. Our role is to guide clients toward a comfortable retirement. A key trend is longer life expectancy, so we must plan for that. Many clients are part of the “sandwich generation,” supporting aging parents while helping children in an increasingly expensive world. We factor these needs into every financial plan, anticipating the future needs of both parents and children.
My dad used to say, “People don’t care how much you know until they know how much you care.” At Wells Fargo Advisors, we live by this principle. Every client, regardless of wealth, is important. We treat each one as the most important person in the room, listening carefully to protect their future.
What’s the outlook for Wells Fargo Advisors in Jacksonville, and what are your priorities and projects for the next two to three years?
There’s a lot of opportunity to expand and meet the needs of Jacksonville’s growing population. We’ll achieve this in several ways. First, we’ll keep investing in technology to stay ahead of market trends, meeting financial advisors where they are with our highly competitive independent network.
We’re also focusing on making things easier for clients, encouraging them to embrace mobile technology for advice and tasks like moving money. By meeting the needs of independent advisors and staying on top of technological advances, we’ll be pleased with where Wells Fargo Advisors is in two to three years.
And finally, it’s not just about our clients — we care deeply about our community. We’re partnering with Habitat for Humanity on three builds in the Northeast, and I personally led a Habitat build in Jacksonville Beach recently. It’s important to serve not only our clients but also the less fortunate in our community. After nearly 33 years with the firm, it’s an honor to work for a company that shares my commitment to giving back.
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