Wells Fargo's Wealth profit driven by loans, managed accounts

April 14, 2015 7:38 PM

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NEW YORK, April 14 (Reuters) - Wells Fargo Corp showed again in the first quarter why it and other big banks want their financial advisers to sell fee-based products.

Profit in the "Wealth, Brokerage and Retirement" sector of the San Francisco-based bank rose 18 percent from the previous year's first quarter to a record $561 million, more than double the sector's 8 percent revenue growth to $3.7 billion, Wells Fargo said on Tuesday.

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