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Pete Noto

Western NY Market Leader, Managing Director, Wells Fargo Advisors

Years in current role: 23

What do you enjoy most about your role?

I believe the wealth management industry in general and financial advisors specifically play a critical role in the lives of the clients we serve. Our mission is to help clients identify and meet their financial goals and help them enjoy a high quality of life. It is rewarding for me to lead and support those advisors and their clients in that pursuit.

What do you see as the biggest changes in the banking and finance industry in the next 3-5 years?

Some of the biggest changes relate to the aging of baby boomers (myself included!). First, an unprecedented number of advisors, who are boomers themselves, will be retiring and are looking to transition their book of clients to other advisors. The orderly transfer of these relationships presents both a challenge and an opportunity for our industry.

Second, the baby boomers are also migrating from accumulators of wealth to distributors of that wealth during retirement. The impact of losses during the distribution phase can be much higher, which necessitates greater risk management. Our industry must help clients meet this challenge.

What community organizations do you support as a volunteer and why?

I volunteer at a few organizations in our community that are important to me including The Aquinas Institute, The Holy Childhood and Rochester Rotary, which operates the Sunshine Campus. I am an alumnus of AQ and the school has had a very positive influence on my life and countless others as it serves students from mostly modest backgrounds. The Holy Childhood and the Sunshine Campus primarily serve those with special needs while also providing respite for their families. These are great organizations that do great work and I am proud to help them in any way possible.

This profile is part of Rochester Business Journal's Power 30 Banking & Finance list for 2021. Information used in this profile was sourced from the honoree. View the full list at https://rbj.net/2021/12/17/rbjs-power-30-banking-finance/.

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