Wells Fargo’s CEO John Stumpf admitted the bank was “sub-optimized in wealth brokerage and retirement,” but said the bank was aiming to change that through organic growth.

Speaking at Goldman Sachs’s U.S. Financial Services Conference in New York on Oct. 7, the San Francisco-based bank boss said growth by acquisition wasn’t much of an option because Wells Fargo already owns slightly more than the federal cap of 10% of the nation’s deposits. However, brokerage assets “are just a small percentage of that in the wealth space, so we’re adding people there,” he said. Wells Fargo currently has 15,100 financial advisors and 30,800 platform bankers.

Stumpf added that insurance was another area Wells Fargo is looking to grow in the near future. The bank is responsible for one in four mortgages, plus a significant number of auto and small-business loans, all of which are opportunities to cross-sell insurance. Legacy Wells Fargo retail cross sell stood at just over six relationships in the third quarter of this year; Wachovia has just under five.