| July 20
July 20 Wells Fargo & Co added two
veteran adviser teams to its independent brokerage division in
late June, bolstering its broker force in New Jersey and New
The advisers, who managed a total of $379 million in client
assets at their old firms, came from Morgan Stanley Smith
Barney, Oppenheimer & Co and RBC Wealth Management. They joined
Wells' retail brokerage firm as independent advisers.
"When you run an independent practice, you can look out for
the best interests of your clients," said Steven Dichter, who
moved from Morgan Stanley Smith Barney with his partner Philip
Pappas in Melville, New York. "We liked the fact that we can be
independent but with a household name."
Dichter and Pappas joined Wells as an independent team and
now run their own practice. The advisers spent six years at
Morgan Stanley Smith Barney, the brokerage owned jointly by
Morgan Stanley and Citigroup, where they managed
$204 million in client assets at the firm. The pair generated
$1.2 million in annual revenue last year.
Also on the move, advisers Jack Wiener and David Hammer
joined Wells as a team in Florham Park, New Jersey, where they
opened Florham Park Wealth Advisors, LLC, an independent
practice affiliated with Wells.
Wiener had been an adviser at RBC Wealth Management, a
division of the Royal Bank of Canada , while
Hammer had been an adviser at Oppenheimer & Co. The two
advisers managed $175 million in client assets and generated $1
million in annual revenue last year.
"Independence is really picking up," said Wiener, a
two-decade industry veteran. "I feel much more connected to my
clients... It's your own practice, nobody is going to call and
go after your clients and you don't have to worry about what the
company wants you to sell," he said.
WELLS ADDS TO INDY UNIT
The move of veteran advisers into the independent space has
been a boon for Wells Fargo's independent brokerage division,
known as Wells Fargo Advisors Financial Network, or "FiNet,"
which caters to advisers who open their own practice and also
function as business owners.
More than half of the roughly $2 billion in client assets
managed by advisers joining Wells in June came from those
joining FiNet, based on moves tracked by Reuters.
Wells also added independent adviser practices in
California, Connecticut and Florida in June. The company now has
more than 530 practices across the United States included in its
independent brokerage unit.
San Francisco-based Wells Fargo, which also has a
traditional employee broker-dealer and banking division, has the
third-largest U.S. brokerage by client assets after Morgan
Stanley Smith Barney and Bank of America's Merrill Lynch.
The brokerage business, based in St. Louis, has more than
15,000 advisers with roughly $1.2 trillion in client assets
among its brokerage subsidiaries. Roughly $52.7 billion of those
assets come from its independent unit.