April 25 Wells Fargo & Co said on
Thursday it added two veteran adviser practices from Bank of
America Corp's Merrill Lynch to the company's
independent brokerage division in the Seattle area.
The new recruits, which joined Wells in late March and
mid-April, managed $549 million in combined client assets at
Merrill. The advisers joined Wells Fargo Advisors Financial
Network, or "FiNet," which caters to independent advisers who
also function as business owners.
Among the new hires, adviser Jim Butler Sr. and his two
sons, Jim Butler Jr. And Neil Butler, joined Wells in Mercer
Island, Washington. The senior Butler had been an adviser at
Merrill for more than four decades before moving to Wells.
The advisers, together known as the Butler Wealth Management
group, managed more than $356 million in client assets and had
an annual revenue production of $1.3 million at Merrill.
Also on the move, advisers Teresa Brokaw, Don O'Neal and
Trent O'Neal joined Wells in Lynnwood, Washington. Don O'Neal,
who spent the bulk of his career at Merrill, started with the
firm in 1980.
The advisers, known as the O'Neal & Brokaw Private
Retirement Group, managed $193 million in client assets and last
year generated $1.4 million in annual revenue.
Bank of America did not immediately return a request for
comment on the departures.
San Francisco-based Wells Fargo & Co, which also has a
traditional employee broker-dealer and banking division, has the
third-largest U.S. brokerage by client assets, after Morgan
Stanley Wealth Management and Merrill Lynch. UBS's brokerage
business ranks fourth. The four companies often compete for
similar teams of veteran advisers.
Wells' brokerage business, based in St. Louis, has more than
15,000 advisers with about $1.2 trillion in client assets among
its brokerage subsidiaries. The company's independent division
includes more than 560 practices.