| June 6
June 6 Wells Fargo & Co. has expanded
its independent adviser division in Texas with a veteran hire
from rival brokerage firm UBS Wealth Management Americas.
Adviser J.D. Joyce moved to Wells after two decades at UBS,
where he managed $306 million in client assets. He joined Wells
Fargo Advisors Financial Network, or FiNet, the company's
independent broker-dealer for advisers who also function as
"I loved the concept of having my own business," Joyce said
in an interview, noting that owning his own practice has allowed
him to understand better the needs of some of clients who are
also business owners and deal with issues such as overhead
"Now I get it because I'm out there shopping for healthcare
benefits, lease negotiations and telephone systems," he said.
Joyce, based in Houston, formed the J.D. Joyce Investment
Management Group at Wells. He was joined by senior registered
operations manager Katie Letsos and senior portfolio
administrator Dell Thomason.
Joyce started his advising career in the training program at
the former PaineWebber brokerage, which eventually formed UBS
Wealth Management Americas and is now the fourth-largest U.S.
brokerage, owned by the Swiss bank UBS AG .
UBS declined to comment on Joyce's departure.
San Francisco-based Wells Fargo & Co., which also has a
traditional employee broker-dealer and banking division, has the
third-largest U.S. brokerage, known as Wells Fargo Advisors.
The brokerage business is based in St. Louis and includes
more than 15,000 advisers who manage about $1.3 trillion in
client assets among its brokerage subsidiaries. Roughly $68
billion of those assets came from its independent unit, which
now has nearly 1,200 owners and advisers.