June 6 (Reuters) - 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 business owners.
“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 costs.
“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.