Wells Fargo (WFC) said Monday that it hired seven advisors this month from UBS (UBS) and Morgan Stanley Smith Barney (MS) with close to $730 million in total assets and $5.8 million in yearly fees and commissions. One UBS advisor moving over to Wells is joining FiNet, an independent channel.
On Jan. 17, Wells said it had about 15,260 financial advisors at the end of 2011. There are about 1,050 FAs in FiNet, which added 152 financial advisors last year, the company says.
Earlier this month Matthew Montini of San Jose, Calif., came over to FiNet from UBS. His practice, FIG Capital, has about $220 million in assets under management and some $1.1 million in trailing-12-month products (or fees and commissions). Montini is a 28-year industry veteran.
Also joining Wells this month from UBS are advisors Christopher Zich, Kenneth Fruehauf, Thomas Buhl and Keeland Howe. They are now part of the traditional employee-advisor channel at Wells Fargo in Grosse Pointe Woods, Mich., and Scottsdale, Ariz.
The team’s combined AUM is $424 million, while its yearly sales are some $4 million. The four FAs have a total of 54 years in the business (or an average of 13.5 years each). They now report to branch managers Douglas Wood (Michigan) and Robert Burghart (Arizona).
Joining Wells in Port Richey, Fla. (near Tampa), from Morgan Stanley is the Cox Wilkins Group, which includes advisors Avery Wilkins and Michael Cox.
The team, which will work with Wells Fargo as employee advisors, has total assets of $84 million and total yearly fees and commissions of $738,000. Their combined industry experience is 27 years, and the two now report to branch manager Chris Facka.