September 19, 2012

Wells’ FiNet Adds Teams From Morgan Stanley, UBS & Chase

The newly independent advisors are coming to Wells Fargo's Financial Network with nearly $675 million in assets

Wells Fargo Advisors (WFC) said Tuesday that four teams have joined its independent Financial Network, or FiNet, recently with close to $675 million in combined assets under management. The teams joined from Morgan Stanley Smith Barney (MS), UBS (UBS) and JPMorgan Chase (JPM).

“It’s exciting,” said Ron Sallet (left), managing director of FiNet branch development, in an interview with AdvisorOne. “We're seeing larger and larger teams with larger and larger asset bases join us as they see we offer them a viable option for their practices and high-net-worth clients.”

The four teams joined in Bakersfield, Calif., and Salt Lake City as members of three separate advisor practices; they are now among the more than 540 practices in FiNet.

“There’s a trend amongst larger and larger practices, who are considering how to spend the second half of their careers,” Sallet said. “Do they continue in their existing model or do they choose a solution that better aligns with how they believe they can best serve clients, such as operating with their desired staffing levels? They are looking for a larger degree of local control, and we feel we have a great offering for them.”

Moving to Wells Fargo in Bakersfield with about $230 million in assets are Alan Larsen and John Rodgers, formerly with UBS, as well as Lance MacKall and Rick Yanez, previously with Chase Bank. Their merged practice is doing business as Foundation Wealth Management.

Wells Fargo Advisors Financial Network provided us with all the things that we were looking for—the ability to transition to what we wanted to do by allowing us to do it our way, and the ability to pass our practice on to our two partners in the future, when we retire,” Larson said in a statement.

In Salt Lake City advisors Mike Hopkins, Richard Romano and Brian Collard joined FiNet from Morgan Stanley Smith Barney with nearly $300 million in assets.

“For our clients and ourselves, we feel that Wells Fargo Advisors Financial Network provides a platform that includes the strength of Wells Fargo as well as the ability to maintain control over client service at a local level,” Romano said in a press release.

Also in Salt Lake City, Bret Yeargin and Tyler Lamprecht moved from MSSB to FiNet with about $150 million in assets.

“This really started 18 months ago,” said Sallet. “We are seeing an increased desire for choice and flexibility for business ownership. It’s an advisor preference, and we have been able to resonate extremely will with those looking for choice.”

Reprints Discuss this story
This is where the comments go.