October 1, 2013

Wells Adds $5.8M Morgan Stanley Team

The four veteran advisors join with about $1 billion in client assets in Woodbury, N.Y.

Wells Fargo headquarters in San Francisco. (Photo: AP) Wells Fargo headquarters in San Francisco. (Photo: AP)

Wells Fargo Advisors (WFC) said Friday that a group four advisors joined the broker-dealer in Woodbury, N.Y., from Morgan Stanley.

The group has more than $1 billion in assets and about $5.8 million in combined yearly fees and commissions, according to Wells Fargo. It includes advisors Robert Alpert, Charles Ladenheim, Robert Fusaro and Michael Montuori, who collectively have more than 80 years of industry experience, and five client associates.

“There are three qualities that we believe are most important in building success for our clients — trust, service and hard work,” said Robert Alpert, in a press release. “After much thought and consideration, we made the move to Wells Fargo Advisors because they understand our philosophy when it comes to building success for our clients and because we believe in the strength of the Wells Fargo brand.”

In early September, Wells added five advisors from UBS (UBS) and Morgan Stanley (MS) with a total of $966 million in client assets.

“The Alpert Group epitomizes the high character and deep commitment to their clients to which all financial advisors aspire,” said Woodbury complex manager Greg O’Keefe, in a statement. “It’s a privilege to welcome them to Wells Fargo Advisors, and we look forward to supporting them in their work of helping clients succeed financially.”

As of June 30, Wells Fargo had 18,608 registered reps, of which 15,268 are financial advisors, 2,930 are in-bank advisors and the remainder — 408 — work with clients via phone.

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