Raymond James, Wells Fargo Grab Morgan Stanley Teams

On Thursday, Wells Fargo said it recruited two teams with combined assets of $225 million to join Financial Network, one of its independent channels. The practices, which are based in Connecticut and Utah, are now among nearly 550 practices with $56 billion in assets across the country that make up FiNet, according to Wells.

"These two practices reinforce the preference shift I've seen among large practices toward Wells Fargo Advisors Financial Network's 'one-of-a-kind' business model, which offers financial advisors large-scale resources to serve their clients while still having the autonomy to be small-business owners," said Kent Christian, president of FiNet, in a press release.

In St. George, Utah, the Schofield Group Investment Management team of Richard and Dustin Schofield joined Wells from Morgan Stanley. The father-and-son team has 35 years of combined experience in the financial services industry and manages more than $128 million in assets.

"We chose Wells Fargo Advisors Financial Network because it allows our team the opportunity to be associated with a company that has the attributes of both an independent and wirehouse model combined," said Dustin Schofield, vice president at the practice, in a release. "Starting our own practice and knowing that we have the support of such a large and recognizable broker-dealer was also important for us in transitioning to the independent channel."

Moving to FiNet in Uncasville, Conn., is the JayPex Financial Group, which includes advisors Jayme Lemaire and Jamie Nowakowski. The two have 18 years of combined experience in the financial services industry and joined FiNet from Citizens Bank.

JayPex Financial Group has $1.1 million in production and more than $96 million in assets under management.

"We are pleased to open the doors to our new business in collaboration with Wells Fargo Advisors Financial Network, and we look forward to the honor of providing our clients with a broader depth of financial solutions than we believe we have been able to offer in the past," Lemaire said in a press release.