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.