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July 09, 2014 at 08:11 AM
Wells Fargo Advisors (WFC) said Wednesday that it has recently recruited advisors with more than $1 billion in total client assets.
Kingsport, Tenn.-based Center Street Wealth Management – with three advisors – is joining the independent channel, Wells Fargo Advisors Financial Network, or FiNet.
The group includes financial advisors Timothy Colvin, Jeffery Beford and Gregory Taylor. They bring 65 years of combined experience, most recently from UBS Financial Services (UBS), where they managed a total of $326 million in client assets.
Also joining from UBS is Mark Pignotti, who will be with the employee channel of WFA in Chicago. The 14-year industry veteran has managed more than $317 million in client assets and will report to Metro Chicago complex manager Kevin Ortmeyer.
Financial advisor Thomas Teagle has joined Wells Fargo Advisors’ employee channel in Richmond, Va. He has 17 years of industry experience and was previously with Scott & Stringfellow/BB&T, where he managed $155 million in client assets.
Chris Carbone, CFP, and Bill Brucato are now with WFA in Utica, N.Y. They bring more than 56 years of combined experience to Wells Fargo Advisors, most recently from RBC Capital Markets, where they managed more than $160 million in client assets.
Rob Wiggins joined Wells Fargo Advisors in Raleigh, N.C., from First Citizens Investor Services. At First Citizens, he managed more than $100 million in client assets. Wiggins brings 14 years of industry experience to the firm and now reports to Brad Sears, regional brokerage manager for the Triangle and Eastern North Carolina.
Wells Fargo Advisors said last week that a Houston-area team joined it from UBS Financial Services, where it managed more than $300 million in client assets.
Robert “Bob” Higley III and Robert “Bob” Gardner, are now with its branch in Memorial City, Texas.
At UBS, the team managed more than $300 million in client assets combined. They bring a total of 61 years of industry experience to the firm and now report to branch manager David Fouts.
Focus-Affiliated Firm Adds Advisor
Meanwhile, a firm working with Focus Financial said Tuesday that it added an advisor with about $150 million in client assets.
Paul St. Onge joined GW & Wade, an RIA partnering with Focus that has some $4.8 billion in assets under management. Onge has an office in East Greenwich, R.I., while Focus is based in Wellesley, Mass., and Palo Alto, Calif.
“We were first introduced to Paul by Focus as part of its Successions Program, which is designed to help RIAs identify suitable partners to ensure the stability and longevity of their practices,” said Eric Rosenberg, a partner at GW & Wade, in a statement. “We are delighted that Paul chose GW & Wade, initially as a succession partner, and now as a fully integrated member of our firm.”
St. Onge has run his own RIA firm since 1983, serving clients in New England and Florida. He signed a succession agreement with GW & Wade in 2013. Six months later, the parties say, they decided that, due to the “complementary nature of the businesses,” St. Onge would merge with GW & Wade as part of his retirement and client-transition plan.
“The Focus Successions Program has addressed an unmet need in the advisory industry by preparing and protecting clients and advisors during a firm’s succession,” said Focus CEO Rudy Adolf, in a press release. This merger is a prime of example of the seamless execution of an agreement, where an advisor can transition their business, utilize the vast resources of a larger firm, and ensure their clients’ needs are met along the way.”
Adolf adds that Focus’ partner firms have completed 35 agreements totaling $3.2 billion in client assets and that “this pace will only accelerate. Given the scale of our partnerships, our national reach, expertise and capital strength, we are in a unique position to provide this service to the RIA industry.”
“GW & Wade’s client focus and the emphasis it places on providing holistic and customized solutions made joining the team a natural fit,” said St. Onge, in a statement. “I first came to know the firm as I was considering my succession plan. I choose to bring my clients over now and remain with the firm, because GW & Wade’s strong investment and planning capabilities enhance the service my clients receive. When the day comes to transition my business, my clients will know and trust the advisory team at GW & Wade intimately.”
