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Technology > Investment Platforms > Turnkey Asset Management

Wells Fargo Indie Channel Picks Up 6 Reps From Rivals

By Janet Levaux

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While Wells Fargo’s (WFC) retail bank—and executives—face continuing fallout from the news that some 2 million fake accounts were opened by employees, the company’s independent-advisor channel is forging ahead.

This week, Wells Fargo Financial Network said six registered reps with over $520 million in client assets joined it from rival firms, such as Bank of America (BAC), UBS (UBS), JPMorgan (JPM) and Edward Jones.

As of July, FiNet included 1,370 advisors who own their practices in 661 groups nationwide administering more than $90 billion in client assets. The unit is led by Kent Christian.

Moving to FiNet from JPMorgan are:

• Rajeev Dhillon and Joseph Lesko of Fort Lauderdale. They are now part of independent practice Capital Strategies. Together, the two reps have 21 years of industry experience and over $253 million in client assets.

• Sanjit Khara and James Marcus of Pittsburgh left UBS to become part of Heritage Financial Partners. These advisors have a combined level of 41 years in the business and more than $173 million in assets.

• Eric Cownie of Mars, Pennsylvania, joined Becker Financial Group from BofA. Cownie has 13 years of industry experience and about $50 million in client assets.

• Christopher Coffman of Omaha left Edward Jones to become part of Arkfeld Wealth Strategies. He has been in the business for 11 years and has roughly $45 million in assets.

In late-August, a group of six Morgan Stanley (MS) advisors left the wirehouse to go independent with FiNet: Matt Petersen, Dwayne Michael, Michael Budd, Brian R. Gibson, Randy Gibson and Andy Carrigan.

The group does business as Encore Wealth Management in Fresno, California, the largest city in the Central Valley. In total, the veteran advisors have more than 160 years in the business and close to $600 million in client assets.

Earlier in the month, a FiNet group left the firm and launched an RIA that is now part of Focus Financial Partners.

Registered investment advisor GYL Financial Synergies opened its doors on Aug. 1 in West Hartford, Connecticut. Its team includes Gerald Goldberg, Jonathan Yolles, Michael Lepore and Claire McDonald.

The principals oversee some $4.5 billion in client assets, according to the “Wall Street Journal,” and have spent over 15 years working together at Wells Fargo and its predecessors; in 2014, they formed Goldberg, Yolles & Lepore and became part of FiNet.

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