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.