Wells Fargo’s independent channel recently recruited advisors from rivals such as Merrill Lynch and Morgan Stanley with about $880 billion in assets. But its employee channel just lost a large team to RBC Wealth Management.
Moving to Wells Fargo Financial Network, or FiNet, are Michael Schenking, Zachary Chryst and Thomas O’Conor of Bel Air, Maryland, formerly with Merrill Lynch, who opened SCO Wealth Management; the team has more than 57 years of combined industry experience and works with $355 million in client assets.
Jesse Rodriquez, formerly of UBS, opened Rodriquez Wealth Management, in Newport Beach, California; he’s been in the business for over 23 years and manages $326 million.
Matthew Davis, an ex-Merrill advisor, started Davis Wealth Management in Potomac, Maryland; Davis has been in the business for some 20 years and manages roughly $77 million.
Jeffrey Garza of Fresno, California, who left Morgan Stanley, is now with FiNet; Garza has 25 years of industry experience and about $68 million in client assets to the practice.
Christopher Szot of Carlsbad, California, earlier with Morgan Stanley, joined Core Process Wealth Management; Szot has 15 years of industry experience and some $53 million in client assets.
Other advisors moving to FiNet recently include Sheila Spicehandler, formerly of Ameriprise Financial. She joined Cutler Andrews Capital Management, in Greenwich, Connecticut, with 21 years of industry experience and about $100 million.
In addition, R. Kim Carson moved to Wells’ indie channel from Edward Jones and opened Jeller Wealth Management in Chicago. Carson has been an advisor for about 12 years and manages $60 million.
RBC Wealth Management said it recruited a group from Wells Fargo Advisors: MidTown Wealth Management Group, which works with $688 million of assets and is based in Fond du Lac, Wisconsin.
The new Fond du Lac branch is one of nine offices in RBC’s Milwaukee complex. In February, a $1.8 billion ex-Merrill Lynch team with 16 staff members opened a Green Bay branch for RBC; it does business as Visionary Wealth Management.
“Our business in the Fox Valley region of Wisconsin is growing,” said Doug Artus, director of RBC’s Milwaukee complex, in a statement. “We knew a new branch in Fond du Lac would help us better serve our clients and … who better to lead that branch than the veteran MidTown Wealth Management Group.”
RBC has about 2,000 advisors and $410 billion in assets nationwide.