Wells Fargo Advisors, the financial advisory division for independent advisors of Wells Fargo, has reportedly hired half-dozen financial advisors from Morgan Stanley, Merrill Lynch and UBS.
The six manage a total of more than US$500 million in client assets, onwallstreet.com has reported.
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According to the publication, Morgan Stanley lost Summit Wealth Management, led by financial advisor Richard Lee, to Wells Fargo Advisor Financial Network .
Lee, along with advisors Brandon Blair, Mike Costa and Barbara Hacke Resch, joined Wells Fargo in first week of May.
The four managed more than US$311 million in client assets and produced more than US$1.5 million in annual revenue, the report added. They are based in Salem, Oregon.
From Merrill Lynch, financial advisor Milton Schwartz jumped to Wells’s office in Sumter, South Carolina.
Schwartz managed more than US$135 million in client assets and produced more than US$1.1 million in annual revenue.
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By GlobalDataFrom UBS Financial Services financial advisor David Spell moved to Wells in Charleston, South Carolina.
Spell managed nearly US$86 million in client assets and produced more than $1 million in annual revenues.
