The new advisors who have joined in California and Utah branches of Wells Fargo have managed about US$673 million in client assets at their previous firms.
Currently, they have joined Wells Fargo Advisors Financial Network, or "FiNet", which is the company’s broker-dealer division catering to independent advisers who also function as business owners.
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For Larsen, it was a decision to go independent to form a succession plan for his business.
"The more we looked at it, the more it was a choice of having a long-term contract or having the ability to pass the business onto some partners in the future. There are consultants that FiNet has to help us value the business," Reuters quoted Larsen as saying.
Larsen, who had moved to Wells in August 2012, was joined by a fellow former UBS adviser John Rodgers. The duo had spent roughly a decade each at UBS Wealth Management Americas.
Further, the advisers, were joined by younger advisers Lance MacKall and Rick Yanez, who came from Chase Investment Services Corp, an affiliate of JPMorgan Chase Bank.
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By GlobalDataThe team of four, which managed a combined US$229 million in client assets at their old firms, together formed Foundation Wealth Management, an independent firm based in Bakersfield.
Meanwhile, in Utah, advisers Mike Hopkins, Richard Romano and Brian Collard have joined Wells from Morgan Stanley Smith Barney.
Hopkins, Romano and Collard joined Morgan Stanley Smith Barney after the merger of Morgan Stanley’s wealth unit and Citigroup’s Smith Barney in 2009. They had together managed nearly US$295 million in client assets at the firm.
Advisers Bret Yeargin and Tyler Lamprecht of Shoreline Wealth Management have also joined Wells from Morgan Stanley Smith Barney. The two advisers had managed US$150 million in client assets at the firm.
Currently, Wells Fargo has more than 15,000 advisers with US$1.2 trillion in client assets among its brokerage subsidiaries, and roughly US$55.5 billion of those assets comes from its independent unit, which has more than 1,100 owners and advisers in more than 540 practices.
