Wells Fargo continues its energetic, multichannel push to recruit financial advisors. The company recently added two advisor teams that together managed nearly $1 billion in client assets at their former firms.
The more recent of the recruits, Orchard Financial Group, joined Wells Fargo's FiNet, its channel for independent advisors, on Wednesday. The Los Angeles-based practice previously oversaw about $580 million in client assets with Ameriprise Financial.
"Their commitment to serving clients and ambition to grow in the Los Angeles area makes them a strong addition, and we're proud they chose FiNet for their next chapter," says FiNet President John Tyers.
The other recent recruitment Wells Fargo made was the family practice of the Strong Wealth Management Group in Naples, Fla., which previously oversaw $410 million in client assets at UBS. The Strong group includes advisors and brothers Andrew Strong and Jonathan Strong, as well as client associate Christian Strong, Andrew's oldest son. The Strong team joined Wells Fargo Advisors, the firm's traditional brokerage channel, Oct. 1.
Ameriprise didn't immediately respond to a request for comment on the departure of the Orchard team. UBS declined to comment on the Strong group's move.
Advisor recruiting is always a two-way street. Wells Fargo has lost its share of teams to competitors -- including the recent defection of a $1.1 billion practice to LPL Financial. But on balance, after years of scandal had tarnished its brand, Wells Fargo has emerged as a strong magnet for advisors, in part because of its diverse set of affiliation models, including the independent channel.
Orchard, the latest addition to FiNet, is led by advisor Anthony Perez, but has a deep roster of advisors and support staff. The team includes advisors Audrey Schmedes, Eric Smutko, Michael Kawase, Devin Marshall, Kristie Liuag, and Chase Johnson, as well as support staffers Aprile Poag, Brenda Mahar, Claudine Rajah, and Sheree Wesley.
Perez says that his personal practice primarily caters to high-net-worth households, but the other advisors on the team serve a more varied set of clients. The team generated $4.3 million in annual revenue at Ameriprise.
The Strong team serves high- and ultrahigh-net-worth clients, including business owners and multigenerational families. The practice generated $3.5 million in annual revenue at UBS.
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