Wells Fargo Recruits First Adviser to Join Its RIA Channel

Posted on January 17th, 2019 at 9:46 AM
Wells Fargo Recruits First Adviser to Join Its RIA Channel

From the Desk of Jim Eccleston at Eccleston Law LLC:

According to Wells Fargo Advisors, a Philadelphia-area advisor will be the first Wells Fargo private wealth employee to join the firm’s new registered investment advisor custody business.

The advisor, who oversees more than $100 million of customer assets has opted to affiliate his RIA with the new custodian. In addition, as an incentive to join the program, Wells Fargo agreed to prohibit other advisors within the firm, from soliciting the advisor’s clients for 30 days after he leaves Well Fargo’s private client group.

Wells Fargo Advisors, which has seen a wave of advisors departing the firm due to a series of scandals at its parent bank, opened up its registered investment advisor custody business with the hope to retain assets within the firm.  Moreover, Wells Fargo, which already operates an independent brokerage channel known as Financial Network (FiNet), continues to see value in offering more independent channels as more advisors seek greater freedom to work with clients and at the same time use the firm’s products.

The attorneys at Eccleston Law assist financial advisors nationwide in their employment transitions, negotiate their transition agreements (including employment agreements and forgivable loans), and defend reps in arbitration and litigation during and after their transition.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, wells fargo, ria, finet, financial advisor,

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.


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