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,

Return to Archive

TESTIMONIALS

Previous
Next

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

July 26, 2024
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

July 25, 2024
FINRA Plans Fee Increases Amid Rising Costs and Losses

The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.

July 24, 2024
Raymond James Settles with Oregon Over Excessive Commissions

Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.