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.
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Related Attorneys: James J. Eccleston
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