Wells Fargo Advisors Financial Network has added four practices. With these financial advisors its independent brokerage arm, FiNet, has over 1,100 owners and financial advisors in more than 540 practices, with over $55.5 billion in assets under management. The new independent financial advisors all came from Merrill Lynch, UBS, and MSSB.
When asked why FiNet continues to attract producers from major firms, in a relatively calm year, Kent Christian, President of Wells Fargo FiNet cited the confluence of three trends:
“First,” Christian said, “we have the Wells Fargo brand. For many advisors coming from a major firm, that’s an important consideration.
Second, along with the Wells Fargo brand comes the Wells Fargo platform. Advisors who are used to having a robust platform are loathe to give it up,” (FiNet advisors have full access to the platform of Wells Fargo Advisors, and to offerings of the parent bank.)
“Finally,” Christian said, “we work with advisors who have made the decision to own and run their own business. Generally, our advisors come from firms where they were employees. We help them make the transition, and we provide financial support in certain circumstances. There are other good brands, other robust platforms, and other independent broker-dealers. However, if all three are important to an advisor, we’re the answer.”*
*OnWallStreet.com “Wells Attracts Advisors with ‘Best of Both Worlds’ Pitch” by: Donald Jay Korn, Sunday, October 28, 2012