Wells Fargo

Feb

2017

HighTower Grabs a $1 Billion Wells Fargo Team

From the desk of James Eccleston at Eccleston Law, LLC:

A $1 billion team has left Wells Fargo to go independent with HighTower. After leaving Wells Fargo, the team of recruits formed Fortress Wealth Planning in Jacksonville, Florida.

In all, HighTower picked up a combination of 14 teams and tuck-ins in 2016. HighTower attributes its grown to its fiduciary mindset and open-source, multi-custodial approach. In addition, there has been an overall industry-trend which demonstrates that independence remains a popular option for advisors. HighTower now has over 190 advisors operating from offices in 26 states.

Jan

2017

Current Wells Fargo Finet Recruitment Deal

From the desk of James Eccleston at Eccleston Law, LLC:

Wells Fargo Finet has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 25% to 75%. Additionally, the hurdle in order to meet back-end production goals under the deal is:

· Year 1: Hurdle – 75% of revenue Payout bonus: 0% to 50%

All proposed deals are negotiable and reflected in numerous agreements such as promissory note and employment agreements. Reps should retain qualified legal counsel to review those documents in advance of committing to transition to a new firm.

Jan

2017

Current Wells Fargo Recruitment Deal

From the Desk of Jim Eccleston at Eccleston Law LLC :

Wells Fargo has marketed a recruitment deal to financial advisors which consists of an upfront cash payment between 125% and 150%. Additionally, the hurdles in order to meet back-end production goals under the deal are:

High Performance

Premier Advisor Status

Client Experience

Full best practices adoption
Envision 80% average
Advisory – 60% Advisory AUM or 80% Advisory Revenue
Lending – $6,000 lending credits (or $8,000 lending credits for 2016 retro award)

Delta Graduate

Growth

15% revenue growth or $150,000 revenue growth

Dec

2016

Team Leaves Wells Fargo Advisors to Join Stifel Nicolaus & Company

From the Desk of Jim Eccleston at Eccleston Law LLC:

On December 8, 2016, advisors Michael Anderson, Alvin Spencer, Richard Williams, and Chris Armour left Wells Fargo Advisors to join Stifel Nicolaus & Company in Southfield, Michigan. The team has $600 million in assets under management.

Dec

2016

Pair Leaves Morgan Stanley Wealth Management to Join Wells Fargo Advisors

From the Desk of Jim Eccleston at Eccleston Law LLC:

On December 1, 2016, advisors Thomas Fautrel and Paul Carlson left Morgan Stanley Wealth Management to join Wells Fargo Advisors in Bethesda, Maryland. The team has $225 million in assets under management.

Dec

2016

Advisor Leaves Wells Fargo Advisors For Ameriprise Financial

From the Desk of Jim Eccleston at Eccleston Law LLC:

On December 5, 2016, advisor Michael Fisher left Wells Fargo Advisors to join Ameriprise Financial in Melville, New York. Mr. Fisher has $193 million in assets under management.

Dec

2016

Team Leaves Morgan Stanley Wealth Management to Join Raymond James

From the Desk of Jim Eccleston at Eccleston Law LLC:

On December 6, 2016, advisors Mark J. Rhoades, George Livanos, and Kelly Ward left Morgan Stanley Wealth Management to join Raymond James in Chapel Hill, North Carolina. The team has $250 million in assets under management.

Dec

2016

Advisor Leaves J.P. Morgan Securities For Wells Fargo Advisors

From the Desk of Jim Eccleston at Eccleston Law LLC:

On November 4, 2016, advisor Albert Berger left J.P. Morgan Securities to join Wells Fargo Advisors in Bloomfield Hills, Michigan. Mr. Berger has $101 million in assets under management.

Nov

2016

Pair Leaves Wells Fargo Advisors to Join Noyes

From the Desk of Jim Eccleston at Eccleston Law LLC:

On November 21, 2016, advisors Chris Cooke and Brian Cooke left Wells Fargo Advisors to join Noyes Wealth Management Advisors in Chicago Illinois. The team has $1.7 billion in assets under management.

Nov

2016

Pair Leaves Wells Fargo Advisors to Join Steward Partners Global Advisory

From the Desk of Jim Eccleston at Eccleston Law LLC:

On November 3, 2016, advisors Carl Gravina and Liana Poodiack left Wells Fargo Advisors to join Steward Partners Global Advisory in Keene, New Hampshire. The team has $450 million in assets under management.