Wells Fargo Finet poaches $419M advisors
Five advisors with a combined AUM of $419 million bolted in recent months from their prior employers for Wells Fargo Advisors Financial Network, the bank’s independent broker-dealer.
Donnie Dishaw, formerly with UBS, and Robert Anderson Turner, formerly with PNC Investments, joined Wells Fargo’s IBD in October.
The following month in November, Kerry Hemphill, Chad Zimmerman and Jason Messineo left their firms — RBC, Royal Alliance and Edward Jones respectively — to join Wells Fargo.
Some of the new recruits are industry veterans and they’ve joined existing independent practices affiliated with Wells Fargo.
Dishaw has 24 years of experience, according to FINRA BrokerCheck records. The Houston-based advisor spent a decade with UBS before making the move to Wells Fargo.
Turner, who is based in Zanesville, Ohio, spent half of his 13-year career time at PNC before leaving. He is now based with Nesselroad and Associates, an independent practice.
Spokespersons from UBS and PNC declined requests for comment.
Hemphill has 27 years of experience, having begun his career at Princor Financial Services before working at several firms including Signator Investors and Royal Alliance, before making the move to Wells Fargo. Hemphill signed on with Seventy2 Capital Wealth Management in Bethesda, Maryland.
Zimmerman has 20 years of experience. He got his start at Edward Jones before spending a decade at RBC. He is now a member of an existing Wells Fargo Finet practice, Northstar Financial Group. Messineo also began at Edward Jones, spending the entirety of his seven years of experience with the firm before joining Wells Fargo. The Annapolis, Maryland-based advisor is now a member of Alpha Pointe Capital.
Spokespersons for RBC, Royal Alliance and Edward jones declined requests for comment.
Wells Fargo recently revamped its independent advisor compensation for 2020, cutting incentive bonuses, revising its grid to include higher payouts, and generally simplifying its pay plan.
Among other changes, Wells Fargo will compensate advisors at the practice rather than individual level. It also simplified its fee structure, removing expenses including an administrative fee. Instead, the firm will charge one overall platform fee. It scales according to the size of each practice, shrinking to zero basis points for those with $500 million or more from six basis points for practices of $30 million or less.