Wells Fargo loses $1.7B team to Noyes
A Wells Fargo team that oversees more than $1.7 billion left to join Noyes, an independent broker-dealer, according to a spokesman.
The Cooke Financial Group, led by brothers Chris and Brian Cooke, joined the firm as partners and opened a new branch for Noyes in Indianapolis. CEO Mark Damer said in a statement that it's now Noyes' largest branch office. Damer added that the new hires demonstrate how Noyes is an attractive place for wirehouse advisers to do business.
Chris Cooke said they were drawn to make the move in part because of Noyes' culture.
"Merging with Noyes will enable us to eliminate the conflict of interest that may arise by being associated with a wirehouse, gain access to a wider selection of investment products, and serve more affluent clients," Cooke said in a statement.
His brother added that they were also attracted to the greater flexibility that their partnership with Noyes would give them.
A Wells Fargo spokeswoman confirmed their departure but declined to comment further.
The Cooke brothers began their careers at Prudential Securities in 1992, according to FINRA BrokerCheck records. They moved to Wells Fargo Advisers in 2003.
Brian Cooke was featured in On Wall Street's Top 40 Advisers Under 40 in 2006.
Chicago-based Noyes is a privately-owned wealth management firm that was founded in 1908. The firm has 60 advisers, according to a spokesman.