(Reuters) Wells Fargo & Co. announced it hired 16 financial advisors that collectively managed more than $1.1 billion in assets.
The company nabbed eight from Morgan Stanley Smith Barney, three from UBS, thre from Bank of America Merrill Lynch, and two from RBC Capital Markets. The new hires were added late last month and early this month.
Wells Fargo Advisors hired Dennis Coleman and his partner, Thomas Dunleavy. The two former UBS advisers managed $233 million in client assets and generated $1.8 million in revenue last year.
Also moving to Wells from UBS was David Elfenbein in New York City, who has worked in the financial industry for 14 years. Elfenbein managed $85 million in client assets and last year generated $800,000 in revenue.
Wells added eight advisers from Morgan Stanley Smith Barney, including two in its independent brokerage division. In New Hampshire, advisers Robert Robbins and Colleen Farley joined Wells Fargo Advisors Financial Network, the independent brokerage arm. The two advisers managed $89 million in client assets and generated $1.5 million in revenue last year.
The other advisers from Morgan Stanley Smith Barney were Leonard Bernstein, Robyn Fain, Tim Ridley and William Link who joined Wells in Oklahoma City, Oklahoma, where they now report to branch manager Kenneth Heidenreich. They had managed $168 million in client assets at their old firm.
Two other advisers joined Wells from Morgan Stanley Smith Barney in Maryland and Tennessee. Adviser John Peterson, who managed $93 million in client assets, joined Wells' Memphis office and now reports to complex manager Ari Litvin. In Maryland, adviser Jamie Waldren joined Wells' Columbia office and reports to branch manager Rusty Johnson. He managed $96 million in client assets and generated $1.1 million in revenue last year.
Joining Wells from Merrill Lynch, advisers Daniel Gilham and Daniel Woods joined Wells' Jacksonville office, where they now report to complex manager Joe Bruno. They managed $116 million in client assets at their old firm. In Seattle, Washington, adviser Mark Seto joined Wells' bank channel from Merrill, where he managed $137 million in client assets. He now reports to regional brokerage manager Jimmy Hawkins.
Also on the move, former RBC Wealth advisers James Gibbons and Stephen Marohl joined Wells' independent brokerage division as a team. They had managed $92.5 million in client assets and generated $1.1 million in revenue last year.
Gibbons said he decided to join Wells because he wanted to move into the independent space but also wanted to have the backing of a well-known name.
"Our concern with moving to a pure independent channel was that there was no name behind it," he said in an interview on Wednesday. "If we were going to make a move, having the Wells Fargo logo behind us was going to be a huge advantage in terms of keeping clients at ease."
Earlier this week, Wells said its independent brokerage division expanded in 2011, with its client asset base for the unit growing 18 percent to $52.7 billion last year. The company added 70 independent practices and 152 financial advisers to the division in 2011.
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