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Wells Fargo snatches Morgan Stanley advisors with nearly $400M

Wells Fargo has recruited two veteran advisors overseeing nearly $400 million in client assets from Morgan Stanley, a spokeswoman said.

Wirehouse-to-wirehouse career moves have become less common in light of recruiting cutbacks at Wells Fargo's three large rivals. Regional broker-dealers and Wells Fargo have continued hiring new advisors, but unlike its smaller competitors, Wells Fargo has publicly announced fewer hires for its employee brokerage arm.

Wells Fargo signage displayed outside a bank branch in Dallas on Monday, July 10, 2017 Bloomberg News
Wells Fargo & Co. signage is displayed outside a bank branch in Dallas, Texas, U.S., on Monday, July 10, 2017. Wells Fargo & Co. is scheduled to release earnings figures on July 14. Photographer: Cooper Neill/Bloomberg

However, the bank's independent broker-dealer―Wells Fargo Advisors Financial Network―has announced several new recruits, including two advisors with a combined $293 million in AUM.

Independent and regional firms have been maintaining strong appeal with new recruits.
October 3

The wirehouse's new hires on its employee side include Michael Muehl, who joined Wells Fargo's Rancho Bernardo branch in California.

Muehl oversaw approximately $180 million in client assets while at Morgan Stanley. Muehl started his career in 1986 and has also worked at UBS and A.G. Edwards. He had been with Morgan Stanley since 2006, according to FINRA BrokerCheck records.

Advisor Bernard Suissa joined Wells Fargo's branch in Beverly Hills, California. He oversaw more than $192 million in client assets, according to his new employer. Suissa joined the industry in 1994, first at Merrill Lynch and later switching to Morgan Stanley Smith Barney.

Both advisors joined Wells Fargo this summer.

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