Wells Fargo Private Banking Duo Jumps to Merrill
Two advisors at Wells Fargo’s Private Bank jumped to Merrill Lynch’s Private Banking and Investment Group.
Tim Chapman and Paul Wargnier are the first team to join the new Portland, Ore., PBIG branch, Merrill said in a press release this week, referring to the unit that serves clients who generally have around $10 million or more in investable assets.
Chapman and his team were ranked the number two producers in Oregon, overseeing $834 million in client assets, according to a Wargnier’s LinkedIn profile says he oversees $700 million of client assets.
The pair’s move from private banking to brokerage positions them to earn higher compensation, as high-net-worth brokers who are paid a percentage of revenue they produce generally can earn more than private bankers who are paid a salary plus bonus. Brokers on grids get higher payouts as their production rises.
Chapman, a 22-year industry veteran, is familiar with the distinction. Before joining Wells’s private bank in 2009, he worked for seven years at U.S. Trust, the private banking unit of Merrill’s parent company, Bank of America.
The brokers did not return calls for comments on the reasons for their moves, or whether they considered moving from Wells’ private bank to its Wells Fargo Advisors brokerage unit. A Merrill spokeswoman did not respond to questions about their motivations for joining the firm.
Wargnier has been with Wells Fargo since 2000, according to his LinkedIn profile. He is not registered with Finra, according to the Financial Industry Regulatory Authority’s BrokerCheck database. Chapman joined Merrill on March 6, according to Chapman’s BrokerCheck history.