Wells Fargo Woos $663M U.S. Trust Advisor to FiNet
(Updated to correct headcount in the 6th paragraph.)
Wells Fargo’s independent channel has lured a $663 million advisor from U.S. Trust, Bank of America’s white-glove private wealth unit, in Westlake Village, Calif.
Jim Murray, a 22-year industry veteran, registered on March 10th with Wells Fargo Advisors Financial Network, according to SEC registration records. He will operate as Guidestar Private Wealth Management.
Asked about his choice, Murray, a former Dupont engineer who started as a broker in 1993 at Smith Barney, said in a phone interview that he was interested in striking out on his own and began considering the move a year and a half ago. Many of the approximately 70 households he manages are business owners, he said.
Murray added that he opted to affiliate with Wells Fargo because many of his clients needed traditional brokerage services and lending, and Wells Fargo has assigned a private banker to assist in generating loans for his clients.
Murray moved from Smith Barney to UBS in 2004 and then joined U.S. Trust in 2006, according to BrokerCheck.
Wells Fargo’s FiNet unit constitutes around 1,000 of the almost 15,000 brokers under Wells Fargo Advisors. The majority of the are employees in the firm’s private client group.
Bank of America bought U.S. Trust from the Charles Schwab Corp. in 2007 for $3.3 billion when it had $322 billion in assets. U.S. trust currently has approximately $388 billion in customer accounts and revenue of just over $3 billion, according to Bank of America’s . It has around 2,181 “client-facing professionals,” according to the report.
A Bank of America spokesman was not immediately able to comment.