Wells Fargo’s FiNet Lands $426 Million UBS Team
Wells Fargo’s Financial Network (FiNet) is getting aggressive as it attempts to differentiate it from the plethora of options for brokers weighing a move toward independence.
FiNet said Tuesday that it has hired a UBS Wealth Management Americas team in Charleston, South Carolina that manages about $426 million. That follows its signing last of a $663 million-asset team from Bank of America’s U.S. Trust unit.
“They have a huge push on,” said Rick Peterson, a wealth management headhunter in Spring, Texas.
That push has a lot to do with money and signing bonuses for the independent brokers, says Ron Edde a at Millennium Career Advisors in southern California.Top teams can earn a transition bonus of 100% of trailing-12 production in up-front and back-end bonuses, Edde said.
“That’s fairly significant because they’re basically financing the opening of your business,” Edde said.
A FiNet spokeswoman was not immediately available to comment.
The latest team joining from UBS includes four brokers — Bill Rouse, Jessica Harper, Jeff Burton and Steve Meyer. They are marketing themselves as Millennium Private Wealth (no relation to Edde’s firm) and are based in Daniel Island, near their old Charleston UBS office, according to Wells Fargo.
The firm, which was licensed on March 24, according to regulatory records, combines the and the from UBS.
Karl Riner, branch manager of the UBS branch, declined to comment on the departures. A spokesman for UBS did not respond to a request for comment.
FiNet currently employs about 1,000 of almost 15,000 brokers affiliated with Wells Fargo wealth management operations.