ON THE MOVE-Wells Fargo hires 24 veteran brokers since August

Fri Nov 16, 2012 12:48pm EST
 
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By Ashley Lau

Nov 16 (Reuters) - Wells Fargo & Co said on Friday it hired 24 veteran advisers over the past three months from rival brokerages, expanding the company's private client group across the country.

The brokers, who in total managed more than $2 billion in client assets at their old firms, came from the U.S. brokerages of Morgan Stanley, Bank of America, UBS AG, Royal Bank of Canada, Stifel Financial Corp and Wedbush Morgan.

"It sounds old-fashioned, but Wells reminds me of the way the industry was like when I started back in 1978 - very much focused on the clients," said California-based adviser Nancy Johnson, who came from Morgan Stanley Wealth Management.

Johnson joined Wells' Irvine office in October with fellow adviser Susan Ellena. The two managed $210 million in client assets at Morgan Stanley Wealth Management, the brokerage majority owned by Morgan Stanley and partially owned by Citigroup.

Johnson, along with the other new hires, joined Wells' private client group. The biggest division within the company's St. Louis-based brokerage business, it has more than 15,000 advisers with $1.2 trillion in client assets among its brokerage subsidiaries.

Wells also has a broker-dealer unit for independent advisers and a separate division of advisers who work in bank branches.

The advisers' previous employers either declined to comment or did not return requests for comment.

NEW HIRES   Continued...