Wells Fargo adds Morgan Stanley advisers with $500 million

Nabs three advisers with $500 million in assets under management and $3.1 million in fees and commissions

Mar 18, 2014 @ 11:12 am

By Mason Braswell

recruiting, staffing, compensation, hiring, Wells Fargo, Morgan Stanley
+ Zoom
(Bloomberg News)

Wells Fargo Advisors has added three financial advisers who among them managed nearly $500 million in client assets at Morgan Stanley.

Advisers on the Move: Check out all of Wells Fargo's adviser additions

Gary Parese, Mark Phillips and Tom Nolan have joined Wells Fargo's Westport, Conn., office, according to spokeswoman Rachelle Rowe.

A Morgan Stanley spokeswoman, Christine Jockle, confirmed the departures but declined to comment further.

All the info on advisers who recently left Morgan Stanley

Although they joined Wells Fargo at the same time, they do not operate as a team. Previously, they produced a combined total of $3.1 million in fees and commissions, according to Ms. Rowe.

Mr. Parese generated around $1.3 million in revenue from $270 million in client assets. He began his career in 1984 at Merrill Lynch and had been with Morgan Stanley since 2009, according to registration records with the Financial Industry Regulatory Authority Inc.

Mr. Phillips, who has 19 ye' industry experience, brought in $900,000 and managed around $120 million in assets.

Starting his career in 1983 at Lehman Brothers Inc., Mr. Nolan served at Citigroup Inc. before joining Morgan Stanley in 2007, according to Finra records. He produced some $950,000 in revenue from $100 million in assets under management, according to Wells Fargo.

The three will report to market manager Chris Calabrese.

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