Wells Fargo Advisors had indicated earlier this year that it was gaining traction in hiring advisers, while also acknowledging that some advisers are retiring or looking to work at competing firms. Recent moves by large teams of advisers into and out of Wells Fargo Advisors illustrate the push-and-pull dynamics of hiring advisers right now at the giant wirehouse, which employs 12,000 advisers.
Wells Fargo Advisors said at the end of last week that advisers with nearly $2.6 billion in client assets left UBS Financial Services Inc. to form a new practice, Margate Wealth Management Group. Meanwhile, on Monday, LPL Financial announced that a team with $630 million in client assets, Artiea Capital Management, had left Wells Fargo's independent contractor group, Financial Advisors Network or FiNet, to register with LPL.
Margate Wealth Management Group is based in Short Hills, New Jersey, as well as New York, and led by brothers Andrew Perry and Todd Perry.
"We couldn’t be more excited about the opportunity to join Wells Fargo as Private Wealth Financial Advisors," Andrew Perry said in a statement. "This will enable us to service the demanding needs of our ultra high net worth clients with a broader, more robust investment and commercial lending platform."
The brothers had worked at UBS since 2008, according to their BrokerCheck records. A spokesperson for UBS did not return a call Monday morning to comment.
Artiea Capital Management is based in Westlake Village, California, and is led by partner financial advisers Paul Artof, Joel Chitiea, Jason Artof and Jamie Wood.
Paul Artof had been registered with Wells Fargo since 2011, according to his BrokerCheck profile.
A Wells Fargo Advisors spokesperson declined to comment on the Artiea Capital Management group's changing firms.
"The team made the move to keep up with the evolving industry, deepen relationships with clients and enhance their practice," an LPL spokesperson said in an email.
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