Advisor moves: Wells Fargo draws teams with $750M in assets from Morgan Stanley, Ameriprise

Wells Fargo Advisors, Kestra, and LPL are rolling on with their advisor recruitment strategies, with the wirehouse hailing additions from Ameriprise and Morgan Stanley while Kestra supports an affiliate firm's latest hire.

Wells Fargo recruits multi-generational teams overseeing about $750 million

Wells Fargo Advisors closed out February by adding several advisors who collectively oversee close to $750 million in client assets, drawing primarily from Morgan Stanley and Ameriprise and deepening its presence in Texas, Florida and New Hampshire.

On Feb. 26, Wells Fargo brought on Richard and Daniel Lyons of The Market Square Group from Morgan Stanley in Portsmouth, New Hampshire. The father-son team manages approximately $270 million in client assets, giving the firm another multi-generational practice in northern New England.

Two days earlier, on Feb. 18, Wells Fargo expanded in two separate markets. In Boca Raton, Florida, advisors Keith Kordich and Barry Dershaw joined from Ameriprise, overseeing about $210 million in assets. In Dallas, Texas, advisor Michelle Bennett moved from Morgan Stanley with more than $140 million in client assets and was accompanied by senior registered client associate Allie Walls.

The firm also added another family-linked practice in Florida. On Feb. 13, Robert Hill of Hill Wealth Management left Morgan Stanley’s Vero Beach office for Wells Fargo, transitioning alongside his daughter, financial consultant Alex Hill. Together, they oversee nearly $130 million in assets under management.

Kestra backs Kindred Wealth Partners with new Pennsylvania advisor

Kestra Private Wealth Services, a registered investment adviser subsidiary of Kestra that supports transitioning wirehouse and W-2 advisors, said advisor Eric Longstreth has joined its platform in partnership with Kindred Wealth Partners, a Pennsylvania-based firm affiliated with the RIA.

Longstreth previously managed more than $250 million in client assets. He was previously affiliated with Goldman Sachs Wealth Services, according to his BrokerCheck record.

In September, Kindred welcomed another experienced breakaway whose 25-year industry track record included 22 years with Ayco, now operating as Goldman Sachs.

Kestra framed its latest move as part of a strategy to support affiliated firms’ growth. Founder and president Rob Bartenstein said in the announcement that his team views Kindred as its client and aims to help it expand by adding “talented, seasoned professionals.”

Longstreth, who focuses on financial, tax and estate planning, said his “number one priority is showing up for [his] clients when it matters most,” and that partnering with Kestra and Kindred gives him infrastructure that frees him to spend more time on client work.

LPL and Private Advisor Group add Memphis advisor to aligned practice

LPL Financial said Memphis-based advisor Robert Woodend has joined its broker-dealer and will use the Private Advisor Group RIA platform as part of his move to Memphis Planning and Wealth, an existing practice aligned with both LPL and Private Advisor Group. Woodend, who joins from Ameriprise, reports serving approximately $150 million in advisory, brokerage and retirement plan assets.

In November last year, LPL revealed it had taken a minority stake in PAG, which operates as an RIA and an OSJ. Merchang Investment Management is also a minority owner of PAG.

Woodend, a second-generation advisor with 15 years of experience, primarily serves pre-retirees and retirees. He said in the announcement that “the depth of the relationships” he builds with clients is central to his practice and that he chose LPL and Private Advisor Group for the combination of independence and additional infrastructure.