Wells Fargo & Co.’s wealth and investment management group continues to focus on carving out varied employment options for financial advisors as it said on Friday its had hired TD Ameritrade Inc. veteran George Tamer to its RIA Solutions group.
Tamer worked at TD Ameritrade, a leading custodian of assets of registered investment advisors, for 20 years until 2021 and its merger with Charles Schwab & Co. Inc., according to his BrokerCheck report. Until recently, Tamer was registered with Apex Clearing Corp.
Unlike its wirehouse competitors Merrill Lynch, Morgan Stanley, and UBS, Wells Fargo Advisors and its wealth and investment management group have broadened the work options for its roughly 12,000 financial advisors at the firm, including making it somewhat easier to move to its independent broker-dealer group, Wells Fargo Advisors Financial Network, known as FiNet.
Most of Wells Fargo’s financial advisors remain at the traditional employee, wealth management model. But with thousands of financial advisors leaving or retiring from Wells Fargo since the banking scandals of 2016, the bank has turned to its independent broker-dealer business model, where advisors pocket a larger percentage of revenue, as a way to hang onto its veterans.
Tamer’s hiring is another indication that Wells Fargo is likely focusing on hiring or building an option for financial advisors who want to leave the wirehouse or “break away” to create their own RIAs.
“I am very pleased to announce that George Tamer has joined Wells Fargo RIA Solutions senior leadership team as the new channel enablement leader,” wrote Craig Avery, managing director, head of Wells Fargo RIA Solutions, on Thursday in a post on LinkedIn.
“George brings his extensive background in relationship management, technology, business development, and practice growth to his role where he will be responsible for overseeing critical FinTech relationships as well as firmwide RIA services available on the Wells Fargo platform,” Avery wrote.
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