Wells Fargo nets $425 million Morgan Stanley adviser

Wells Fargo Advisors has picked up a long-time industry veteran from Morgan Stanley, where he managed some $425 million in client assets. The adviser, Richard J. Bernstein, joined Wells Fargo on July 1 in Incline Village, Nev. Mr. Bernstein had been at Morgan Stanley since 2009 and began his career in 1983 at Merrill Lynch. He also worked at UBS Financial Services Inc. from 2003 to 2009, according to registration records with the Financial Industry Regulatory Authority Inc. Morgan Stanley spokeswoman Christine Jockle declined to comment. Wells Fargo, which has around 15,100 advisers, picked up six teams with $2.2 billion in assets under management in the past quarter, according to moves tracked by InvestmentNews' Advisers on the Move database, which includes publicly reported moves. Over the same periond, the firm lost 11 teams with $1.5 billion in assets, according to the database. Morgan Stanley also recruited six teams and around $1.8 billion in assets but lost 19 teams with $5.6 billion in assets, according to the data. The list of moves, however, is not exhaustive and may not include some advisers who opt not to announce their move or advisers with less than $100 million in assets.