Wells Fargo Advisors loses $850 million hybrid RIA to Triad Advisors

Wells Fargo Advisors loses $850 million hybrid RIA to Triad Advisors
Stonebridge Financial Group is the latest example of attrition from the wirehouse.
NOV 02, 2018

Triad Advisors, an independent broker-dealer in Ladenburg Thalmann Financial Services Inc.'s network, has nabbed an $850 million team from Wells Fargo Advisors. Stonebridge Financial Group, based in Wormleysburg, Pa., is headed by co-directors Brian McCarver, Jonathan Freeman and Jim Kampstra. The firm manages $850 million in brokerage and advisory assets for clients and has seven financial advisers, a portfolio analyst and 11 support staff. (Video: How Wells Fargo's scandals have affected its advisers) The departure represents the latest instance of the attrition being experienced by Wells Fargo Advisors. In the wake of multiple scandals at the bank, the wirehouse has seen a massive outflow of hundreds of brokers and billions of dollars in client assets over the past two years, according to a recent InvestmentNews investigation.

Latest News

Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment
Fintech bytes: Envestnet reaffirms $1B RIA commitment with Tamarac tech investment

Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.

RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut
RIA moves: Maridea acquires multigenerational practice in Pennsylvania debut

Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.

Private equity eyes 401(k) plans, but fees remain a hurdle
Private equity eyes 401(k) plans, but fees remain a hurdle

Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.

IRS floats proposal ending tax breaks for schools that weigh race
IRS floats proposal ending tax breaks for schools that weigh race

Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.

Trust over tech: The hidden signal of stock success in the AI era
Trust over tech: The hidden signal of stock success in the AI era

Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income