Wells Fargo's FiNet snags two Morgan Stanley advisers with $243 million in client assets

Wells Fargo's FiNet snags two Morgan Stanley advisers with $243 million in client assets
DEC 12, 2016
Wells Fargo Advisors Financial Network, or FiNet, snagged two former Morgan Stanley advisers who opened an independent practice. Tom Fautrel and Paul Carlson joined FiNet this month to open an independent practice, Seventy2 Capital, according to a statement from FiNet. Both had been with Morgan Stanley since 2011, according to their BrokerCheck reports. Seventy2 Capital is based in Bethesda, Md. FiNet is the independent contractor brokerage under the Wells Fargo brand. The team brings $243 million in client assets, according to FiNet. Mr. Fautrel and Mr. Carlson could not be reached for comment on Wednesday morning. Mr. Fautrel started his career in 2002 with A.G. Edwards, according to BrokerCheck, while Mr. Carlson began his in 1993 at Lehman Brothers. A spokeswoman for Morgan Stanley, Christine Jockle, did not return a call to comment. (See: Elizabeth Warren investigating sales of Prudential insurance policies by Wells Fargo )

Latest News

Advisor moves: Raymond James lands $700M Truist duo in Florida
Advisor moves: Raymond James lands $700M Truist duo in Florida

&Partners has also added a $357 million Texas family practice, while Janney recruits a $250 million Edward Jones advisor in Miami

Wirehouse moves: JPMorgan taps Merrill veteran for Southeast role as BofA beefs up OCIO team
Wirehouse moves: JPMorgan taps Merrill veteran for Southeast role as BofA beefs up OCIO team

Linda Patel will lead J.P. Morgan Advisors in Florida and Georgia as Bank of America adds nonprofit specialists in New York

Colorado advisor loaded up elderly clients with risky Interval funds: regulator
Colorado advisor loaded up elderly clients with risky Interval funds: regulator

Interval funds and other semi-liquid or illiquid products are typically two to three times more expensive than plain vanilla stock or bond mutual funds or exchange-traded funds.

Investor alleges alkaline water startup hid sales data in white text
Investor alleges alkaline water startup hid sales data in white text

The royalty statements looked normal - until someone checked the electronic files.

SEC alleges fake hedge fund forged seals to steal $130M
SEC alleges fake hedge fund forged seals to steal $130M

They allegedly fabricated SEC certificates to dupe investors.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor