Wells Fargo Advisors has expanded its presence on the West Coast with the addition of the Munster Freeman Group, a team of private wealth advisors previously with Merrill Lynch.
The group, now based in Manhattan Beach, California, will also maintain offices in Scottsdale, Arizona, and Cherry Creek, Colorado, as part of its transition to Wells Fargo Advisors.
The Munster Freeman Group – led by advisors Bruce Munster, David Freeman, and Bruce Munster's son Samuel – manages approximately $3 billion in client assets.
The trio is supported by four associates, having reaped a combined $10.7 million in revenue over the past 12 months during their tenure at Merrill Lynch.
Bruce Munster has been in the advisory business for more than two decades, beginning at UBS in 1999, according to his BrokerCheck record. Freeman began his career at UBS in 2005, while Samuel Munster's record with Finra started at Merrill in 2018.
Paul Vannuki, Los Angeles market leader for Wells Fargo Advisors, said the team was attracted by the firm’s ability to serve private wealth clients with a broad suite of resources.
“They were drawn to our ability to serve private wealth clients with comprehensive resources, including our partnership with Wells Fargo’s investment and commercial banking,” Vannuki said in a statement. He added that the firm’s platform and focus on client success have resonated with advisors across the Los Angeles market this year.
The move comes as Wells Fargo Advisors continues to attract experienced teams from rival firms.
Last month, the company brought on the Kang, Dime, Tran, Osborne Group, a four-person team from Merrill Lynch with nearly $1 billion in combined assets and liabilities, to its Bellevue, Washington office. That group, which includes Hyeon Kang, Larry Dime, Joe Osborne, and Hung Tran, brings a collective 75 years of experience in wealth management.
Wells Fargo Advisors has emphasized its ongoing efforts to strengthen its private client group and expand its reach among high-net-worth and ultra-high-net-worth clients. Frank Correale, northwest market leader, said the recent hires reflect the firm’s “deep capabilities in serving high-net-worth and ultra-high-net-worth clients, as well as our strong in-market expertise.”
The company also revealed last month that its compensation structure for financial advisors will remain largely unchanged in 2026, though it also teased additional new features such as a recurring trail payout on checking account balances.
For its part, Merrill recently announced another advisor hire on the East Coast, welcoming Chris Pareres from JPMorgan, where he generated $1.6 million in production as an executive director and private client advisor. He brings 14 years of industry experience and $286 million in client assets to the Morristown-Short Hills Market, which is led by senior market executive Paul Santucci and associate resident Director Matt LaPera.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
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