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Technology > Investment Platforms > Turnkey Asset Management

Wells Fargo adds 11 California reps with $1B in AUM

By Janet Levaux

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Wells Fargo Advisors (WFC) has added 11 advisors in California with over $1 billion in client assets from rival wirehouse firms, while the business unit hired a new head of communications this week. Meanwhile in the independent space, key appointments have been made in recruiting and portfolio management.

Joining Wells Fargo in Seal Beach are both the Harmon Group and MDC Group, which include a total of four advisors who formerly worked for UBS Financial Services (UBS).

The Harmon Group is led by advisor Teresa Harmon, who has managed more than $244 million in client assets and has more than 30 years of industry experience. The MDC Group, includes Jose Moreno, Michael Dye and Oliver Cervantes, who have a total of more than 40 years of work in the business and have managed more than $479 million in combined client assets.

In nearby Irvine, Robert Rotstan and James Vale moved to Wells Fargo’s independent channel (FiNet) from UBS with roughly $95 million in assets. They joined the Bennett Greco Group with a total of 50-plus years of industry experience, bringing the total number of reps in the practice to eight.

Kate Lunn and Elise Kausen are now part of WFA in Fresno, after moving from UBS with some $141 million in client assets. The two advisors have about 20 years of work in the business.

In San Francisco, Bruce Lin, Michael Hartmeyer and Patrick Chan moved to WFA from Bank of America-Merrill Lynch (BAC), where they managed more than $142 million in combined client assets. They bring 37 years of combined industry experience to WFA.

New Exec

Wells Fargo Advisors appointed Jack Grone to the post of director of communications on Tuesday. Grone most recently served as a director of corporate communications for Credit Suisse in New York. Previously, he was a news editor and senior reporter for Dow Jones in London and Budapest. 

“Jack’s extensive experience as a communicator and leader in the financial services industry will serve our firm well,” said Wells Fargo Advisors President Mary Mack, in a press release. “I look forward to having the benefit of his talent and counsel as we work to share the Wells Fargo Advisors’ story with our team members and the public and enhance our hard earned reputation for service to clients.”

WFA says Grone has relocated from New York to St. Louis, hi hometown.

Independent Firms

Independent Financial Partners, a hybrid RIA affiliated with LPL Financial (LPLA), has hired Louis Hanna, as its recruiting director.

“We plan to significantly increase our recruiting efforts throughout the remainder of this year and into 2015,” said William Hamm, Jr., CEO of the RIA, in a statement. “Much of our focus will be on continuing to grow IFP’s hybrid RIA platform, which means servicing and supporting existing IFP advisors as well as recruiting and attracting new advisors from wirehouses, regional and independent broker-dealers, and small to mid-size RIA firms.

Hanna arrives at IFP with 25 years of industry experience, including senior-level positions with Conduit Advisors, ING Furman Selz, Corigin Holdings, Paradigm Multi-Strategy Funds and American Independence Funds.

IFP says the new executive will be responsible for recruiting financial advisors and advisor teams from wirehouses, and regional and independent broker-dealers. He will also help identify RIA acquisition and tuck-in opportunities with small to mid-size RIAs.

The RIA adds that it is “gearing up to focus heavily on advisors and firms managing between $50 million and $250 million in assets under management.”

“I am excited and honored to be able to work closely with Bill and the IFP team to attract advisors and advisory groups seeking a high-touch, boutique-style, multi-custodial hybrid RIA partner to grow their businesses,” said Hanna, in a press release.

IFP added some 50 advisors to its network last year and has 500-plus reps with some $5.2 billion in total client assets under management and $30 billion in client assets under advisement.

Miracle Mile Advisors of Los Angeles said Wednesday that it recruited Carl Aschenbrenner to join it as a portfolio manager.

Prior to Miracle Mile, Carl served as an investment professional with the independent investment management firm Stonebridge Capital Management.

“Carl’s analytical skills and finely tuned knowledge of the markets will strengthen Miracle Mile’s Investment Committee. His background in asset allocation and macro research will enhance the overall construction of our ETF-based portfolios. We are very excited to welcome him to the team,” said Brock Moseley, a founding partner of Miracle Mile in a statement. 

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