Worcester, Mass.-based financial advisors Sarah Berry and Michael Machnowski have transitioned from the Wells Fargo employee channel to its independent channel as The Berry Group, according to a news release.

The partners manage $575 million in client assets and bring more than 60 years of combined experience to their new role as founders of their own firm. 

The Berry Group team also includes wealth advisor Oliver Cragan and Senior Client Services Officer Cathy McGinty.

The Berry Group has engaged TradePMR for technology and custodial support. Wells Fargo Clearing Service, LLC will provide securities execution and brokerage clearance services under the trade name First Clearing.

Financial Advisor asked Berry and Machnowski to respond for comment regarding their decision to go independent, while remaining with the same firm to which they first affiliated as employees.

FA: What does Wells Fargo offer its advisors, both as employees and as independents, that you believe is key to helping grow your business?

Berry:  Wells Fargo Advisors has always provided great research and educational tools, ample sources of advice, and people to help with technology and back-office functions. That type of support has helped us have more time to work with our clients and grow our book of business as Wells Fargo Advisors employees. We still have access to all that, (but) we also have new tools and support from TradePMR.

FA: What made you both decide to go independent at this time, while still remaining affiliated with Wells Fargo?

Berry:  When Wells announced the option to go independent with this “smooth support scenario,” we applied immediately.

Machnowski:  We’ve been studying the RIA model for a while now and determined that going independent was the best way for us to build our own culture.

FA:  What changes will the team make as independents that they could not do as employees?

Berry:  Now we’ll be able to hire the way we want; to build our culture the way we want; to use the technology we want; and to serve our clients the way we want.

Machnowski:  We have not tried to grow aggressively the last 10 years, but we will be doing more to get the word out now that we are an independently owned and operated fee-only RIA. We will be adding one to two more staff members to enhance the client experience. In fact, we just received three new client referrals with a combined AUM of $2-3 million. They are as excited that we now have our own fiduciary firm as we are.

Berry:  Everything has gone according to plan. Wells Fargo said they were looking for teams that could be successful under the new independent channel. We are the sixth team of 12 who initially committed to the year one plan to transition with the support of Wells Fargo Advisors, TradePMR and First Clearing. In fact, TradePMR and First Clearing have had teams here with us in Worcester to make the past two days go as smoothly as possible.

Machnowski: We’ll be using their award-winning Fusion Desktop platform and the Earnwise mobile solution. When TradePMR says “white glove service,” they really mean it.

FA:  Who are the clients you serve? Will that change now that your practice has gone independent?

Machnowski:  We serve the mass affluent, (and) we are proud to be generalists.

Berry:  We have a well-diversified book of business. We work with professionals; large extended families, some with complex needs; foundations and non-profits; and retirement plan sponsors.