Wells Fargo Advisors Financial Network LLC (FiNet) has recruited 11 financial advisors and almost $1 billion in new assets under management in 2017, the firm announced Monday.
FiNet’s new financial advisors had brought with them $919,284,274 in assets under management (as of July 2017).
Still, FiNet, the independent brokerage extension of Wells Fargo & Co, doesn’t expect to reach the record-setting figures it saw in 2016—when it recruited $10.5 billion in AUM, since this year has been a little slower than usual. “It’s been a tough year in terms of recruiting,” said FiNet president Kent Christian.
However, the firm saw improvements in the middle of the year, he said, and it’s a continuing trend that advisors are looking to set up their own businesses, something FiNet helps them do.
The 11 financial advisors left wirehouses like Morgan Stanley, Merrill Lynch, Edward Jones and UBS.
Alex David, the managing director of Wells Fargo FiNet, believes one of the contributing factors to the migrations were concerns about how the Department of Labor’s fiduciary rule will be implemented in their firms. But David said that the new recruits are also attracted to the firm’s core values.
“We really pride ourselves on helping our advisors grow,” said David. FiNet offers financial advisors recruiting tools, technology platforms and support in starting or purchasing a new business. It has 1,404 owners and advisors in 660 practices with $95.3 billion in client assets.