Wells Fargo’s FiNet Division Adds $1 Billion Team from UBS
Wells Fargo’s division for independent advisors has recently welcomed its fourth team with assets totaling over $1 billion. This 12-person group, previously from UBS, has joined Touchstone Wealth Partners, based in Toledo, Ohio, and Bonita Springs, Florida.
Transition to Wells Fargo Advisors Financial Network
Touchstone Wealth Partners officially registered with Wells Fargo Advisors Financial Network (FiNet) on Friday. At FiNet, advisors operate as independent contractors rather than direct employees. The team had previously overseen $2.1 billion in client assets at UBS.
The team is led by advisors Kenneth Wise, Mitchel Wise, Kenneth Wise II, Kristie Howe, Michael McCullough, Spencer Stone, and Jason (Brad) Tyo. Their move follows three other significant teams with assets exceeding $1 billion that have joined FiNet this year.
Challenges Faced by UBS
UBS, which did not comment for this article, has encountered advisor departures following changes to its broker compensation policies in late 2024. In a recent earnings call in February, UBS reported a 3.3% year-over-year decrease in advisor headcount for its Americas unit, encompassing Canada and Latin America, down to 5,772.
Wells Fargo, on the other hand, has refrained from publicly disclosing its advisor headcount. The last reported figure was approximately 12,000.
Impressions on Touchstone Wealth Partners
FiNet President John Tyers expressed confidence in Touchstone Wealth Partners, stating that they will uphold their distinguished practice of delivering a high-quality client experience while leveraging the resources of Wells Fargo’s private wealth capabilities.
The team members at Touchstone Wealth Partners bring a wealth of experience from various financial institutions, showcasing a strong track record in the industry.
Enhancements to FiNet
Accompanying the team to Wells Fargo’s FiNet are Chief Investment Officer Brad Dobson, senior client relationship managers Alicia Monday and Meranda Parrish, client relationship manager Jaclyn Seemann, and office administrator Heather Patterson.
Overall, this strategic move signifies the continued growth and expansion of Wells Fargo’s FiNet division, solidifying its position as a preferred destination for top-tier advisors and teams in the financial industry.
For more details, you can visit the source here.
