Wells Fargo Continues Recruiting Success
In another recruiting victory for Wells Fargo, a seven-advisor team has made the move from UBS to join the firm. Snow Pine Private Wealth, previously managing $1.7 billion at UBS, has now joined Wells Fargo in Wayzata, Minnesota, just west of Minneapolis.
Meet the Snow Pine Private Wealth Team
The team at Snow Pine Private Wealth is led by financial advisors Derek Cherne, Keith Burke, Andrew Knutson, Daniel Miller, Dean Breitbach, Peter Knutson, and Clayton Knutsen. They are joined by support staff members Patrick Mulheran, Jacob Johnson, Laurie Knutson, Renee Gubrud, and Kathleen Freiderich. Specializing in working with entrepreneurs and family business owners, the team aims to provide comprehensive financial services to their clients.
Derek Cherne, one of the team leaders, stated, “Our clients include families with sophisticated financial needs, entrepreneurs, and first-generation wealth builders who created something from nothing. They deserve an advisor who can serve them across their entire financial lives, not just one piece of it.”
Joining Wells Fargo Advisors Financial Network
Snow Pine Private Wealth has become part of Wells Fargo Advisors Financial Network (FiNet), the firm’s unit for advisors operating as independent contractors. With approximately 12,000 advisors across all its divisions, Wells Fargo continues to attract top talent from competitors like UBS.
Recent Recruiting Wins from UBS
Wells Fargo’s recent recruiting successes from UBS include:
- Hingham Street Partners, a 16-person team in Boston with $6.3 billion under management and nearly $39 million in annual revenue production at UBS.
- The Frost Saler Coles Wealth Management Group, led by advisors Brad Saler, Steven Kalodner, and Michael Coles, managing $687 million in client assets at UBS in Marlton, New Jersey.
- A three-person team from Huntsville, Alabama, previously managing $480 million at UBS.
UBS has faced challenges with advisor losses following changes to its compensation system in 2024. Despite these changes, UBS reported a relatively stable advisor headcount in its Americas unit. However, the firm continues to see a decline in advisor numbers year over year.
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