Wells Fargo Advisors in June landed two teams from UBS Wealth Management USA and one from Merrill Lynch that collectively produced almost $5.2 million in annual revenue and managed $923 million in client assets, according to a Wells spokesperson.
Two of the three hires joined Wells� independent Financial Network channel, which the wirehouse has been focusing on as a way to expand its recruiting pool and retain brokers who otherwise would have left. They underscore how Wells� focus on recruiting and retention has been paying off and come as parent bank CEO Charlie Scharf said on Friday how that would help drive growth at the wealth division.
�We have substantially improved advisor retention and have increased the focus on serving independent advisors and our Consumer Banking clients, which should ultimately help drive growth,� Scharf said on the company�s earnings call.
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