Wells Fargo Advisors picked up a team managing $700 million in client assets from Morgan Stanley.
The seven-member team last week joined Wells Fargo in Deerfield, Ill., a suburb of Chicago. They report to branch manager Heather Crist.
The team, known as the Northshore Group, consists of advisors Pat Callaghan, Alan Fishman, Bernard Neuman, Jonathan Neuman, Tom Puccinelli, Stan Slovin and Lisa Su. Also moving with the team are senior registered client associates Irene Kapusciarz and Melissa Vald.
In a statement, Samson said that the group joined the firm because of Wells Fargo's investment offerings and the support that management could provide.
Rob Samson, a managing director and market manager at Wells Fargo, says it's the second largest team that the firm has recruited in that office. Eight years ago, a $2 billion team joined the firm, according to Samson.
Samson says that client response was overwhelming positive, with many clients coming into the office over the weekend to sign papers and see their advisors in their new offices.
"I've never seen that before and I've done 65 of these [onboarding new recruits]," he says.
The group consists mostly of longtime Morgan Stanley advisors.
Bernard Neuman is the veteran of the group, having started his career in 1969 with Freehling & Co., according to FINRA records. Neuman moved to Morgan Stanley in 1999. His son Jonathan joined him at the wirehouse in 2001. Fishman also started his career at the wirehouse the same year.
Callaghan started his career with Morgan in 1998, according to FINRA records. Su had been at the wirehouse since 2004.
Slovin began his career with Harold Pastron in 1987. He actually worked at Morgan twice, from 1999 to 2003 and again from 2008 until last week. In between, he was a financial advisor at UBS. Puccinelli was the last member to join Morgan, in 2008.
Wells Fargo recently reported that profits at its wealth, brokerage and retirement unit grew 5% year-over-year, rising to $514 million for the fourth quarter of 2014. The unit's total client assets rose 4%, increasing to $1.6 trillion.
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