Wells Fargo Advisors Financial Network announced Tuesday it added three financial practices in Bakersfield, Calif., and Salt Lake City, as it continues its rapid expansion.
The three practices, which have a combined $673 million in assets under management, are now among the more than 540 practices nationally with the independent brokerage arm of Wells Fargo & Co.
Foundation Wealth Management in Bakersfield is comprised of four financial advisors, Alan Larsen, John Rodgers, Lance MacKall and Rick Yanez, who have $229 million of assets under management. The four have nearly 70 years of combined experience. Larsen and Rodgers joined Wells Fargo Financial Network from UBS while MacKall and Yanez joined from Chase Bank.
In Salt Lake City, Wells Fargo added the Hopkins, Romano & Collard Group, which consists of three financial advisors, Mike Hopkins, Richard Romano and Brian Collard, with 46 years of combined experience in the financial services industry and nearly $295 million in combined assets under management. They joined Wells Fargo Advisors Financial Network from Morgan Stanley Smith Barney.
Also in Salt Lake City, Well Fargo added Bret Yeargin and Tyler Lamprecht of Shoreline Wealth Management. The two, with $150 million in assets under management, have more than 25 years of combined experience. Before joining Wells Fargo Advisors Financial Network, Yeargin and Lamprecht worked for Morgan Stanley Smith Barney.
"These new advisors and businesses reflect the shift that large practices are making toward our one-of-a-kind independent business model, which offers financial advisors large-scale resources to serve their clients' needs and the autonomy to be small business owners with branding flexibility," said Kent Christian, president of Wells Fargo Advisors Financial Network.
Since it was launched in 2001, Wells Fargo Advisors Financial Network has experienced double-digit annual growth. In 2011, client assets under management increased 18% to $55.5 billion.