$1B team defection from Wells Fargo is big win for indie firm

Register now

A team responsible for $1 billion in client assets quit Wells Fargo to join a smaller rival, making them the latest in a series of departures from the bank.

Jackie Lewis and Ryan Goldenhar joined AdvicePeriod, an independent firm with more than two dozen advisors operating in 13 offices, according to the company. Lewis and Goldenhar are based in a new San Diego office. In a statement, they cited AdvicePeriod’s resources as reasons for making the move.

Lewis and Goldenhar had worked at Wells Fargo’s private bank as a financial advisor and investment strategist since 2004 and 2006, respectively, according to their LinkedIn profiles and BrokerCheck records.

Headquartered in Los Angeles, AdvicePeriod has more than $2.2 billion in assets under management, according to SEC filings.

A Wells Fargo spokeswoman declined to comment on the team's departure.

The firm has suffered from advisor attrition in the past two years, a time in which the bank has also been rocked by a phony accounts scandal and other regulatory issues. Wells Fargo’s advisor ranks declined to 13,968 for the fourth quarter from 14,544 for the year-ago period, a 4% decline, or a net drop of 576 brokers.

Some of the decline represents retirements and deaths. But many advisors have left for competitors, primarily regional broker-dealers and independent firms, citing what they say are the greater flexibility those business models offer.

For reprint and licensing requests for this article, click here.
Recruiting Going independent RIAs Private banks Wells Fargo Wells Fargo Advisors AdvicePeriod