Wells Fargo has seen the back of yet another advisor as Des Moines, Iowa-based Joel Worsfold exits the wirehouse for Carson Wealth Management, which operates under Cetera Advisor Networks, an independent broker-dealer.
Worsfold was drawn to Carson’s resources, service offerings, technology and “expanded team of professionals,” which includes CFAs, financial planners, legal and tax advisors, compliance services, marketing support, and back-office operations, his new employer said in a statement.
The 50 largest teams and OSJs to change their affiliations show both the threat to incumbent firms posed by RIAs and the scale afforded by acquisitions.
“Carson Wealth was really the only firm that culturally aligned with our mission and purpose for putting our clients at the center of everything we do," Worsfold said in a statement. “We needed a trusted partner that could support us with better technology and a seamless experience, so we could serve our clients in the way we've always wanted."
Worsfold was managing $500 million in assets while with Wells Fargo. The wirehouse declined to comment on his move.
Worsfold joins Carson with a team that will operate as Worsfold Wealth Management. Worsfold will maintain active majority ownership of the firm and will remain as the strategic decision-maker for all business decisions and operations in the Des Moines office, according to the Carson statement.
“Joel and his team have known us for more than a decade, and we couldn't be more excited to add such a well-reputed advisor to our organization," Carson Group founder and CEO Ron Carson said in a statement. "He's making a transformative leap to go independent and truly serve his clients as a fiduciary. We look forward to 2019 together, as Carson Wealth begins a new chapter in Des Moines."
Advisors have been leaving wirehouse firms over the last few years. Many advisors have cited the restrictive nature of the large bank-backed institutions. Also contributing to the Wells Fargo exodus are the numerous scandals that occurred at the firm.
Recently Wells Fargo has lost advisors to
