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Wells Fargo’s indie channel plucks 2 advisors from rivals

Wells Fargo Advisors Financial Network is adding to its advisor ranks this summer.

The firm added two veteran advisors with $165 million in combined client assets. They join from Stifel Financial and Merrill Lynch.

The newest additions come on the heels of two wirehouse teams with nearly $400 million in AUM joining FiNet earlier this month.

Wells Fargo people walking by Bloomberg News

Since the beginning of the year, FiNet has added 87 financial advisors who managed $11.5 billion in assets, according to the company. The IBD's total headcount and AUM is 1,311 advisors and $114.5 billion.

Wells Fargo’s independent channel was founded in 2001 and accounts for a little over 7% of the bank’s $1.6 trillion in client assets.

Wells Fargo Advisor Financial Network Rochester New York Ives Parks Investments

Joining from Stifel is Beverly Bishop, who managed $100 million under the St. Louis-based regional broker-dealer. He opened a practice in Madison, Mississippi, a spokesman for FiNet announced.

Bishop has 25 years of experience and previously worked at Morgan Stanley before joining Stifel in 2010, according to FINRA BrokerCheck records.

A spokesman for Stifel declined to comment.

FiNet’s other newest recruit is Eric Britt from Merrill Lynch, where he managed $65 million in client assets. Britt has been in the industry for 12 years, all spent at the wirehouse, according to BrokerCheck. Britt opened his independent practice, Ives Parks Investments, in Rochester, New York.

Merrill Lynch did not respond for comment.

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