Wells Fargo Advisors landed a big team from Morgan Stanley, augmenting its ongoing recruiting efforts.
The Alpert-Kaufman Group managed approximately $725 million in client assets and had $3.9 million in production at Morgan Stanley, according to its new employer. The team consists of co-managing directors Stan Alpert and Gregg Kaufman and senior registered client associates Jennifer Hopkins and Irene Warner.
The advisors are based in Short Hills, New Jersey, and made the move Feb. 19.
Alterations include higher hurdles for cash pay, a grid stretch for deferred compensation and new bonuses.
Alpert is an industry veteran, having got his start at Merrill Lynch in 1978, according to FINRA BrokerCheck records. He moved to Morgan Stanley in 2008.
Kaufman started his career at Merrill Lynch in 1997 and also transitioned to Morgan Stanley in 2008.
A Morgan Stanley spokeswoman confirmed the team’s departure, but declined to comment further.
Wells Fargo’s advisor headcount has been trending downward in recent years even as the firm has stepped up recruiting efforts. Wells Fargo reported that it had 13,513 advisors at the end of the fourth quarter, down from 13,793 for the third quarter and from 14,414 for the year-ago period. Despite the smaller advisor ranks, client assets at the wirehouse rose 6% year-over-year to $2 trillion.
