Harriet Davies
Editor - Family Wealth Report
23 July 2012
Daily News Analysis
Wells Fargo added five advisor teams to its independent retail brokerage arm in June, boosting the business in New York, New Jersey, Florida, California and Connecticut. The teams manage $1.3 billion in client assets collectively.
In Melville, NY, Steven Dichter and Philip Pappas, who previously worked for Morgan Stanley Smith Barney, have set up their own practice, the Dichter Pappas Wealth Management Group, affiliated with Wells Fargo Advisors Financial Network (FiNet). The group manages $204 million in client assets and generated $1.2 million in annual revenue last year.
In Florham Park, NJ, Jack Wiener and David Hammer have set up Florham Park Wealth Advisors, an independent firm affiliated with FiNet. Wiener was previously an advisor at RBC Wealth Management, while Hammer was with Oppenheimer & Co. The New Jersey practice has $1 million in production and $175 million in assets under management.
In Punta Gorda, FL, advisors Michael Landsberg, Lew Bennett and Anthony Dubbaneh make up Landsberg Bennett Private Wealth Management, a practice with $4.2 million in production and $493 million in assets under management. The team latterly worked at Merrill Lynch.
In Pasadena, CA, Floe Financial Partners has joined FiNet. The team is comprised of Robert Floe, Kenneth Sanchez, Lee Wolfe, and Marjan Neyestani-Khazra, who came from LPL. The practice has $3 million in production and $382 million in assets under management.
In Middletown, CT, Middlesex Wealth Management Group has affiliated with Wells Fargo. The group, made up of Jim Venditti and Jamie Oliver, was previously with CCO Investment Services. It has $1.2 million in production and $109 million in assets under management.
FiNet has experienced double-digit annual growth since its founding in 2001, and last year grew its assets under management by 18 per cent to $52.7 billion, Wells Fargo said.
The brokerage arm is a separate entity from the advisory practices, but partners with owner-advisors to provide them with services. It works with over 1,000 owners and advisors in the US.
