Advisers from Morgan Stanley and Merrill Lynch have recently joined Wells Fargo & Co., according to FinancialPlanning and AdvisorHub.
Wells Fargo's independent broker/dealer hired a Merrill Lynch team led by Sue Tompkins, which managed $250 million in assets, and Douglas Ward and James Lugo, which managed $144 million in client assets at Morgan Stanley, FinancialPlanning reported. The two teams went independent with Wells Fargo, with Tompkins' team joining Warren Capital Management in Vero Beach, Fla., and Ward and Lugo moving to Hackensack Wealth Management in New Jersey, according to the news outlet.
Tompkins was with Merrill Lynch Pierce Fenner & Smith Inc. from 2009 to 2019, while Ward and Lugo were with Morgan Stanley during those same years, according to their respective FINRA BrokerCheck profiles. The three advisers are now with Wells Fargo Advisors Financial Network LLC.
Wells Fargo Advisors also hired Sean Lewis, a broker who generated around $1.8 million in yearly revenue, from Morgan Stanley, AdvisorHub reported, citing three sources. A source familiar with the move said Lewis was under pressure to diversify clients' portfolios. Another source told AdvisorHub he primarily invests clients' money in alternative investments, like private equity funds and fund of funds.
Lewis was with Morgan Stanley for eight years and is now with Wells Fargo Clearing Services LLC, according to his BrokerCheck profile.