A $4 billion team has broken away from Wells Fargo Advisors to form Moran Wealth Management.
Based in Naples, Florida, the new registered investment adviser with 36 employees is headed by Tom Moran as chairman, chief executive officer and chief investment officer.
The advisory firm, which has a history dating back more than 30 years, is joining the breakaway trend to “prioritize the needs of our clients and our unwavering standard of excellence," Moran said.
"Embarking on this entrepreneurial journey is a critical step towards achieving our long-term vision as a true fiduciary for our clients," he said.
David DeVoe, founder and chief executive of DeVoe & Co., said the move makes sense because “the independent wealth management model continues to be a beacon for brokers who want to best support their clients.”
“This major breakaway is another example of the migration toward the white-cowboy-hat model,” he added. “The $4 billion in scale right out of the gate and expanded pool of shareholders bodes well for the firm’s future.”
Donald Drury, president of the newly minted RIA, echoed the sentiment that acting in the best interests of clients was a driving force behind the decision to break away from the wirehouse channel.
“The extensive capabilities of our team are rooted in the expertise of its founding partners and its associates,” Drury said. “As a result, the MWM team has a keen focus on client experience, balanced by a combination of cutting-edge technology and financial planning solutions, and deep expertise."
As an independent RIA, Moran Wealth Management has established a custody relationship with BNY Mellon’s Pershing.
"Becoming an independent RIA is a major milestone for an advisory firm that signifies long-term strategic vision and the capacity for growth," said Sean Keenan, co-head of business development for wealth solutions at BNY Mellon’s Pershing.
"We are proud to support Moran Wealth Management as they take this important step in their journey to independence," Keenan said.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
