Sarah Berry and Michael Machnowski, two veteran brokers who managed $575 million with Wells Fargo Advisors, are leaving the firm to open The Berry Group, a fee-only registered investment advisers in Worcester, Mass.
[
More: See more adviser moves in InvestmentNews' Advisers on the Move database.]
The Berry Group is utilizing the RIA channel Wells Fargo Advisors launched in January. TradePMR,
which partnered with Wells Fargo to help wirehouse brokers transition to RIAs, will provide technology and custodial support.
First Clearing, a Wells Fargo subsidiary for RIAs, will handle The Berry Group's securities execution and brokerage clearing.
[More: The RIA space is hot, and brokers are on the move]
In a statement, Mr. Machnowski credited the partnership of TradePMR and First Clearing with providing a painless transition for clients.
"Clients were able to seamlessly transition to our new RIA firm with only a few signatures," Mr. Machnowski said. "Account numbers and standing instructions stayed intact, and they remained in their current positions."
Ms. Berry and Mr. Machnowski have a combined 60 years of experience in the financial advice industry. The duo is joined by Oliver Cragan, wealth adviser, and Cathy McGinty, senior client service officer.
[More: Wells Fargo rep managing $500 million in Denver joins firm's RIA channel]
As an RIA, the firm will provide clients expanded access to investment solutions and newer technology, which Ms. Berry said will improve how it helps clients reach financial goals.
"We feel this evolution of our business allows us to best serve our clients today and we look forward to serving our clients across the country and the entire Worcester community as an independent wealth management firm," Ms. Berry said in a statement.
[
Recommended video: Financial planning wasn't even a thing 50 years ago]
