$1.8B Morgan Stanley team goes indie with Wells Fargo

Wells Fargo has expanded its indie advisor network in Illinois with the addition of a powerhouse Chicago-based team from Morgan Stanley.

Verismo Financial, which manages nearly $1.8 billion in assets under management is led by financial advisors Frank Devincentis, Craig Eyler, and Molly Girard, who transitioned from Morgan Stanley to Wells Fargo's independent advisor channel, Wells Fargo Financial Network.

Jennifer Johnson, Illinois market leader for Wells Fargo, highlighted the team's client-centric and professional ethos.

“They operate like a family, centering each discussion around how to ensure their clients and team are taken care of while building a business they can be proud of,” she said in a statement Friday. “I’m looking forward to witnessing their continued success as entrepreneurs as they grow their practice with Wells Fargo.”

Devincentis, who brings 20 years of experience to the table, highlighted the team’s desire for more autonomy in serving their clients as a driving factor for the switch.

“It’s always been a dream of ours to open our own business and after many years working for a large organization, we recognized that going independent was the best way to truly serve our clients,” Devincentis said.

Eyler, a 23-year veteran, said Wells Fargo’s "strong understanding of banking, lending, and cyber security" made it an ideal partner for Verismo Financial.

“By integrating Wells Fargo’s extensive capabilities with our innovative approach, we are uniquely positioned to offer even more tailored financial strategies,” he said

Along with Devincentis, Eyler, and Girard, the Verismo Financial team includes support professionals Jennifer Huns, Scott Tucker, Yaelle Kimmelman, Tracy Weidman, Tess Kearns, and Sophie Spence.

Last December, Wells Fargo made a pivotal change in the fee structure of its independent advisor platform, known as FiNet, by removing a $500 million asset cap on its platform fee. That move, the first adjustment in four years, translated to a nominal hike of less than one basis point for heavy-hitting advisor teams, which the firm said would go toward enhancing advisor support.

The firm downplayed the impact of that change at the time, saying most practices will not see a change to their platform fee.

“Consistency in the FiNet pricing schedule is important to us, and the 2024 grid remains unchanged," John Tyers, head of the independent advisor group at the firm, wrote in an email to InvestmentNews. "Our top payout remains 92% of gross production. ... With continued investments in our platform and service offering, our largest practices have been growing at an accelerated pace"

That pledge was solidified more recently, with one industry source telling InvestmentNews of increased support staffing to practices within Wells Fargo's independent advisor channel.

"FiNet has made very noticeable increases in support staffing to practices, adding relationship managers and dedicated recruiters to make these resources readily available," that source shared in July. "Significant effort has been made in recent months with roadshows and virtual meetings to introduce new staff, many of whom have been reallocated from Wells Fargo Advisor's private client group."