Advisors from Wells Fargo have joined a Merrill Lynch team that manages almost $500 million in client assets.

Former Wells senior financial advisors Bob Krumholz and Becca Siegel this week joined Merrill Lynch Wealth Management Advisor Emily O’Connell and her team to form the OAKS Wealth Management Group based in Austin, Texas. Also joining the team from Wells are investment analyst Jennifer Kim and registered senior client associate, McGee Jacobson.

Krumholz and Siegel had worked with a third partner, Morris Gottesman, who left Wells for RIA U.S. Capital in Houston, earlier this year.

Before departing Wells, Krumholz and Siegel were managing $270 million in client assets, according to Merrill. The O’Connell team, meanwhile, had been responsible for $211 million in client assets and almost $1.4 million in production, the wirehouse reported. The new recruits will report to Market Executive Tim Gillespie.

Collectively, the team now has more than $481 million in client assets with a combined $3.2 million in production.

“Bob and Becca have clearly demonstrated success in the marketplace, based on their focus of understanding the goals of their clients and their deep commitment to the community through their involvement with local organizations,” Gillespie said.

A Wells Fargo spokeswoman could not immediately confirm the moves.

Krumholz began his career in 1988 at Lehman Brothers, according to FINRA BrokerCheck records. He worked for Salomon Smith Barney and Prudential Securities before landing at Wells in 2003.

Siegel entered the financial services industry in 1995. She had been with Wells since 2007, according to BrokerCheck. O’Connell has been in the industry since 1993 and with Merrill since 2001.

This is a turnabout for Merrill, which earlier this month lost a $7.8 million team to UBS. Merrill’s Melissa Corrado-Harrison, Greg Richardson and Ronald Kemp joined UBS’ private wealth management division in Denver.

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