As part of its expansion strategy, the Wells Fargo Advisors Financial Network, the bank’s independent channel, announced it hired two advisors Wednesday.
The company hired two financial advisors from Morgan Stanley Smith Barney for its Dallas office. Valli Kindred and Chad Stephens together manage $170 million, from which they generated $1.7 million in production, according to the company.
Kindred had worked at Morgan Stanley Smith Barney since June 2009, and before that, she spent 11 years at Citigroup Global Markets. Stephens spent seven years at Citi before joining Morgan Stanley.
The Wells Fargo Advisors Financial Network currently has an advisor count of 900, and has increased its fleet by 50% over the last three years, according to Teresa Dougherty, of Wells Fargo’s corporate communications team.
Overall, some 11,000 advisors work in the traditional Wells Fargo Advisors group, according to the company. It’s Financial Network unit, however, operates similarly to traditional independent advisor firms, with small branches manned by just a handful of professionals.