Wells Fargo lured away five advisors who had a combined $277 million in client assets before making the move, the firm said.
Two of the recruits had a combined AUM of $137 million while working for Morgan Stanley, according to Wells. Christopher DeSimio and Deborah Horn joined Wells Fargo Advisors, the firm's employee channel, and will be working from the Kenwood branch in Cincinnati. Both were recruited by Ohio complex manager Mike Quin and will report to branch manager Andrew Moro.
Desimio had Horn had been with Morgan since 2008, and previous to that were with UBS from 2002 to 2008. They both got their starts at E.F. Hutton, Desimio in 1982 and Horn in 1986, according to BrokerCheck.
Morgan Stanley declined to comment on the moves.
Three other advisors who worked with a combined $140 million in client assets went into the independent channel at Wells.
Elaine Elliott, formerly with Merrill Lynch, opened an independent practice, Elliott Financial of Midland, Texas. Elliott managed $80,391,444 in client assets before the move, Wells said. She started her career with Merrill in 2000, according to BrokerCheck.
Eric Miller, working with UBS, also went independent with Wells to start a practice in Bethesda, Md. He had overseen $59,920,569 in client assets, according to the firm. BrokerCheck records show he began his career with Citigroup Global Markets in 1996.
A third advisor, Brian Salcetti, came over to the independent side at Wells from AXA Advisors to start Salcetti Bohlander Wealth Advisors, also of Bethesda. Salcetti has 10 years experience in the industry, according to BrokerCheck.
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