Snowden Snags Wells Fargo Int’l Broker Managing $360 Million in Miami
A Miami-area broker who worked with Latin American clients at Wells Fargo Advisors has left in the wake of the wirehouse’s announcement in January that it will cease serving international wealth management accounts.
The team, which managed $360 million in assets at Wells, serves a client base split roughly 50-50 between domestic and international clients, Ureña said. The majority of the team’s assets come from Latin America–including the Domican Republic, Mexico, Brazil and Trinidad–with additional clients in Europe and Israel, he added.
Wells Fargo said in January that brokers who derived more than 40% of their revenue from international clients would have to leave the firm in coming months, sources said previously. It is accelerating vesting of deferred compensation, forgiving promissory notes and delaying calling on the brokers’ customers after they leave as a concession, the people said.
Ureña, who had joined Wells Fargo in 2006 and has 20 years of industry experience, acknowledged that was a factor in his decision but did not comment on specifics about his practice or concessions he received from Wells.
A spokeswoman for Wells Fargo confirmed the departure but declined to comment further.
Ureña said in an email that he was familiar with Snowden and knew its senior leaders, and that he was enticed by “the right mix of independent boutique feel, while still being part of something bigger than just my practice.”
The broker moved along with analyst Johanna Haza and senior operations associate Omar Macias. Additionally, a second advisor, Huston Lorenzo is joining up with the team from Axio Financial, a New York broker-dealer that says it specializes in structured product sales.
Ureña began his brokerage career in 2001 at Lehman Brothers’ Private Investment Management Division, serving international high net worth and institutional clients, according to the Snowden announcement and his BrokerCheck. From 1993 to 1999, he served as a diplomat working in Brazil, Argentina, Chile, and Caribbean for the U.S. Department of State, his LinkedIn profile says.
Lorenzo, whose career began at Fidelity Brokerage Services in 2016, joins after two years at Axio, which he left on February 22, his BrokerCheck says.
Snowden Lane, which is based in New York and serves around $7 billion in client assets, was founded in 2011 by ex-Merrill Lynch Wealth Management executives Lyle LaMothe, Rob Mooney and Greg Franks. With the addition of Ureña’s team, it now has 21 advisors serving international clients.
Snowden has 55 total advisors spread across 12 offices, a spokesman said.