Wells Fargo Lures $3.9-Mln N.J. Team from Morgan Stanley
Wells Fargo Advisors on Friday reeled in a four-person team in Short Hills, New Jersey, that had been servicing $725 million in assets at Morgan Stanley.
A spokeswoman at Morgan Stanley confirmed the move but declined to comment further. Neither Alpert nor Kaufman could be reached for comment.
Alpert, a Forbes Best-In-State wealth advisor for the past two years, began his brokerage career at Merrill Lynch in 1977 and joined Morgan Stanley in 2008, according to his former firm bio and BrokerCheck report.
Kaufman, a Forbes Best-In-State wealth advisor from 2018 to 2020, started his career with Merrill Lynch in 1997 and joined Morgan Stanley in 2008, according to his former bio and BrokerCheck.
Wells ended the year with 13,513 brokers, down 6% from a year earlier. The exact number of net departures is unclear since the total includes about 900 “financial and wealth advisors” from outside the core private client brokerage group that were combined as a result of a restructuring.
Wells has battled to stave off broker attrition since the 2016 disclosure of its fake account scandal, which was followed by the departure of thousands of advisors in the years since. The company has hiked hiring bonuses and payments to headhunters in hopes of replenishing its forces.