$1B Wells Fargo Team Shifts to Seventy2 Capital

Seventy2 Capital, within Wells Fargo, has welcomed its largest team from Wells Fargo’s Wealth Brokerage Services. The team, based in Red Bank, New Jersey, manages approximately $1 billion in assets. 

This move marked the establishment of Seventy2's first office in New Jersey. The team is spearheaded by James S. McCarthy, a 27-year industry veteran who spent the last 23 years at Wells Fargo, alongside advisors Alex Eljdid, Joseph Hanney, and three support staff members. McCarthy joins Seventy2 as a Senior Managing Director, and holds CIMA and CRC designations. 

McCarthy had considered going independent but chose to transition to FiNet within Wells Fargo, showing a blend of independence and loyalty to the company. McCarthy selected Seventy2 for the support in asset management, marketing, and compliance it offered, despite the absence of a recruiting bonus for internal transfers. Seventy2 Capital has been attracting transfers from other divisions within the bank's wealth management sector.