Report: Wells Fargo Adds $625M NJ Teams from UBS Wealth management

Wells Fargo has recruited two Paramus, NJ-based advisory teams from UBS, where they managed a combined $625M in client assets and generated $5M in annual revenue, according to a December 17 report from AdvisorHub.

A Wells spokesperson confirmed for the publication that it has recruited a team led by Stephen R. Laddy and John K. Serocke with $354M in assets and $3.65M in annual revenue as a part of Axis Wealth Management. The team officially joined Wells on December 10.

Separately, BDC Wealth Management led by Thomas Bishop joined the firm as well. The team managed $270M in client assets with $1.7M in annual revenue. Both teams will be reporting to Paramus branch manager William P. George, Jr.

It is the second $625M AUM swoop for Wells in the month of December, with Dakota previously reporting on the firm’s recruitment of former California-based Morgan Stanley and LPL advisors with a combined $625M in AUM and $6M in annual revenue.

Written By: Dakota

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