Wells Fargo Loses Financial Advisor Team

Investment Consulting Group, a team of six financial advisors managing over $600 million in client assets, has made the decision to leave Wells Fargo and become independent. They have chosen to affiliate with Osaic, the advisor platform formed from the consolidation of Advisor Group’s eight brokers earlier this year.

Wells Fargo declined to comment on the departure.

The Investment Consulting Group decided to break away from Wells Fargo in search of a more open operating environment and better support for their clients. According to Managing Director Jason Franklin, they were attracted to Osaic due to its open architecture and growth-oriented culture.

"We are thrilled about the tools that Osaic provides our team, allowing us to offer our clients an exceptional service experience," says Franklin. "In addition, the dedicated marketing support, practice management solutions, and business-building resources offered by Osaic will facilitate our transition and help us achieve our long-term growth goals."

Advisor Departure Signals Ongoing Trouble for Wells Fargo

As yet another advisor leaves Wells Fargo, the banking giant's struggles persist. Since 2016, Wells Fargo has been plagued by a series of scandals that have damaged its reputation and resulted in a steady decline in advisor headcount. In fact, the company no longer publishes the number of advisors it has in its quarterly earnings reports.

Investment Consulting Group, based in Birmingham, Michigan, is the latest team to depart from Wells Fargo. Led by Franklin and Christopher DeWolfe, both Managing Directors and co-founders of the practice, the team also includes Vice Presidents Judd Allen, Mark Ivanovic, and Spencer Schmale, as well as financial advisor Clay Franklin.

However, this advisor departure signifies a victory for Osaic, a newly rebranded firm that is actively courting advisor teams from large Wall Street players. Osaic promises these teams greater flexibility and support to help them grow their practices.

Greg Cornick, Osaic's President of Advice and Wealth Management, highlights the firm's scale as a major strength. Advisors across the industry are recognizing and appreciating this strength, especially those who are looking to break free from the captive model and become independent. Cornick emphasizes that Osaic has the necessary talent, resources, and track record to assist advisors in elevating their practices to the next level, whether through organic growth or mergers and acquisitions.