Morgan Stanley Group Breaks Away to Partner With Rival

By Janet Levaux

August 25, 2016 at 11:47 AM

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A group of six financial advisors has left a wirehouse to go independent with another wirehouse.

Matt Petersen, Dwayne Michael, Michael Budd, Brian R. Gibson, Randy Gibson and Andy Carrigan left Morgan Stanley recently to join Wells Fargo Advisors Financial Network, the firm's channel for independent reps.

The group plans to do business as Encore Wealth Management in Fresno, California, the largest city in the Central Valley. In total, the veteran advisors have more than 160 years in the business and close to $600 million in client assets.

Michael, for instance, joined Dean Witter Reynolds in 1979; that broker-dealer merged with Morgan Stanley in 1997. Budd had been with Morgan Stanley since 2008, but cut his teeth at Drexel Burnham beginning in 1981.

Peterson started his career at Morgan Stanley Dean Whitter in 2000.

The senior Gibson has been part of Morgan Stanley and its predecessors since 1978, while his son got his start as an advisor at the wirehouse in 2005. Carrigan launched his career with Morgan Stanley in 1994.

Wells Fargo says FiNet includes 1,370 advisors who own their practices in 661 groups nationwide administering more than $90 billion in client assets. The unit is led by Kent Christian.

Earlier this month, the firm said David Kowach is the new head of Wells Fargo Advisors, which includes about 15,000 advisors with some $1.5 trillion in client assets.

Starting in 2012, Kowach worked as head of WFA's Private Client Group, which includes nearly 11,000 registered reps. Earlier, he led WFA's Business Development Group and was responsible for recruitment, retention, growth strategies and national sales.

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