$4B Boutique Advisor Team Ditches Wells Fargo

By Jeff Berman

News August 23, 2022 at 11:04 AM

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A Naples, Florida-based boutique financial advisory team with over $4 billion of assets under management has broken away from Wells Fargo to become an independent RIA that provides comprehensive investment services for its clients via personalized and customizable strategies.

Moran Wealth Management has selected BNY Mellon's Pershing as its custodian, MWM said Tuesday. Pershing has over $2 trillion in global client assets, while parent BNY Mellon had $1.9 trillion in AUM and $43 trillion in assets under custody and/or administration as of June 30.

"The relationship with Pershing transpired following extensive research into their track record of strength and stability," MWM said in a statement.

MWM was founded in 1990 by Tom Moran, who serves as its CEO, chairman and chief investment officer. The company has a fast-growing team of more than 36 employees, 10 of them advisors, he told ThinkAdvisor. Many of the employees are equity partners, MWM said.

"We serve a diverse group of high and ultra-high net worth clientele including individuals, families, and institutions," Moran said.

Moran was a registered broker and advisor rep for Wells Fargo since 2003, according to his report on the Financial Industry Regulatory Authority's BrokerCheck website. Wells Fargo declined to comment on losing MWM.

"As an independent RIA, we can prioritize the needs of our clients and our unwavering standard of excellence," Moran said in a statement. "Embarking on this entrepreneurial journey is a critical step towards achieving our long-term vision as a true fiduciary for our clients."

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