ST. LOUIS--(BUSINESS WIRE)--The independent brokerage arm of Wells Fargo & Company (NYSE:WFC) announced that it has attracted its 1,000th financial advisor to the independent brokerage. Wells Fargo Advisors Financial Network, LLC, was established in 2001, and in April the firm also opened its 500th new independent financial practice—in Raleigh/Durham, N.C.
“For a decade we have been helping financial advisors become new business owners, and we are proud of this organic growth,” said John Peluso, president of Wells Fargo Advisors Financial Network. “We work to ‘Simplify Independence’ for those financial advisors who believe they can serve their clients more effectively in an independent model. Introducing our 1,000th advisor and opening our 500th business in the same year is an accomplishment we are proud of.”
Joel Chitiea, formerly of Morgan Stanley/Smith Barney, is the 1,000th financial advisor to become independent. He is part owner of Artiea Capital Management of Westlake Village, Calif., along with Paul Artof, Jason Artof and Richard Stonely. Artiea Capital Management has more than a century of industry experience and administers more than $300 million in client assets nationwide.
The 500th new business opened by Wells Fargo Advisors Financial Network is the RKJ Group LLC of in Raleigh, N.C. RKJ Group is owned by Mike Remedios, senior vice president-investments; Jarrod Keen, second vice president-investments; and Calvin Jones, senior vice president-investments. The team has a combined 64 years of industry experience. RKJ Group administers more than $140 million in client assets nationwide, with many of their clients in North Carolina, California and Virginia.
On average, advisors with Wells Fargo Advisors Financial Network have assets under advisement of $49.8 million. The average industry tenure is 18.2 years.
About Wells Fargo Advisors Financial Network
For nearly a decade, Wells Fargo Advisors Financial Network (WFAFN), the independent investment arm of Wells Fargo & Co, has simplified independence by working with successful advisors and fostering a mutual passion for doing what's right for clients.
An alternative for retail financial advisors who desire to own an independent practice without relinquishing the support of a major financial services firm, Wells Fargo Advisors Financial Network has grown to operate nationwide with nearly 1, 000 owners and advisors, in 500 practices with over $51.3 billion in assets. www.wfafinet.com
About Wells Fargo Advisors
With more than $1.2 trillion in client assets as of July 30, 2011, Wells Fargo’s brokerage businesses comprise 15,194 full-service financial advisors and 3,795 licensed bankers. This vast network of advisors, one of the nation’s largest, serves clients through offices in all 50 states and the District of Columbia. Wells Fargo Advisors is the trade name used by two separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC (members SIPC). Statistics include other broker-dealers of Wells Fargo & Company. www.wellsfargoadvisors.com
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.