Stephen L. Jurist, a seasoned broker from UBS Wealth Management USA, has recently joined Wells Fargo's independent Financial Network (FiNet) practice in Boca Raton, Florida.
Jurist, along with his son Ryan and client associates Eireni Girgis and Cecilia Garcia, has brought his entire team to Wells Fargo. This move is expected to enhance the assets managed by Center Street Capital Advisors, the FiNet practice they have joined. The addition of Jurist Private Wealth could potentially increase Center Street's managed assets by nearly 25%.
Mark Klein, the CEO of Center Street, expressed the firm's commitment to attracting successful advisors and their clients. This recruitment aligns with Wells Fargo's broader initiative to strengthen its independent advisory capabilities.
Jurist's transition to Wells Fargo's FiNet is part of a larger trend where established advisors are seeking more autonomy and flexibility in their practices. Wells Fargo's FiNet has been gaining traction as a viable alternative for advisors looking to break away from traditional wirehouses. The firm has seen a series of high-profile hires, including a $1.8 billion team from Morgan Stanley and a private banker from Bank of America. This trend highlights a growing preference among advisors for independent platforms that offer greater control over their business models and client relationships.
Wells Fargo's strategy to enhance its FiNet platform is a response to the competitive pressures exerted by firms like Morgan Stanley, UBS, and Merrill Lynch. The firm is positioning itself as a formidable player in the wealth management arena, particularly as it seeks to capture a larger share of the market traditionally held by its Wall Street counterparts.
The Jurist family's move to Wells Fargo reflects a broader trend where advisors prioritize independence and the ability to tailor their services to meet client needs.