A three-person advisory team managing nearly $1.8 billion in managed assets is joining Wells Fargo’s independent financial advisor network from Morgan Stanley, the wirehouse announced Friday.
The Chicago-based Frank Devincentis, Craig Eyler and Molly Girard are joining Wells Fargo Financial Network (FiNet) under the firm name Verismo Financial. The trio is being joined by the support team Jennifer Huns, Scott Tucker, Yaelle Kimmelman, Tracy Weidman, Tess Kearns and Sophie Spence.
“It’s always been a dream of ours to open our own business and after many years working for a large organization, we recognized that going independent was the best way to truly serve our clients,” Devincentis said.
Devincentis joined the industry in 2004 with Citigroup before linking up with Morgan Stanley in 2009, according to SEC records. Eyler joined Citigroup in 2001 before traveling with Devincentis to Morgan Stnaley several years later, while Girard joined Morgan Stanley in 2021, according to SEC records.
Wells Fargo FiNet Illinois Market Leader Jennifer Johnson said in a statement she was “thrilled” the trio was joining the wirehouse’s indie channel.
“They operate like a family, centering each discussion around how to ensure their clients and team are taken care of while building a business they can be proud of,” she said.
Earlier this year, Wells Fargo promoted Erik Karanik to the newly created role of head of independent solutions for the firm’s Wealth and Investment Management business. He’s focusing on growth initiatives across FiNet, the firm’s IBD, and First Clearing, Wells Fargo’s clearing and custody unit.
Karanik has been with the firm since the 1990s, and John Tyers, the head of the independent advisor group and FiNet’s president, is reporting to him. As of the end of 2022, Wells had a total advisor headcount of 12,027, although the wirehouse is no longer reporting that number.