Billion-Dollar-Asset Wells Fargo Advisors Broker Jumps to Independent Firm
Richard Blosser, a top-ranked broker in southern California who joined Wells Fargo Advisors four years ago, quit on Thursday to work at Axxcess Wealth Management, a seven-year-old registered investment advisory firm.Blosser oversaw more than half of the $2 billion of assets that he and former partner Ryan Reeder had been overseeing, according to two people familiar with his practice.
The pair, who teamed up at Wells after leaving UBS Wealth Management’s private wealth unit in late 2015, generated about $10 million in trailing-12-month production, they said.
Blosser, who Forbes ranked as #21 on its 2019 Best-In-State Wealth Advisors list and #169 on its America’s Top 250 Wealth Advisors list, could not be reached for comment on his split or his decision.
Reeder, who remains with Wells and works in Los Angeles and Vero Beach, Florida, did not return a request for comment left with a person answering his phone at the L.A. office.
Wells Fargo Advisors this year set up an RIA joint venture through its First Clearing unit in an attempt to continue servicing brokers yearning for more autonomy or discontented with the firm, and to shore up its ranks. Since its sister bank’s fake account scandal erupted three years ago, Wells Fargo Advisors’ brokerage count has declined by more than 1,000, and the firm has revved up signing bonuses and headhunter fees to replenish its ranks.
Advisor headcount fell by a net 76 in the third quarter, but the decline primarily reflects departures of older advisors who retired and younger ones dropping out of the industry, it said earlier this week. A Wells spokeswoman declined on Friday to comment on Blosser’s departure.
Axxcess, based in Carlsbad, Calif., was managing $778 million of customer assets as of March 2019, according to its most recent ADV regulatory filing. An Axxcess spokesperson did not respond to a request for comment.
Blosser had been a registered rep for 29 years prior to giving up his brokerage license this week. He worked at Morgan Stanley’s private wealth sector in Los Angeles for 16 years before joining UBS’ private wealth group for ultra-high-net-worth investors in 2008 for a seven-year stint, according to his BrokerCheck history and his LinkedIn page.
His exit from Wells follows by three weeks the departure of Pedro J. Marti, another billion-dollar-AUM broker in Wells’ Los Angeles complex. Marti joined Rockefeller Capital Management.
Axxcess Wealth Management has four advisory teams, including Blosser’s newly established Pathfinder Advisors practice, according to a regulatory filing. The firm custodies customer assets with Charles Schwab, Fidelity Investments and its NFS unit, Ameritrade, and Millennium Trust Platforms, the filing said.