At least five brokers in four states have migrated to Wells in recent weeks as it bulks up deals to replenish its salesforce.
A small group of retirees paid a combined $6.2 million last year for stakes in a fancy event-rental space in Carmel, Indiana, expecting it would generate double-digit returns and qualify them for a tax break used by thousands of Americans to defer capital gains on real estate.
Advisors who oversaw about $800 million for 225 families joined Sanctuary Wealth, founded last year a former Merrill regional manager.
Don Gorsch, a 25-year UBS vet, walked out of the southern California branch he has managed for 21 years last week.
Top Stories of the Week: Morgan Stanley, Merrill Execs Outline Strategy, Dynasty Offers ‘Forgivable’ Loan, and More
Most popular stories from June 9 to June 15.