Wells Fargo FiNet Snags $1.7B UBS Team in Minnesota

Group 1 - Wells Fargo Advisors Financial Network has recruited a UBS team managing over $1.7 billion in client assets [1][2] - The eight-advisor team, Snow Pine Private Wealth, focuses on families, entrepreneurs, and first-generation wealth builders [2] - The team is led by Derek Cherne, who has 27 years of experience at UBS, and includes six other advisors [3] Group 2 - This recruitment follows Wells Fargo's significant win in December 2025, where it attracted a UBS team managing $6.3 billion [4] - Earlier in the year, Wells Fargo's FiNet division recruited two Citigroup advisors overseeing $1.2 billion in assets [5] - UBS has been losing advisors, ranking third in advisor attrition, with Bank of America and Osaic leading in losses [6] Group 3 - UBS lost a $1.3 billion team to the RIA sector, with assistance from Elevation Point [7] - UBS executives expect advisor attrition due to compensation changes but anticipate stabilization in the second half of 2026 [8]