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]

Core Viewpoint - Wells Fargo Advisors is launching a newly designed fee-only RIA custody platform, which will initially be seeded by a few firms from its Financial Advisor Network, with a broader market launch planned for 2027 [1][2]. Group 1: RIA Platform Development - The fee-only RIA channel at Wells Fargo has expanded to several dozen firms over the years, with a new custodial tech stack being developed to onboard existing advisors seeking a fee-only model [2]. - The revamped RIA program will provide comprehensive services including due diligence, client transitions, operational support, relationship management, and technology integration, leveraging the full capabilities of the Wells platform [3]. Group 2: Leadership and Strategy - Erik Karanik, head of wealth and investment management independent solutions, emphasized the platform's role in cultivating the advisor lifecycle and maintaining an agnostic approach to advisor employment [3]. - The RIA solution was initially launched through the First Clearing division in 2019, and Leeann Markovitz has recently been promoted to lead First Clearing [4]. Group 3: Future Plans and Market Demand - The company plans to integrate some internal practices onto the new platform by the end of the year, with an aim to expand to external practices by 2027, indicating a strong demand for such services [6]. - Karanik noted the importance of testing the platform with existing advisors to ensure robustness before a wider market introduction [6].