&Partners, a St. Louis-based hybrid broker/dealer launched by David Kowach, the former president and CEO of Wells Fargo Advisors, has recruited a Kilmarnock, Va.-based team with $277 million in pre-transition assets under management.
The Broadcloth Wealth team is led by David Nickel, who previously worked for Wells Fargo Advisors for 34 years. He’s joined by Wendy Galleher, practice director, partner, who was with Wells Fargo for 15 years prior to moving to &Partners.
Broadcloth focuses on young investors, retirees and pre-retirees, and multi-generational families.
This follows news last week that &Partners added a Torrance, Calif., team led by advisors Paul Zambriski and Tyler Polson, with pre-transition AUM of $300 million, from Wells Fargo. They also recruited Craiger Wealth Management, a husband-and-wife team in Plainfield, Ind., with a pre-transition AUM of $165 million, from Edward Jones.
The hybrid broker/dealer has been on a recruiting streak this summer, adding advisors from Kowach’s former firm, Commonwealth Financial Network and Edward Jones. As of July 31, the firm had over 87 advisor teams and $35.7 billion in client assets.
Kowach and co-founders Kristi Mitchem and John Alexander have aggressive growth plans for the next three years, with a target of 150 teams, $120 billion in assets and $800 million in revenue.
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