Doug Flaherty
Snowden Lane Partners, a hybrid firm with $3 billion in advisory assets under management, has been slowly chipping away Wells Fargo’s international businesses in Manhattan and Miami.
Six advisor teams have jumped from Wells to Snowden, adding several million dollars to both hubs, said Greg Franks, president and chief operating officer of Snowden Lane.
Initially Wells executives explored the possibility of finding a single firm interested in lifting out the entire international business as a single entity. Insigneo Financial Group, a Miami-based independent broker/dealer, made Wells Fargo Advisors an offer to transition the international accounts of advisors joining Insigneo in one shot. Wells declined Insigneo’s proposal and others like it.
Snowden Lane looks to bring on more advisors fleeing firms that put restrictions on international clients.
Snowden Lane added the Ureña Wealth Management Group to its roster of advisors, pulling the advisors from Wells Fargo, the firm announced Monday. The move comes in the wake of Wells’ announcement that it would jettison its international wealth management business.
Snowden’s latest recruit, Miami-based Ureña Wealth Management, run by Armando Ureña, managed $360 million in client assets at Wells Fargo. Half of it was focused on offshore accounts and international clients, mainly in Latin America.
When Wells Fargo announced in January that it would no longer provide services to clients abroad, Wells’ advisors had to decide whether to part ways with those clients or find a new home. Ureña said he had already been in contact with the leaders of Snowden Lane and was prepared to make the jump.
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