Any experience leaving Wells Fargo FINET for RIA?

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smartwhip's picture
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Joined: 2010-02-11

Wondering if any RIA practices out there have experience in leaving Wells Fargo FINET?  The departure would hopefully be much less anxious and abrupt than from the full service side, and allow for greater planning and seemless transfers I hope?  No lost commissions/fees?  It seems like more and more, the the only way to go is full RIA.  Thanks in advance.

RWM's picture
RWM
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Joined: 2010-06-08

I would contact First Clearing directly.  There is a large team in Charlotte NC that uses First Clearing and Charles Schwab and seams very happy (best of both worlds).  I don't think FINET is set up to go after your clients. They are just park with someone with a series 24 and your clients are eventually reasigned.  I guess it depends on how many FINET offices there is in your immediate region.  In 2009 there are four pilot programs for RIA's between Charles Schwab and FINET.   

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