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Subscribe to Charlotte Business Journal Charlotte > Print Edition > Industries > Banking & Financial Services Friday, October 16, 2009





Questions follow wealth advisers’ move from Wells FargoCharlotte



Business Journal - by Adam O’Daniel Staff writer



Local wealth-management powerhouse The Jones-Blair Group has split from Wells Fargo Advisors and joined a rival firm amid allegations that its principals, Robert Jones and Michael Blair, didn’t follow the bank’s policies, the Charlotte Business Journal has learned.



Jones also faces an investor dispute accusing him of misconduct.



But the brokers’ new boss says he’s “100% comfortable” with the team joining his firm.



Jones and Blair joined Raleigh-based CapTrust Financial Advisors this week, dropping their longtime affiliation with Wells Fargo Advisors (formerly known as Wachovia Securities). Charlotte’s investment community was buzzing this week with questions about why a seasoned team of billion-dollar wealth managers would jump ship after decades with the same firm.

Heard these guys were squeaky clean. Typical stuff from a wirehouse. They tell us that we own the clients relationship. But when we leave they bad mouth us and spread maliciuos rumors.

[quote=GnarlyVeteran]Heard these guys were squeaky clean. Typical stuff from a wirehouse. They tell us that we own the clients relationship. But when we leave they bad mouth us and spread maliciuos rumors. [/quote]

The rumor was out before they left. We will see how it plays out.