Wells Fargo Advisors PCG to FiNet?

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May 20, 2017 9:09 am

I'm looking for information from anyone who has made this move within the last 12 months or so. I'm reluctant to reach out to anyone at FiNet, largely because I don't want to raise any sort of alarm bells. I don't think my partners and I are ready to consider the move right now, so it would be premature to let our managers know we're thinking about it.

Our group manages ~$650mm and our T-12 is ~$2.25mm. We're pretty evenly split between advisory/recurring revenue and transactional fixed income business. We do have kind of a weird set up though: there are three of us, but we operate out of three different OSJs. The PCG hierarchy doesn't seem to have any trouble with this, so I couldn't imagine FiNet would view it much differently. Additionally, we all have various notes hung around our necks. Mine is a recruiting note from my move to WFA a few years ago. My partner had to buy out our senior partner who retired at the end of last year, so he has that note, in addition to what's left of his 4Front and other retention. In his case, he also has a pretty significant amount of Deferred Comp tied up.

I have a general understanding of the fixed costs paid to Wells under FiNet, but at this point it's too early to even predict what our rent, healthcare, etc. costs would be. We really like the idea of moving to FiNet, but given our notes and a few other funky considerations, how feasible is it for us to make the move? Which of those notes could be refinanced/transferred over in a move, and which ones lock us in place?

For anyone else who made the move, what was your thought process related to potentially leaving a lot of deferred comp behind?

Thanks in advance for any feedback.