By Kenneth Corbin
Wells Fargo Advisors has recruited a large investment advisory team away from rival UBS, where it managed $6.3 billion in client assets. Hingham Street Partners joined the Boston office of Wells Fargo's Private Client Group on Dec. 2.
The Hingham Street team has a staff of 16 advisors and 16 support staff, and boasted annual revenue of $38.5 million at UBS, which declined to comment on the move. The support staff includes five dedicated financial planners.
Hingham Street, founded in 2012 by Peter Landry, Lawrence DePaulis, and Timothy Fortune, ranked No. 81 on Barron's 2025 ranking of the top private wealth management teams in the country. Landry began his career in 1998 with Merrill Lynch, moving to UBS in 2006. DePaulis started with Merrill Lynch in 2004 and had a brief stint with Athena Capital Advisors before joining UBS in 2008. Fortune also broke into the industry with Merrill Lynch with a brief stint from 2000 to 2001 when he joined Citigroup, and then moved to UBS in 2009.
The team is based in Boston and maintains offices in Connecticut, Florida, and Tennessee, and primarily works with multigenerational families and ultrahigh-net-worth clients. Wells Fargo says the average industry tenure of Hingham Street's advisors is more than 26 years.
"We're excited to welcome Hingham Street Partners to Wells Fargo Advisors," says Timothy Grumley, Wells Fargo's market leader for New England and upstate New York. "Their multigenerational approach and commitment to personalized service align perfectly with our mission to empower advisors and deliver exceptional experiences."
The move follows a series of large advisory teams departing from UBS for rival firms. In October, UBS reported a drop in its advisor head count following a change to its compensation grid that reduced payouts for some advisors.
Barry Sommers, CEO of wealth and investment management at Wells Fargo, says the move reflects the success of the wealth apparatus his firm has been building, which draws on the resources of its banking operation.
"We built a comprehensive platform designed for large, growing teams -- combining robust technology, deep lending capabilities, and a full-service wealth offering," he says. "That investment is paying off: momentum is strong, and we continue to attract elite advisor groups who want scale, flexibility, and the resources to elevate their business."
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
December 03, 2025 15:59 ET (20:59 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments