To The Moon

Wells Fargo's advisory division has recently recruited an eight-member team from Morgan Stanley that manages nearly $1.5 billion in client assets, marking the third billion-dollar team the bank has attracted in the past week. The group, led by brothers Stephen, David, and Patrick Bartoli, has officially joined Wells Fargo’s advisory unit. The team also includes advisors Craig McLean and William Duval, along with three support staff. Previously known as the Bartoli Private Wealth Management Group at Morgan Stanley’s Lemoyne office, the team managed approximately $1.5 billion in assets and generated annual revenue of about $9.1 million. Ken Terranova, head of the Greater Pennsylvania market for Wells Fargo, stated that the Bartoli team was drawn to the bank’s platform, which combines institutional-level scale with local support. In a statement, he noted that joining Wells Fargo’s advisory division would enable the team to collaborate closely with the firm’s various specialized units. The Bartoli brothers are long-time Morgan Stanley employees, with Stephen and David joining in 1999 and 2000, respectively, and Patrick in 2013. McLean has spent his entire 43-year career at Morgan Stanley and its predecessor companies. This recruitment is the latest example of Wells Fargo’s recent efforts to attract top advisory teams. Earlier, the bank recruited the Taylor Group from Morgan Stanley, which manages nearly $6 billion in assets, and the AGT Private Wealth Group from Texas, overseeing more than $1.6 billion. Industry observers note that Wells Fargo is attracting high-end teams by offering highly competitive signing bonuses.