Wells Fargo has been busy recruiting in the wealthy Detroit suburbs -- and one of the teams on the move comes from the independent channel.
Ronald Eppler and Neil Weissman have left Ann Arbor broker Telemus Investment Brokers.
Normally when we report these moves, it isn't material to the firm losing the advisors, but this one puts a full 13% of Telemus's $976 million AUM -- $131 million -- in play if the clients follow.
Eppler had been one incarnation or another of the firm since 1996. Weissman arrived in 2008.
The team has proved itself to be unusually efficient, perhaps because of the hybrid RIA focus of much of the work at Telemus. Production on that $131 million was $1.41 million last year, or an 1.01% annualized return on the assets.
In a more traditional move, Wells Fargo also signed two new advisors in tony Northville. Daniel Murphy and Gregory Wright had each been with UBS since the late 1980s and managed a total of $435 million in separate practices.