Wells Fargo has hired John Tyers, former chief growth officer at AdvisorEngine, a digital wealth platform purchased by Franklin Templeton in 2020, as head of the brokerage’s Independent Advisor group, a newly created position. Tyers will report to Jim Hays, head of Wells Fargo Advisors.
In the new role, effective July 30, Tyers will oversee Wells Fargo Advisors Financial Network, First Clearing and the Registered Investment Advisor custody business. Kent Christian, president of Wells Fargo FiNet, and John Peluso, head of First Clearing and the RIA custody business, will report to Tyers.
“Our commitment to our independent advisor channels has never been stronger,” Hays said in a memo sent to advisors. “In this new position, John will lead the strategy and growth for our independent channels, which have enormous potential. John has deep experience in all facets of this advisor segment.”
Prior to his time at AdvisorEngine, Tyers led the private wealth segment at Citizens Financial Group. He spent seven years at Merrill Lynch before that, including serving as president of the wirehouse’s custody and clearing business for RIAs and independent b/ds. He also worked on Bear Stearns’ and Charles Schwab’s custody offerings.
Wells Fargo detailed its plans for an RIA custody offering in early 2019. That channel now has 21 RIAs and over $8 billion in client assets, Peluso told WealthManagement.com. So far, all those RIAs have joined internally from Wells Fargo Advisors, but the firm is actively recruiting externally.