$1.8 Billion Merrill Lynch Team Defects to Wells Fargo FiNet on Long Island

Infinity Private Wealth's move to Wells Fargo FiNet highlights the growing appeal of hybrid independence models for wirehouse teams managing over $1 billion in assets.

An 11-person team managing $1.8 billion in client assets has left Merrill Lynch's Melville, New York office to join Wells Fargo Advisors Financial Network, the firm's independent contractor channel, according to people familiar with the move.

The team, now operating as Infinity Private Wealth, is led by veteran advisors Gianluca Palermo and Nicholas Frangas. Additional team members include Charles Donnelly, Marc Stenzler, Sheena Marr, John Mulligan, Vincent Parziale, and Thomas Houlihan, along with three support staff.

The departure represents one of the largest single-team losses for Merrill Lynch in early 2026 and underscores the growing appeal of Wells Fargo's FiNet platform, which offers advisors the independence of a 1099 contractor model with the backing of a major bank.

Palermo, who has been in the industry since the late 1990s, worked at JPMorgan for more than seven years before joining Merrill in 2015. Frangas has a similarly winding career path—starting at UBS in 2000, moving to Merrill in 2007, then JPMorgan in 2012, before returning to Merrill in 2015.

The team generated approximately $10.3 million in annual revenue at Merrill, according to industry sources. Their collective experience spanning UBS, JPMorgan, and Merrill gives them a deep understanding of the wirehouse landscape—knowledge they say ultimately drove their decision to go independent.

"The FiNet model gives us the best of both worlds," a person close to the team said. "We keep the resources of a major institution while gaining true ownership of our client relationships."

Wells Fargo's FiNet channel has been on a tear in recent months, attracting large teams from across the wirehouse landscape. The platform houses roughly 3,000 advisors—about a quarter of Wells Fargo's total advisor force—and has positioned itself as a bridge between traditional wirehouse employment and full independence.

FiNet president John Tyers has described the offering as a "combination of an independent model with specialty wealth services," a pitch that has resonated particularly well with wirehouse teams managing over $1 billion.

The move continues a broader trend of large Merrill Lynch teams exploring alternatives amid ongoing tensions over the firm's compensation structure and platform direction under CEO Andy Sieg. While Merrill has aggressively recruited new talent, retention of its top producers remains a challenge.

A Merrill Lynch spokesperson declined to comment on the departure. Wells Fargo confirmed the team's arrival but declined to provide additional details.