Wells Fargo FiNet Lands $1.3 Billion Team From Commonwealth in New York City

Wells Fargo FiNet's recruitment of a $1.3 billion Commonwealth team signals the growing appeal of hybrid independence models that blend bank resources with advisor autonomy.

Wells Fargo Advisors Financial Network has recruited KBK Wealth Management, a team managing approximately $1.3 billion in client assets, from Commonwealth Financial Network in New York City.

The team is led by Richard Kass and includes advisors Michael Kessler, Alan Brachfeld, Jeffrey Feinstein, Nancy Curtin, and Jordan Cohen. The group chose Wells Fargo's independent contractor channel over full independence, citing the platform's combination of institutional resources and entrepreneurial freedom.

The move is notable because it represents a departure from the typical wirehouse-to-independent pipeline. Commonwealth, one of the largest independent broker-dealers in the country, has long been considered a destination firm for advisors seeking independence. KBK's decision to leave Commonwealth for FiNet suggests that the boundaries between independent and wirehouse channels continue to blur.

"The decision came down to scale," said a person familiar with the team's thinking. "Commonwealth is an excellent firm, but Wells Fargo's banking platform and institutional capabilities give us tools that no IBD can match."

The recruitment is part of a broader FiNet offensive that has seen Wells Fargo's independent channel emerge as one of the industry's most aggressive recruiters. In just the first two weeks of January, FiNet has added more than $3 billion in new advisor assets—a pace that, if sustained, would make 2026 a record year for the platform.

FiNet's appeal lies in its hybrid positioning. Advisors operate as independent contractors who own their client relationships and set their own fee schedules, while benefiting from Wells Fargo's compliance infrastructure, lending capabilities, and brand recognition.

The platform currently houses approximately 3,000 advisors managing a combined $600 billion in assets, making it one of the largest independent channels affiliated with a major bank.

Commonwealth Financial Network, which is headquartered in Waltham, Massachusetts, did not immediately respond to a request for comment. Wells Fargo confirmed KBK Wealth Management's arrival.