At a glance
- The practice is led by cofounders Edwin Andrews, his son Jeff Andrews and John McKenna.
- Madison Reserve is the 133rd firm to join &Partners since its 2023 founding by former Wells Fargo executives David Kowach, John Alexander and Kristi Mitchem, and the 10th to join since Sept. 1.
- Moves Wire logged 29 moves involving Wells Fargo in the past 12 months, 11 of them departures.
&Partners recruited Madison Reserve Wealth Management, a Wells Fargo team in Parsippany, N.J., that manages $728 million in client assets, Financial Advisor Magazine reported Nov. 6. The practice is led by cofounders Edwin Andrews, his son Jeff Andrews and John McKenna.
Madison Reserve is the 133rd firm to join &Partners since its 2023 founding by former Wells Fargo executives David Kowach, John Alexander and Kristi Mitchem, and the 10th to join since Sept. 1. The firm, based in Nashville, Tenn., and St. Louis, had about $67 billion in assets as of Oct. 31, according to Financial Advisor Magazine. Madison Reserve's $728 million is roughly 1.1% of that.
Moves Wire logged 29 moves involving Wells Fargo in the past 12 months, 11 of them departures. Wells Fargo also added a team that week: Andrew Strong and Jonathan Strong joined Wells Fargo Advisors from UBS with $410 million in client assets on Nov. 3, according to Moves Wire. The two records give advisors weighing a wirehouse exit this week's scale comparison: $728 million leaving Wells Fargo, about 1.8 times the $410 million arriving.
Edwin Andrews and McKenna have been in the business since 1987 and 1985, and spent 17 and 20 years at Wells Fargo, according to BrokerCheck records cited by Financial Advisor Magazine. Jeff Andrews joined Wells Fargo in 2015. Wealth consultant Amy Gelo and senior registered client associates Cheryl Busacco and Chrissy Esposito are joining with the founders. The group cites a multigenerational approach, with a focus on individuals approaching retirement, retirees and families planning for future generations, according to a news release.
At 10 additions in the roughly nine weeks since Sept. 1, &Partners is averaging about one practice a week.
Reported by the Moves desk from Financial Advisor Magazine and Moves Wire. Published . Corrections