$3.75bn FiNet team exits to set up independent RIA

Boston-based Mayflower Advisors spent 15 years affiliated with Wells Fargo.

A 35-person team formerly affiliated with Wells Fargo’s FiNet has exited the wirehouse to set up its own independent RIA.

Boston-based Mayflower Advisors, which employs 16 advisors, plans to use Pershing as its primary custodian. The newly formed RIA said its advisors managed roughly $3.75bn in client assets while affiliated with Wells Fargo.

‘We’ve seen a seismic shift going on towards greater independence. Clients really are demanding more transparency, more services,’ said Mayflower Advisors managing partner Larry Glazer (pictured, left). ‘Only by starting our own RIA and truly being independent can we really address all of those needs and concerns to better serve the clients.’

Larry Glazer, his father, Lloyd Glazer (pictured, center) and Steve Dimitriou all serve as managing partners of the RIA.

Mayflower had been affiliated with Wells Fargo’s FiNet since 2005 and will now use Private Client Services as its broker-dealer. The firm’s business is bifurcated between a private wealth management division that works with high net worth clients and a corporate retirement plan and institutional consulting and advisory business.

‘Our clients and ourselves, we were looking to leverage more technology that was out there in the marketplace today,’ Dimitriou said.

The Mayflower team hired Fusion Financial Partners, an RIA consultancy founded in 2017 by former top Hightower dealmaker Mike Papedis, for transition assistance.

‘We felt we needed the help of someone who understood the landscape and some of the finer, more nuanced points of operating in a completely independent space,’ Dimitriou said.