News · Recruiting
UBS Team With $1.7B Goes Independent With Wells Fargo FiNet
A UBS Wealth Management USA team managing roughly $1.7 billion in client assets has departed to join Wells Fargo FiNet in Minnesota.
By David Roux
March 5, 2026
4 min read
Related
UBS--WFC--
Transition:UBSWells Fargo
$1.7BAUM
A UBS Wealth Management USA team managing roughly $1.7 billion in client assets has departed the firm to join Wells Fargo Advisors Financial Network in Wayzata, Minnesota, according to an announcement.
The practice, which operates as Snow Pine Private Wealth, includes seven advisors and five support staff. The group is led by Derek J. Cherne and includes Dean Breitbach, Keith Burke, Daniel Miller, Clayton Knutsen, Andrew Knutson and Peter Knutson.
The advisors generated about $11.3 million in annual revenue, according to a report by AdvisorHub. Cherne, a 32-year veteran of the industry, spent nearly his entire career at UBS, aside from a brief stint at Smith Barney in 2008, according to his BrokerCheck profile.
In a statement, Cherne said the team's move to Wells Fargo's independent broker-dealer platform will allow it to continue serving its client base of mostly ultra-wealthy individuals and families.
"We're excited to affiliate with Wells Fargo Advisors Financial Network as we continue serving our clients with the care, consistency and long-term focus they expect," Cherne stated.
The move follows a number of billion-dollar teams who have left UBS after compensation cuts were announced in November 2024. UBS executives have said they anticipated some attrition after the pay changes but expect turnover to moderate later this year as the firm intensifies recruiting and retention efforts.
Wells Fargo has been investing in growth across its independent channel, which comprises about a quarter of its 12,000 brokers.
TagsUBSWells Fargomoves
