A $1 billion team’s move from Truist to Merritt Point Wealth Advisors might look like another pre-holiday breakaway story, but it’s much more significant to those who have been watching FiNet over the past few years.

The five-advisor Florida team, which, according to an AdvisorHub report, generated $5.2 million in annual revenue, reaffirmed a growing trend of large teams signing with established Wells Fargo Financial Network practices.

As conversations developed, Merritt Point co-founder Ross Bauer told the publication that the advisors consistently returned to two priorities: greater autonomy over their practice while maintaining access to institutional banking and lending capabilities.

A decade ago, many advisors questioned the logic of moves like this. Why go independent but indirectly and give up a portion of payout to an existing practice? At $1 billion, why not go directly to FiNet or LPL or RJFS or any independent broker-dealer and keep the extra 10 to 15 percentage points of payout?

Because Wells Fargo has intentionally invested in a handful of flagship FiNet practices and shown what the model can become. Rather than encouraging every advisor to build from scratch, the firm is helping its strongest practices become serial acquirers and, over time, build enterprise value far beyond what a standalone advisory practice could achieve.

The strategy is proven. TSG has become the largest practice at FiNet. Seventy2 Capital was a $3 million revenue team when its founders broke away and now generates over $75 million. Merritt Point, a $4 billion—now $5 billion—practice, may be next in line.

How has Wells transformed a 25-year-old FINet to become the next kingmaker of independent practices?

For one, the bank has invested heavily in the platform in recent years, bolstering offers, updating its technology, and installing top-tier executive talent. That includes President John Tyers, a Bear Stearns and Merrill PBIG vet, and Head of Independent Solutions, Erik Karanik. Both have a reputation for innovating, listening, and actually executing on advisor requests.

Second, Wells is the only one of the four wirehouses to offer this independent broker-dealer and big-bank combo. Unlike traditional RIAs, advisors maintain access to Wells Fargo's banking platform and balance sheet while operating as independent businesses. For many high-net-worth practices, particularly those serving business owners and affluent families, preserving sophisticated lending capabilities remains a significant consideration.

Third, Wells is increasingly channeling advisor recruiting toward its largest FiNet enterprises. Those firms benefit from both internal advisor referrals and external recruiting, allowing successful practices to compound their growth instead of relying solely on organic expansion. Wells also encourages FiNet practices to supplement their traditional recruiting with transfers from its pool of 9,000 employee advisors.

Many of these advisors spent decades as employees. They want independence, but they don't necessarily want to build an operating company from scratch or risk a disruptive client transition.

To add to that, Wells is making one of the most compelling offers in the independent broker-dealer channel. They’ve been long-known as offering some of the highest deals on the employee side, and they’re increasingly bringing that same philosophy to independence.

FiNet provides recruiting capital that allows established practices to attract large teams while preserving competitive economics for both sides. Incoming advisors receive transition assistance and an established operating platform, while the acquiring firm expands revenue without having to eat into margins.

That’s an incredibly powerful recruiting tool for these practices. But it’s not the kicker. This ultimately works for both the practice and the recruit because these firms can offer their own equity or partner with an outside investor like Merchant Investment Management to create potentially significant wealth.

Unlike many private equity investors, Merchant typically provides minority growth capital while allowing founders to retain control of their businesses.

This gives participating firms another avenue to monetize equity at institutional valuations while allowing founders to retain operational control. For many advisors, that introduces a wealth-building opportunity that extends well beyond annual payout.

The value proposition is ultimately that, instead of owning a practice appraised on its own cash flow, advisors become owners of a much larger operating company whose value grows as additional teams join the platform.