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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Wells Fargo Advisors has recruited the financial advisor team of Joseph DiRago and Penny DiRago from Morgan Stanley Wealth Management, Family Wealth Report can confirm.

The two brokers, who are husband and wife, join the firm's San Antonio, TX, office, where they report to branch manager Hugh Patterson.

Joseph and Penny DiRago both worked at Morgan Stanley for over six years, the news service said, citing records from the Financial Industry Regulatory Authority. Over the past year they generated $1.4 million in fees and commissions, and managed $180 million in client assets.

Last month Wells Fargo Advisors appointed David Kowach as president of its Private Client Group, the brokerage’s largest channel. Kowach replaced Jim Hays, who is now the head of Wealth Brokerage Services.

The PCG provides transactional and advice-based services through nearly 11,000 financial advisors. In running this business Kowach will report to Danny Ludeman, president and chief executive of Wells Fargo Advisors.  

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