Jeffrey Sica, an ex-Wells Fargo broker, has launched Sica Wealth Management, a Morristown, New Jersey-based independent financial services firm, according to several media reports.

Sica left Wells Fargo Advisors in late May this year and set up his new offices in the same building where his former employer is based. Sica was not available for comment at the time of this publication going to press.

Having resigned, Sica reportedly began his action plan to transfer in excess of $500 million in assets that his team managed.

Sica is reported to have claimed that he moved all but about 10 clients in the two months since he has left, due to the high level of support from his custodian, Charles Schwab.

Sica’s firm employs 17 staff members and increased its assets under management to about $1 billion by absorbing Sica father's insurance agency and buying “some equipment and other assets of Big Blue Trading.”

Sica is reported to have said he is well-prepared for working as a largely fee-based independent advisor because about 90 per cent of his practice at Wells Fargo was fee-based.

Most of his accounts are small-business owners and their families, who have assets averaging $1-5 million and pay an annual fee of 1.5 per cent.

Sica began his brokerage career in 1994 and worked at Wachovia Securities and AG Edwards & Sons before joining well as Wells Fargo Advisors in 1997.