Four years, three different names, 700 clients and $250 million in assets.
That was the story Thor Teigen, branch manager of Wells Fargo Advisors, told from his location in the Minden Village on Dec. 30.
"We trust that this is our landing spot, and we hope to continue the tradition of integrity that Wells Fargo represents," said the 47-year-old Gardnerville resident.
In 2005, Teigen moved from Sacramento to the Valley with his wife Shelly and daughter Katelin, now 13, to head the new A.G. Edwards branch in the then brand new Minden Village.
"I love it, and I'm sorry I didn't move here sooner," Teigen said. "We've really planted our roots, and they're growing deep."
Although Teigen had found a permanent home in the Valley, a changing economic climate would alter the face of his company more than once.
In October 2007, A.G. Edwards was taken over by Wachovia Securities. In December of 2008, Wachovia Securities was acquired by Wells Fargo.
Last week, the branch's seven employees hung a Wells Fargo Advisors sign on the front of their building. With 700 clients nationwide and $250 million in assets, the local office offers a full range of financial services - from investment strategies to retirement and estate planning.
"It's time for everyone to take a snapshot of their own financial situation," said Teigen. "If you haven't done it since the recent market decline, then it's certainly a good time to do so."
Teigen said their average client is either at pre-retirement age or in early retirement with an average account size of about $250,000. Post economic recession, he said, people are taking a greater interest in the risk factors of their portfolios.
"Many people are achieving their retirement goals with a lot less risk involved," he said. "People are actually reading their statements again instead of just putting them in the bottom drawer."
Last year, Teigen said, his branch saw a dip in total assets, but a rise in client numbers.
"We're looking to add another employee or two this year," he said. "We're looking to grow in a more stable market place, and we're optimistic for 2010."
Besides financial advice, the group at Wells Fargo Advisors routinely participates in the community, whether with the Carson Valley Arts Council or the Carson Valley Active 20-30 Club.
"Thor in particular has encouraged giving back," said financial advisor Dylan Zigenis, who graduated from Whittell High School in 1996. "We're excited to be part of the Wells Fargo family."
The branch is located at 1645 Highway 395, suite A. Business hours are 6:30 a.m. to 4 p.m. Monday through Friday and after hours by appointment.
Call 783-4756 or toll free at (888) 464-6336 for more information.
