A top Charlotte-based financial adviser team has voluntarily resigned from Wells Fargo & Co. (WFC) and disclosed allegations in a regulatory filing that they didn't follow certain firm policies.

On Oct. 2, Robert Jones and Michael Blair - the Jones Blair Group - voluntarily resigned from Wells Fargo Advisors, according to Financial Industry Regularity Authority records. The team joined Captrust Financial Advisors, an independent advisory firm, on Oct. 12. Captrust said the team managed more than $1 billion in client assets; Wells Fargo confirmed the team's departure, and said it managed $609 million.

In a Finra filing, the brokers disclosed allegations they didn't follow firm policies regarding investments in direct participation programs, in which profits or losses flow directly to investors, and limited partnership interests.

Jones and Blair each worked at Wells Fargo, formerly Wachovia Securities, for more than 26 years. They were ranked fifth and sixth, respectively, in Barron's February listing of the top financial advisers in North Carolina.

Captrust didn't immediately respond to a request for comment and for access to Blair and Jones.

Separate from the policy issue involved in their departure, according to Finra documents, Jones faces a pending investor complaint filed with Finra on June 30 that alleges misrepresentation, breach of fiduciary duty, negligence and violation of North Carolina Securities laws. The claimant seeks damages "in an unspecified amount, but believed to be $1.6 million," according to Finra records. The complaint is going to arbitration at Finra; there was no response by Jones in the Finra documents.

A Wells Fargo spokeswoman declined to comment on any legal matters.

Captrust, a Raleigh, N.C., firm, represents $24 billion in client assets.

News of the team's departure from Wells Fargo was reported Friday by the Charlotte Business Journal.

- Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones.com