Wells Fargo Snags 6 Advisors From Rivals

In a flurry of recruiting, Wells Fargo Advisors has picked up six financial advisors from Morgan Stanley, Merrill Lynch and UBS.

The half-dozen advisors manage a total of more than $500 million in client assets.

Morgan lost Summit Wealth Management, led by financial advisor Richard Lee, to Wells Fargo Advisor Financial Network -- Wells’s financial advisory division for independent advisors. Lee, along with advisors Brandon Blair, Mike Costa and Barbara Hacke Resch, made the move on May 2.

The team is based in Salem, Ore.  Collectively, the four have managed more than $311 million in client assets and produced more than $1.5 million in annual revenue.

Merrill gave up financial advisor Milton Schwartz to Wells’s office in Sumter, S.C. Schwartz had been branch manager for Merrill in Sumter, where he managed more than $135 million in client assets and produced more than $1.1 million in annual revenue. He now reports to Wells Branch Manager Roy Creech and South Carolina Complex Manager Scott Spang.

Schwartz was the second recruit who signed on for the region in less than two months.

And a UBS Financial Services financial advisor, David Spell, also joined Wells in Charleston, S.C.

Spell had been managing more than $86 million in client assets and produced more than $1 million in annual revenues. At Wells, he reports to branch manager Rod Connell and South Carolina complex manager Scott Spang.

Read more:

• Advisors on the Move: Morgan Stanley Loses Advisors to Raymond James and Wells Fargo
• Benjamin F. Edwards Grabs 4 Wells Fargo Advisors
• Morgan Stanley Loses Two Advisors Teams With More than $400M AUM