Industry

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

The 2,500-advisor firm is sneaking up on larger rivals by adopting an approach that’s increasingly popular across wealth management.

A team that has grown through acquisitions dropped the No. 1 IBD after the institution purchased another one for more than $600 million.

The firm said high volume may have curtailed access to its mobile app and urged clients to use its other platforms.

The new recruits build on the 43 advisors Janney added last year.

One of the largest wealth managers aims to attract more teams out of the crop of nearly 7,000 advisors leaving employee-channel firms each year.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

Among the new hires is Scott Collins, former head of brokerage independence and institutional sales consulting. He is one of many ex-TD Ameritrade alums seeking new employment after Charles Schwab acquisition’s of the firm.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.