$500M Wells Fargo team moves to Raymond James' indie side

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Raymond James recruited a Wells Fargo team that managed $500 million in client assets and generated more than $2.5 million in annual revenue, according to a spokeswoman.

The veteran advisers joined the firm for the independence, flexibility and technology it provides them, they said in a statement.

Scott Powers, Gregg Powers and Sean Sill operate as Twin Powers and Sill Wealth Advisors in Palm Beach Gardens, Florida. Joining them from Wells Fargo is client associate Lisa Chavez, according to a spokeswoman.

The Powers brothers started their careers at Hibbard Brown in 1992, according FINRA BrokerCheck records.

The identical twins joined First Union in 2000, which merged with Wachovia, and then was bought by Wells Fargo.

Sill started his career at Painewebber in 1989. He joined Wells Fargo 14 years later, according to FINRA BrokerCheck records.

A spokeswoman for Wells Fargo declined to comment on the group’s departure.

While three wirehouses have announced cutbacks to recruiting efforts, Raymond James has continued steadily recruiting teams from the big firms. Most recently, the St. Petersburg-based firm hired a veteran Morgan Stanley adviser who managed $165 million in client assets.

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Recruiting Career moves Wirehouses Regional BDs Raymond James Financial Wells Fargo