Raymond James snatches 2 advisors from Wells Fargo
Wells Fargo lost two advisors to Raymond James, a sign that the wirehouse’s attrition problems may not yet be finished.
Headcount at the bank dropped to 13,968 advisors for the fourth quarter from 14,544 for the year-ago period, according to Wells Fargo’s recent earnings report. That represented a 4% decline, or a net drop of 576 brokers.
Raymond James, meanwhile, has been on a recruiting tear. Despite growth slowing during the fourth quarter, headcount was — at 7,815 — up 278 year-over-year.
The firm’s latest recruits include advisor Barry Kolano, who managed $113 million in client assets while at Wells Fargo, according to his new employer. Kolano joined Raymond James’s Alex. Brown division in Boston. The unit, which caters to wealthy clients, was previously part of Deutsche Bank.
Kolano is an advisor of 34 years, and has worked at A.G. Edwards, PaineWebber and E.F. Hutton, according to FINRA BrokerCheck records.
In a statement, he said he was attracted to Alex. Brown in part because of the unit’s “long history and special boutique culture.” He also cited the company’s resources as necessary to grow his practice.
Raymond James’s other hire, Tony Yakos, joined the firm’s employee broker-dealer unit in Muncie, Indiana. He has 11 years of industry experience, all with Wells Fargo and its predecessor firm A.G. Edwards, according to BrokerCheck. Before going to college, he served as a translator in the U.S. Army, according to his profile on a company website.
A spokeswoman for Raymond James declined to provide his AUM.
Both advisors joined Raymond James in January, according to BrokerCheck.
A spokeswoman for Wells Fargo declined to comment.