Stifel hires wirehouse team with nearly $250M

A Wells Fargo team that managed $248 million has moved to Stifel, according to a spokesman.

Advisers Gary Hency and Lee Roider are joining the firm's Private Client Group in Belleville, Illinois, but will transfer to a new office due to open in nearby Waterloo, according to the spokesman. They made the move last month, after the Department of Labor issued new regulatory guidance targeting back-end compensation in recruiting packages.

Hency is an industry veteran, having started his career at N.I.S. Financial Services in 1981. He moved to Edward Jones in 1984. Hency later transitioned to Wells Fargo's predecessor firm A.G. Edwards in 1989.

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Roider began his career at AXA Advisors in 2003. Like Hency, he later worked at Edward Jones before transferring to A.G. Edwards in 2005.

Stifel has been recruiting a number of advisers and teams this year. Last month, the firm announced it enticed over a team managing $200 million from Buttonwood Partners. The Anderson Financial Group joined Stifel's office in Madison, Wisconsin.

Ed Hecker, a former UBS adviser, was named branch manager of Stifel's office Melbourne, Florida.

And in October, the regional firm grabbed two wirehouse advisers who managed $249 million in combined client assets. Randy Powers, ex-Morgan Stanley adviser, and Daniel Wright, formerly of Wells Fargo, opened a new office for Stifel in Skaneateles, New York.