Stifel just nabbed two more advisors from Wells Fargo whose combined client assets total $179 million.
Russ Schwartz is a 21-year industry veteran; he managed $144 million at the wirehouse.
Schwartz says he had been looking to make a change for several months, noting that clients were becoming concerned with some of the headlines they were seeing regarding Wells Fargo.
The advisor also found he was longing for a similar culture to what he says he experienced in his eight years with A.G. Edwards. Schwartz considered a number of firms but determined that Stifel had the environment he was looking for. He was also drawn to the regional firm because it allows greater freedom and flexibility to run the business the way he wants instead of by the mandates of a bank.
Schwartz also says he was drawn to Stifel’s compensation model.
Advisors going from a wirehouse to a BD or independent often
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The regional BD's three hires come from Wells Fargo and Ameriprise.
August 9 -
The firm promoted two insiders: David Sliney and Jim Marischen.
August 8 -
Stifel is expanding on the West Coast, hiring 13 recruits in California year-to-date.
July 30
“We are excited to expand our northeast footprint with Russ,” Allen Brautigam, director, branch offices at Stifel said in a statement. “He has a diversified book of business that fits well with Stifel’s open architecture while being an excellent cultural fit for our office in Hackensack.”
In addition to Wells Fargo and A.G. Edwards, Schwartz has also worked for firms Dean Witter Reynolds, according to FINRA BrokerCheck records.
Also making the move from Wells Fargo is Kaival Patel. He has 14 years of experience in the investment advisory space and oversaw $35 million in client assets at Wells Fargo. Patel has also been an advisor with Morgan Stanley, Hold Brothers Online Investment Services — which FINRA expelled in 2012 — and AXA Advisors.
Patel was not available to comment.
The pair has joined the broker-dealer’s Hackensack, New Jersey, office. Though they both came from Wells Fargo and are working out of the same office, Schwartz and Patel are not partners and run separate practices. They are the second and third new hires for that office this year. Former Morgan Stanley advisor Janet Stamato joined in June, according to Stifel.
Wells Fargo has been seeing the backs of a lot of advisors as of late. It recently lost talent to
