Wells Fargo lost four advisors overseeing about $539 million in assets under management to regional brokerages Stifel and Janney Montgomery Scott.
Dynasty, Raymond James and Stifel are among the biggest beneficiaries of recent advisor moves.
Financial advisors have been leaving wirehouses in pursuit of what they say are better technological offerings and more freedom to run their practices on their own terms.
-
The firm has seen a number of planners exit in recent months.
November 28 -
The company's head count has expanded by 43 advisors in the past year.
November 14 -
The firm’s efforts mirror those at other firms and associations that are trying to improve the profession’s diversity.
November 26
Among the wirehouses, Wells Fargo has suffered from advisor attrition since a phony accounts scandal broke out in 2016 and resulted in regulators upping scrutiny of the bank and
The latest departures include former Wells Fargo advisor Sheldon Ferriss. He joined Janney after overseeing $60 million in client assets at Wells Fargo, according to his new employer.
Ferriss has more than 20 years of industry experience.
Broker-dealer Stifel grabbed three Wells Fargo advisors in their latest recruiting pickups.
Joining the firm’s Frontenac, Missouri, office are advisors George Walton and Keith Creech.
They managed $225 million and $200 million, respectively, while with Wells Fargo, according to their new employer.
Walton has 32 years of industry experience and this is his first career move having worked for Wells Fargo and predecessor firm A.G. Edwards, according to FINRA BrokerCheck records.
Creech has been in the industry for less than a year, according to BrokerCheck.
Joining Stifel’s Denton, Texas, office from Wells Fargo is David Ferneding, a 27-year industry veteran. While with the wirehouse Ferneding was responsible for $54 million in client assets.
“The resounding feedback we receive from the hundreds of advisors who come to our home office visit is that they are looking for an alternative to bank-owned brokerages,” John Pierce, Stifel’s head of recruitment, said in a statement provided by the firm.” “At Stifel, we own the bank, the bank does not own us.”
Wells Fargo declined to comment on the moves. Recently the wirehouse has lost talent to
