Stifel has picked up a Wells Fargo team that previously managed $200 million in client assets, a spokesman said.
New hires Randy Anderson and his son Dane joined Stifel's new office in Modesto, California. The firm has 38 other offices in the state, according to Stifel.
Dane Anderson said they made the move for the firm's corporate culture. "Stifel is an entrepreneurial environment where advisors can run their business the way they think is best for them and their clients," he said in a statement.
One of the biggest notable losses came from Merrill Lynch, which lost a team managing $1 billion to the independent space.
The Andersons had been with Wells Fargo since its 2008 acquisition of A.G. Edwards, where they knew John Lee, Stifel's current Western region director.
"I am thrilled to reunite with Dane and Randy after having worked with them for years at A.G. Edwards," Lee said in a statement. He worked at A.G. Edwards from 1986 to 2007, according to BrokerCheck records.
The elder Anderson has more than five decades of industry experience, according to BrokerCheck. He started his career at Brush Slocomb, and after working at a few other firms, moved to A.G. Edwards in 1992. Five years later, Dane Anderson joined his father at the regional brokerage firm.
A Wells Fargo spokeswoman could not be reached for immediate comment.
In recent quarters, the wirehouse has been losing advisors to smaller regional and independent rivals.
Regional BDs like Stifel have ramped up recruiting recently. The firm recently
