$190M Wells Fargo advisor moves to Raymond James
Raymond James recruited an advisor managing $190 million from Wells Fargo, signalling that the wirehouse may still be reeling from an attrition problem.
Fallout from an accounts opening scam, in conjunction with attractive opportunities offered by smaller firms, has contributed to Wells Fargo’s declining advisor headcount. The firm’s brokerage ranks dropped 4% year-over-year to land at 13,968 advisors for the fourth quarter, according to the company’s earnings report. Headcount has fallen a net 1,118 brokers since the third quarter of 2016.
Meanwhile, Raymond James continues its aggressive recruiting of advisors, despite a slowdown in hiring in the final quarter of last year — when the firm’s headcount rose by a net two advisors.
Elena Milianta is the latest to join Raymond James, signing on with the firm’s Alex. Brown division in Greenwich, Connecticut. She serves retirees, business owners, and women going through financial transitions, including widowhood and divorce, according to the company.
The bank is targeting advisors with $100 million or more in assets.
The firm will test markets in a few cities next year in a bid to keep pace with a shifting wealth management landscape.
With twenty years of industry experience, Milianta spent the past 16 working for Wells Fargo, according to FINRA BrokerCheck records. Milianta says she was attracted by the “boutique feel” of Alex. Brown and Raymond James’ platform, according to a statement.
Migrating to the United States from Russia in 1979, Milianta learned to appreciate what it takes to build financial stability from nothing through the struggles and determination of her parents, according to her personal statement on a company website.
Prior to entering the financial services industry, Milianta owned and operated a children’s retail boutique in Old Greenwich, Connecticut, according to her company profile.
She brings with her Daniel Rupp, a practice business coordinator, according to Raymond James.
A Wells Fargo spokeswoman declined to comment on the departures.