Advisors on the Move: Wells Fargo Recruits Advisors With Over $500M AUM
Summer may be winding down, but the recruiting wars remain hot. Wells Fargo recently landed advisors managing more than $500 million in assets from rivals Morgan Stanley and Merrill Lynch. Meanwhile regional firm Raymond James recruited an executive from Merrill Lynch to serve as a branch manager in one of its newest offices. See these and all the latest hires, moves and promotions among wirehouse and regional advisors by clicking through On Wall Street's latest slideshow.
Wells Fargo Advisors landed two Morgan Stanley advisors who managed $348 million in combined assets. Advisors Alison Scavone and William Bates and client associates Summer Gigliotti and Jennifer Blair joined Wells Fargo's Westport, Conn. office in August.
Wells Fargo Advisors recruited two Merrill Lynch advisors who managed $227 million in assets.
Advisors Travis Barr and Marco Cisneros, along with financial consultant Mallory Brady, joined Wells Fargo's office in Seal Beach, Calif., a suburb of Los Angeles.
A Merrill Lynch executive has left to serve as a branch manager at Raymond James & Associates, the firm's traditional employee broker-dealer. Andy Waldbaum, who was Merrill's vice president of business strategy and initiative manager, will oversee Raymond James' Beverly Hills, Calif., office, which opened earlier this year. Read more: Raymond James Plucks Exec From Merrill
Jill Shipley signed on as a senior consultant for the family dynamics team of Abbot Downing, a unit within Wells' wealth, retirement and brokerage group.
In her new role, Shipley will report to Arne Boudewyn, head of Family Dynamics and Education at Abbot Downing, which has more than 600 high-net-worth clients and $37.9 billion in assets.
Image: Jill Shipley
Raymond James Financial Services, the St. Petersburg, Fla.-based firm's independent broker/dealer, announced that it has recruited veteran advisors James L. Switzer and Eric M. Cobb from Morgan Stanley. The duo, which managed more than $180 million in client assets at Morgan Stanley, operates independently as Switzer Cobb Wealth Partners in Spartanburg, S.C with securities offered through RJFS. Joining the team is Kathy Coley, a registered planning associate and office manager. Read more: Raymond James Lands Morgan Stanley Advisor
Image: James L. Switzer, Eric M. Cobb and Kathy Coley.
A former Merrill Lynch advisor has left the wirehouse to join Abbot Downing, a unit of Wells Fargo's Wealth, Brokerage and Retirement Group that caters to ultra-wealthy clients. Eric Grodan, now Abbot Downing relationship manager based in Los Angeles, spent seven years at Merrill, where he most recently served as senior vice president of trust and estate, according to a statement announcing the move. Read more:
Janney Montgomery Scott has added two Wells Fargo advisors to its Fairfield, Conn. office. The Philadelphia-based wealth management firm announced that 30-year industry veteran Michael Lynfield has joined Janney’s Fairfield location in the role of first vice president/investments. Lynfield was senior vice president at Wells Fargo for the past 28 years and is joined at his new practice – called Lynfield Kozik Investment Group – by Mike Kozik, a CFP who spent his eight-year career at Wells Fargo. Read more:
A former Raymond James advisor has joined a small regional broker-dealer, U.S. Capital Advisors. John Howle, a 30-year industry veteran, is now managing director in the Dallas office of U.S. Capital Advisors. According to FINRA records, Howle started his career in 1984 at Dean Witter and later worked at Southwest Securities and Raymond James & Associates.
An advisor team has left Wells Fargo for regional firm Benjamin F. Edwards. The team, now called Rosenbloom Wealth Management Group, joins Benjamin Edwards in Lake Oswego, Ore., just south of Portland where the firm has its only other office in the state.
The new recruits include father and son advisors Robert and Trent Rosenbloom, as well as senior registered financial associate Angela O’Curran.
Read more: Benjamin Edwards Lands Wells Fargo Team
Broker-dealer Waddell & Reed added 11 new advisors totaling $430 million in new assets under management from seven firms. The new arrivals to the Overland Park, Kan.-based firm include four from the wirehouse channel, who oversaw $129 million of the added AUM. Read more: Waddell & Reed Recruits 11 Advisors