In addition to bringing over approximately 900 advisors with its acquisition of Morgan Keegan, the firm is also amid a broader recruiting campaign to add more this year. The company’s chief executive officer, Paul Reilly, said that he is seeing a lot of potential.
“Recruiting activity, as measured by the number of prospective experienced financial advisors visiting the firm's home office, continues to pick up for both the employee and independent contractor divisions,” Reilly said during the company's fourth quarter earnings call on Thursday.
Teed joined A.G. Edwards in 1987 and stayed with the firm throughout its merger into Wachovia and then Wells Fargo in 2009. There, he had amassed $225 million in client assets.
According to David Varela, the complex manager, Teed was looking for a culture and platform that was similar to what he had at A.G. Edwards.
"The culture abruptly changed when Wells Fargo acquired A.G. Edwards," Varela said in a phone interview. "I think if you asked him he would tell you, 'I did not leave my firm; my firm left me.'"
Varela said that he has added three other advisors to his complex so far this year, all from Morgan Stanley. By the firm’s count, there were 5,452 employee advisors by the end of September.