Wells Fargo has been stepping up its recruitment game.
The firm announced it recruited eight advisors who previously managed more than $1 billion in client assets.
Experts say the firm has improved its image recently, bolstering its appeal to advisors. "I think that what they try to convey is that they look at the advisor as a person and not just a production number, and I think that's resonated with a lot of advisors," says Howard Diamond, managing director and general counsel at recruiting firm Diamond Consultants.
Recruiter Rich Schwarzkopf concurs adding that after "a rough period on a PR basis" a few years ago, Wells Fargo has improved its image particularly in the last year. "They've seemed to have gotten their act together now," he says. "They're growing and one of the most successful banks out there. Now the image is good."
UBS TEAM GOES TO INDEPENDENT ARM
UBS was hit hard by the move, losing a team of four to Wells Fargo Advisors Financial Network, the bank's independent brokerage arm.
While at UBS, Kingsport, Tenn.-based Center Street Wealth Management managed a total of $326 million in client assets. Senior team members Timothy Colvin and Jeffery Bedford are industry veterans, respectively boasting 19 and 20 years in the securities industry, according to FINRA records. They are joined by Gregory Taylor and managing principal Natalie Wells.
Financial advisor Mark Pignotti is also leaving UBS for Wells Fargo Advisors' Chicago complex. He managed $317 million dollars in client assets and brings 14 years of experience, according to a statement.
Among the other pickups, Chris Carbone and Bill Brucato will be joining Wells Fargo Advisors in Utica, N.Y., from RBC Capital Markets. The duo managed a total of more than $160 million in client assets.
Seventeen-year industry veteran Thomas Teagle will head to Wells Fargo in Richmond, Va., from Scott & Stringfellow/BB&T where he managed $155 million in client assets.
Rob Wiggins from First Citizens Investor Services will bring his 14 years of industry experience to Wells Fargo in Raleigh, N.C.
A busy summer for Wells Fargo so far, the bank recently picked up two advisors managing $300 million from UBS and a $160 million team from Merrill Lynch.
- Merrill Lynch Loses $160 Million Team to Wells Fargo Financial Network
- UBS Advisor Duo Joins Wells Fargo
- Advisors on the Move: Stifel Recruits Advisors With $500 Million AUM