Wells Fargo Nabs Advisors With $1.4B In Assets in Summer Hiring Spree

Wells Fargo has heated up its recruitment this summer by ushering in a spate of new financial advisor hires with almost $1.4 billion in assets.

 

Wells Fargo has heated up its recruitment this summer by ushering in a spate of new financial advisor hires with almost $1.4 billion in assets.

The majority of the recruits hailed from Morgan Stanley Smith Barney, with other hires coming from fellow wirehouses, Merrill Lynch and UBS, as well as other firms including Stifel Nicolaus and Phillips & Co.

The largest hire, by assets under management, is financial advisor Michael Prat, who was hired in New Orleans from Morgan Stanley Smith Barney, where he had $251 million in assets under management, in June. Prat reports to branch manager Billy Blakeman.

Also joining the firm in June was father-son team Jeff Drowos and Bryan Drowos-the Drowos Group-who also came from Morgan Stanley Smith Barney, where they oversaw $198 million in client assets. Also joining Wells Fargo with their team is client associate Cindy Shore. They are based in Boca Raton, Fla., and report to market manager Alex Bigelow.

Wells Fargo took in seven new financial advisors in July, with Cynthia Colin, who joined from Morgan Stanley Smith Barney with $154 million in assets, representing the largest of those hires by assets. Colin joins the firm's Park Avenue branch in New York, and reports to branch manager Tim Sheridan.

Another Morgan Stanley advisor, Jimmy Burns, also joined Wells Fargo in July, alongside financial consultant Judd Fleming. Together, they operate under the name Burns/Fleming Group and previously had $146 million in assets under management. They report to market manager Jay Hoyle.

Morgan Stanley advisor Steve Freidin joined Wells Fargo in Lake Forest, Ill., in July. Freidin previously oversaw $110 million in client assets. Also joining Wells Fargo with him is financial consultant Larry Malles. They report to complex manager Jim Johnson.

Other advisors also joining Wells Fargo in July included Jack Lobianco from UBS in St. Petersburg, Fla., and Lance Hubeny from Merrill Lynch in Red Bank, N.J. Lobianco previously oversaw $109 million in client assets and reports to Branch Manager Gary Garcia. Hubeny had $98 million in assets under management and reports to complex manager John Puzio.

In August, Wells Fargo hired financial advisor Allen Wilson and client associate Susan McNamara in Morristown, N.J., from Stifel Nicolaus. They previously had $212 million in assets under management, and now report to complex manager Tom Thives.

The firm also hired advisor Pil Hwang in August to its Wealth Brokerage Services business in Portland, Ore. Hwang previously had $120 million in assets under management at Phillips & Co., and now reports to regional brokerage manager Tony Brauner.

Wells Fargo has been on a financial advisor hiring tear this year. In June, the firm announced that it had hired advisors with $2.75 billion in assets to its various brokerage businesses.

Wells Fargo made headlines earlier this week when it agreed to pay a $6.5 million settlement in response to the U.S. Securities and Exchange Commission charges of improper structured products sales by one brokerage unit to investors including municipalities and non-profit organizations.