Wells Fargo Advisors recruited an advisor generating $1.24 million in annual revenue for its wealth brokerage services division, a spokeswoman said.
Advisor Jeffrey Heimstaedt left Oppenheimer & Co., where he managed $113 million in assets. He started his career in 1981 with Merrill Lynch, according to FINRA records. Heimstaedt stayed with the wirehouse until 2008, when he moved to Oppenheimer.
Wells Fargo Advisors' wealth brokerage services division, which is tied more closely to the bank, operates several so-called HUB offices, which are staffed by the division's top producers. Heimstaedt joined such an office in Newport Beach, Calif.
He reports to Phil Winterson, regional brokerage manager for Los Angeles and north Orange County.
Oppenheimer recently lost three advisors managing $151 million in assets to RBC Wealth Management. Meanwhile Wells Fargo recruited an advisor team from J.P. Morgan Private Bank that managed nearly $1 billion in assets.