Stephen Lawrence joined Wells Fargo Advisors from Northern Trust Securities.
Lawrence was recruited to the firm’s operation in Palm Beach, Fla., last week. A Wells Fargo spokesperson confirmed that while at Northern Trust Corp., Lawrence oversaw $240 million in client assets and generated more than $1.3 million in annual fees and commissions.
According to FINRA filings, Lawrence worked at Northern Trust Securities for 10 years.
One industry analyst who’s familiar with the movement of advisors in the industry notes that the acquisition of Wachovia brought a whole new approach to advisor recruiting at Wells Fargo. “They are now very selective [and] have done a good job in offering competitive deals and recruitment packages,” said Barbara Herman, senior analyst at New Jersey based Diamond consultants in a phone interview. “The firm has certainly enhanced their appeal across the board.”
Wells isn’t at the top of the list when it comes to recruiting financial advisors, but that’s because it doesn’t need to be. Another outside expert says that the firm has not been affected by advisor attrition as much as other wirehouses. “Other firms like Morgan Stanley Smith Barney and Bank of America Merrill Lynch have certainly a greater focus on advisor recruitment,” said Alois Piker senior analyst at Aite Group.
Last month, in an interview with On Wall Street, Chip Walker, managing director of FA integration at Wells Fargo, said that as the division continues to grow, the firm is interested in setting up a diverse mix of advisors, both trainees and veterans. “We want experienced advisors and successful individuals who have strong networks of professional and sales orientation,” he said at the time.