Raymond James recruited a $1 million producer from Wells Fargo Advisors, making it the latest hire for the regional BD and another loss for the wirehouse.
Advisor Jason Hemeon joined Raymond James's employee channel in Vienna, Virginia, a suburb of Washington, the firm said. Hemeon previously oversaw more than $170 million in client assets while at Wells Fargo, according to Raymond James.
Hemeon, who spent about 18 months deciding where to move, said he ultimately opted for Raymond James in part because of its "family culture."
As an example, Hemeon pointed to a personal message he received from Raymond James & Associates President Tash Elwyn.
"We proceeded to have a short email exchange. That’s a real experience and example of the management structure and culture at Raymond James," Hemeon said in a statement.
Hemeon had been with Wells Fargo since 2007, having previously worked at BB&T Securities, according to FINRA BrokerCheck records. He made the switch to Raymond James earlier this month and now reports to Warren Wright, complex manager.
Raymond James has been on a long-running recruiting push. The firm continues to pick up advisors, many from the wirehouses. The St. Petersburg, Florida-based brokerage recently hired two Merrill Lynch advisors who oversaw approximately $180 million in client assets.
Raymond James now has more than 7,500 employee and independent financial advisors. The firm's total client assets are $750 billion.
Wells Fargo, by contrast, has been suffering from advisor attrition. The brokerage ranks have shrunk by more than 300 over the last year as regulators scrutinize the bank's operations following recent scandals and fines.
Among the most recent departures, a group overseeing $400 million in client assets jumped to UBS in San Jose, California.
A spokeswoman for Wells Fargo declined to comment on Hemeon's exit.