Yet another multimillion-dollar Wells Fargo team has moved on to what it says are greener pastures.
Mark Griffin and Mark Liley, who together managed $505 million in client assets at Wells Fargo, are moving to Raymond James.
The team’s departure adds to an already diminishing headcount on Wells Fargo’s wealth management side, which has lost advisors in five out of the last six quarters amid ongoing banking scandals.
Griffin and Liley will be working from Raymond James’ Denver office. Griffin has more than 40 years of experience in the industry, according to a company statement. Previously, Griffin worked at Wells Fargo for 17 years, according to FINRA BrokerCheck records. He left for Raymond James because it allowed him “to develop a business model that centers on the advisor-client relationship,” he said in a statement.
Liley was at Wells Fargo for 15 years, according to FINRA BrokerCheck records.
Both men declined to give further comment on their motivation for leaving.
Their practice serves business owners, high-net-worth individuals, endowments and foundations.
A Wells Fargo spokeswoman declined to comment on their departure.
The new team is among other new hires announced at Raymond James within the past few days. A $480 million team from UBS was recruited earlier this week. The regional firm has been making new records this year in its advisor headcount.