Raymond James hires $462M Wells Fargo team
Keen to continue its record-breaking hiring spree, Raymond James has recruited an advisor pair from Santa Rosa, California, to add to the more than 400 independent and employee advisors it’s already taken onboard in the past year alone.
Advisors Linda Pardini and Douglas Wulbrecht joined Raymond James & Associates, the firm’s employee broker-dealer, from Wells Fargo Advisors where they managed $462 million in client assets. Pardini and Wulbrecht started their careers at regional brokerages.
“We came to Raymond James because we wanted to get back to our roots,” Wulbrecht said in a statement.
The duo’s decision to leave Wells Fargo reflects a broader trend in the industry as the wirehouse continues to report steep declines in its advisor ranks, seen first in 2016 when the company’s consumer banking side’s questionable sales practices came to light. Since the third quarter of 2016, Wells Fargo has lost 860 advisors through a combination of retirements and departures to rival firms.
The firm achieved a record 7,719 independent and employee advisors in the second quarter.July 26
Total broker head count dropped by 173 from the prior quarter, according to the wirehouse.July 13
Alicia Carinalli, senior registered client service associate, and Alexis Smith, senior client service associate, also made the move with Pardini and Wulbrect.
Before joining Raymond James, Pardini served as senior vice president, investments at Wells Fargo Advisors and was with the company for 25 years. She began her career in 1986 as an operations manager with Sutro & Co.
Wulbrecht has spent the last 18 years with Wells Fargo Advisors, but prior to that worked as a branch manager at A.G. Edwards for 12 years and began his 34-year long career at Birr Wilson Securities.