Raymond James poached four advisors managing $783 million in client assets from Wells Fargo Advisors, moving another chunk of assets out of the beleaguered wirehouse.

Gary Rosen and Daniel Kramer operate as Constantine Wealth Management and previously managed $621 million in client assets, mostly dealing with high-net-worth clients including business owners and healthcare professionals, according to Raymond James. Grigori “Greg” Lvov and Robert Kikin operate as the Lvov-Kikin Financial Consulting Group and previously managed $162 million in client assets, says the firm.

The two teams will join Raymond James & Associates, the firm’s employee broker-dealer channel, at its offices in Hackensack, New Jersey, says RJA’s regional director Tom Galvin.

The advisors moved because they felt they lacked control in running their practices at Wells, Rosen says. “We were also looking to align ourselves with a firm that values the advisor-client relationship and recognizes that we own that relationship,” he says.

Advisor headcount has plunged at Wells Fargo in the first quarter in the wake of its latest scandal concerning federal inquiries into its wealth management business that surfaced in March. Wells Fargo's overall headcount fell to 14,399 from 14,657 from the year-ago period, including wirehouse, bank-based and independent advisors. Headcount has declined in five of the last six quarters, according to the firm's earnings reports.

"First quarter’s 1% decline is statistically flat, consistent with demographic trends and far outweighed by improvements in financial advisor productivity, which grew by 7% year over year," said a spokewoman from Wells Fargo in a statement.

In a separate move, Alex. Brown, a high-net-worth division of Raymond James, grabbed an advisor from J.P. Morgan Private Bank. Vincent Paul Lisanke served as an investment advisor on a team that managed $1.08 billion in client assets, according to Raymond James. He joins client advisor Daniel Larsen in the firm’s Boston office.

JPMorgan declined to comment.

For Raymond James’ part, the regional broker-dealer continues to attract advisors who are abandoning the industry’s largest firms. Most recently, the St. Petersburg, Florida-based firm added advisors in Arkansas, Kentucky, Virginia and Pennsylvania.

The latest moves shore up the firm’s presence in the Northeast, Galvin says.

Rosen has been in the industry for more than 23 years, beginning his career with Dean Witter Reynolds in 1994, per FINRA BrokerCheck. Kramer began his career with Morgan Stanley in 1994 and then jumped to Thomas Weisel before landing at Wells Fargo in 2002, per BrokerCheck.

Lvov began his career with RBC Dain Rauscher in 2003 before jumping to Wells Fargo in 2007, per BrokerCheck. Kikin has been at Wells Fargo since 2009. He began his career at PHD Capital in 1999 before moving to Citigroup in 2001, per BrokerCheck.

Raymond James Financial, which includes its brokerage, independent and insurance segments, has 7,500 financial advisors in 3,000 locations, according to a firm press release. The firm manages $17.8 billion in client assets, according to its latest Form ADV.

Sean Allocca

Sean Allocca is an associate editor of Financial Planning, On Wall Street and Bank Investment Consultant.