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Raymond James recruits $375M wirehouse adviser

Raymond James picked up a Wells Fargo adviser who oversaw $375 million in client assets, according to the firm.

Preston Covington joined Raymond James’ new office in Columbia, South Carolina. While at Wells Fargo, he generated annual fees and commissions of over $2.4 million, the regional firm said.

He reports to Dan Parker, Raymond James' Columbia complex manager.

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Covington has 32 years of wealth management experience, according to FINRA BrokerCheck records. Registered in 1984, he has worked at Smith Barney and Wachovia, which was later acquired by Wells Fargo.

Covington-Preston-adviser-RaymondJames

“After more than two decades with the same firm, I came to realize what I had to offer my clients was incomplete,” Covington said in a statement. He said he found better resources at Raymond James.

A spokeswoman for Wells Fargo confirmed Covington’s departure but declined for further comment.

Also joining Raymond James are senior investment portfolio analyst Amanda Simconis and registered client service associate Lindsey Sisk.

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