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Raymond James poaches another Wells Fargo advisor worth $140M

Raymond James is on a red hot recruiting streak that shows no signs of slowing down.

Dynasty, Raymond James and Stifel are among the biggest beneficiaries of recent advisor moves.
September 21

The broker-dealer recently nabbed financial advisor William Hornung in Westlake, Ohio, from Wells Fargo Advisors. Hornung previously managed $140 million in client assets while with Wells Fargo, according to his new employer. Hornung will be joined by Kathleen Miller, a senior registered client service associate.

“Bill and Kathy are a strong team who care deeply about their clients’ well-being,” John Kuklenski, Northern division director for RJA said in a statement. “I’m excited to welcome them to the firm and am pleased that they found the culture and resources at Raymond James to be the best fit for their business.”

Together they will operate as Ethos Wealth Management of Raymond James, primarily serving families, individuals and health care professionals.

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“Raymond James offers us the infrastructure and technology we need to run our business and allows us to show clients who we are through the Ethos brand,” Hornung said in a statement provided by the firm. “Raymond James’ client-first philosophy and respect for our advisor-client relationships are key for us as we continue to serve our clients and the next generation of clients.”

Raymond James has had success over the past couple of years in recruiting advisors from wirehouses. In addition to Wells Fargo, the regional recently recruited from UBS and Morgan Stanley.

Meanwhile, Raymond James isn’t the only firm poaching talent from Wells Fargo. The wirehouse lost more than 1,000 advisors over the course of a two year period to firms including LPL, Stifel and RBC.

Indeed, some advisors say the restrictive nature of bank-backed firms is a contributing factor when they leave.

Wells Fargo declined to comment on the move.

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