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Raymond James snags $500M Wells Fargo trio

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In recent months, Wells Fargo advisors have cited scandal and an inability to lock clients’ PPP loans as motivation for their moves.

As some companies formulate reopening plans, Raymond James is bringing new teams into the fold.

Most recently, the regional BD recruited a $500 million team from Wells Fargo to its Alex. Brown division, according to a company announcement.

It’s yet another team to exit Wells Fargo Advisors during a difficult year at the firm. Wealth management profit fell 70% in the last quarter, and headcount fell by more than 500 advisors from the year-ago period.

In recent months, advisors have cited scandal or, in the case of one team, an inability to lock clients’ PPP loans as motivation for their moves.

One of the latest teams to abandon the wirehouse is a trio who had been at the company for over a decade. The team — Steve Kanteliotis, Stephen Gitter and Frank Brodsky — operates out of Philadelphia and managed half a billion in assets at their former firm, according to Raymond James.

“We have spent years doing due diligence to find the right place to best serve our clients and have now found that in Alex. Brown,” Kanteliotis said in a statement, noting he was impressed with the support they’ve received transitioning during the pandemic. He did not respond to a request for further comment.

Kanteliotis and Gitter had been at Wells since 2005, according to FINRA BrokerCheck records. Before that, they were at Morgan Stanley. Brodsky, who had been with Wells since 2003, was at Prudential Securities for the 14 years prior and has been in the business since 1969, records show.

Joining the team in the move are practice business manager Michael Gambol and investment portfolio associate Frederick Daniels.

A Wells Fargo spokeswoman declined to comment.

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