Stifel lands $400M Wells Fargo team to open new branch
Stifel furthered its recruiting push by opening a new office and hiring a team that managed $400 million at Wells Fargo.
The St. Louis-based brokerage firm has recruited more than 30 brokers overseeing nearly $4 billion in client assets since the start of the year, according to hiring announcements.
The group's departure also represents the latest loss for Wells Fargo, which has lost over 80 brokers managing more than $12 billion in assets since the start of the year, according to recruiting data compiled by On Wall Street.
Stifel's new hires include advisors Brendan Wolverton, his son Josh, and Alen Pellerin.
The senior Wolverton and Pellerin will operate from Stifel's newly opened office in Lawton, a city of about 93,000 people in southern Oklahoma. It's the regional brokerage firm's fourth office in the state. Wolverton's son will be based in Oklahoma City.
Wolverton is a veteran financial advisor, having started his career at Wells Fargo predecessor firm A.G. Edwards in 1989, according to FINRA BrokerCheck records. Pellerin joined him at the firm in 2004.
Josh Wolverton started his advisory career at Wells Fargo in 2012, according to BrokerCheck records.
A Wells Fargo spokeswoman declined to comment on their departure.
John Pierce, head of recruitment at Stifel, credited Kevin Ortmeyer with boosting recruiting efforts. Ortmeyer joined the St. Louis-based brokerage firm from Wells Fargo over a year ago to serve as managing director of the firm's central region, which encompasses states such as Colorado, Illinois, Kansas, Missouri, Oklahoma, and Texas.
"He is well known across all major firms and brings a unique passion for the value of the financial advisor and their clients. He is doing a tremendous job expanding our footprint," Pierce said in a statement.
Ortmeyer's efforts also build on similar initiatives elsewhere. Last week, Stifel hired several California-based advisors managing $376 million in client assets from Merrill Lynch and Wells Fargo.
Ex-Merrill Lynch advisors Howard Ashlock and his daughter Ashlee joined Stifel's Newport Beach office. And former Wells Fargo advisors David Beach and Larry Maddox joined the regional firm's Modesto branch.