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Stifel recruits $376M advisors in new wirehouse grab

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Stifel has picked up advisors managing $376 million in client assets from two of its larger competitors, Merrill Lynch and Wells Fargo.

The St. Louis-based regional firm has been aggressively trying to recruit new advisors particularly from wirehouses, in a bid to expand its reach. In May, Stifel hired brokers overseeing more than $1 billion in client assets, with the majority of those hires coming from Wells Fargo.

The firm's latest recruits joined the firm in California.

Howard Ashlock and his daughter Ashlee left Merrill Lynch to work at Stifel's Newport Beach office. They previously oversaw $160 million, according to Stifel.

The elder Ashlock has 24 years of industry experience, having started his career at Merrill in 1994, according to FINRA BrokerCheck records. He later worked at Smith Barney and UBS before returning to Merrill in 2010.

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Ashlee began her advisory career at Merrill Lynch in 2016, per BrokerCheck.

A spokeswoman for Merrill Lynch was unavailable for immediate comment.

In Modesto, Stifel picked up former Wells Fargo advisors David Beach and Larry Maddox. They managed approximately $220 million in combined client assets, according to Stifel.

Like Howard Ashlock, Beach and Maddox are both veteran advisors. They started their careers at A.G. Edwards, a predecessor firm of Wells Fargo, in 1994 and 1998, respectively.

"Stifel’s unique culture and Modesto Branch Manager Dane Anderson’s reputation and relationship with these advisors are the key draws," John Lee, managing director of Stifel's western region, said in a statement. “Advisors enjoy working with people they know and trust and want to be at a firm where they are valued.”

A spokeswoman for Wells Fargo was unavailable for immediate comment.

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