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Stifel strikes again, hires $178M Wells Fargo advisor

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Stifel recruited a financial advisor overseeing $178 million in client assets from Wells Fargo, a spokesman confirmed.

It's the firm's second hire in the past week. Stifel previously picked up an Ameriprise team based in Flint, Michigan, that managed $197 million in client assets.

The regional firm's latest hire, advisor Greg Greenberg, joined Stifel in Overland Park, Kansas.

“I chose to move my practice to Stifel because of its Midwestern values and its commitment to the advisor-client relationship,” Greenberg said in a statement. He also highlighted the firm's platform and research. Stifel is based in St. Louis.

Greenberg, an advisor of 21 years, had been with Wells Fargo since 2007, according to FINRA BrokerCheck records. He previously worked at H&R Block Financial Advisors.

Stifel and other regional brokerage firms have aggressively courted wirehouse advisors. RBC, for example, said it hired more advisors in the first half of 2017 than it picked up in all of 2016. Overall, advisors managing more than $37 billion in client assets joined regional firms in 2017.

For its part, Wells Fargo recently reported that its advisor headcount had dipped 2% year-over-year to 14,544 for the fourth quarter. A spokeswoman did not respond to immediate comment on Greenberg's departure.

But Wells Fargo is not alone in losing advisors to smaller firms. A Merrill Lynch advisor overseeing $115 million went independent with HighTower, according to the firm. Gayle Johnson joined the RIA in Santa Fe, New Mexico. Like Greenberg, she had been a longtime wirehouse employee, having joined Merrill Lynch in 1999, per BrokerCheck records.

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