Wells Fargo Advisors has lured away a nearly $1 billion wealth management practice from J.P. Morgan Private Bank.
The St. Louis-based firm announced Monday that Reed, Gates, Strait Wealth Management Group has joined the company's office in Lexington, Ky. The group consists of advisors Mike Reed, Zach Gates and Eli Strait, who managed more than $972 million in combined client assets and deposits at J.P. Morgan. The trio has been in the brokerage business for a combined 28 years, according to BrokerCheck records.
"Mike, Zach and Eli have demonstrated they have the experience, expertise and commitment to clients highly valued at Wells Fargo Advisors," John Gardner, managing director and Lexington complex manager Wells Fargo Advisors, said in a statement. "We are proud to welcome the group to the firm."
Wells Fargo also picked up a $1.5 billion team from J.P. Morgan this past July when advisors John Bueno, John Raetz and Noah Robinson decided to join the firm's Birmingham, Mich. Office. The wirehouse also landed advisors with more than $1.1 billion in assets under management from UBS and Merrill Lynch in September.
A spokeswoman for J.P. Morgan declined to comment on the departure.
Reed said in a statement that a "client-focused culture" and "a strong, stable reputation" were big drawing cards in deciding to make the switch firms.
"Wells Fargo Advisors offers the complete package, with the full-service tools and information we need to help our clients succeed financially," said Reed.
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