Amid wirehouse recruiting slump, Wells Fargo hires advisors with $293M
Wells Fargo nabbed two advisors with a combined $293 million in assets under management, bucking the recent recruiting migration away from the big four firms.
Troy Hartman managed $92 million in client assets and joined Reynolds Wealth Management, an independent practice affiliated with Wells Fargo Advisors Financial Network, the bank's independent broker-dealer. Hartman is based in Kendallville, Indiana. He previously worked for Edward Jones, per FINRA BrokerCheck records.
Thayer Potter recently broke away from Janney Montgomery Scott to start Twin River Wealth Management in Lewisburg, Pennsylvania. He managed $207 million in client assets, according to the firm.
In addition, Potter brings Jeremy Soper with him to serve as the administrations manager at Twin River.
Potter has 33 years of experience — 25 of which he spent as an institutional investor. His firm, Twin River, has a second office in Red Bank, NJ.
Potter began his career with Gibraltar Securities in 1985 then moved to Morgan Stanley in 2009, per BrokerCheck.
Hartman spent his entire career with Edward James, starting at the firm in 1997, per BrokerCheck.
The moves are in the opposite direction of where advisors have been heading. Industrywide, regional and boutique firms netted more than $27 billion in client assets this year, while wirehouses have only picked up $14 billion, according to hiring announcements.
“Regionals are just better equipped to get quick answers for clients,” says Mickey Wasserman of the consulting firm Michael Wasserman & Associates. “Advisors have all the same tools they need, but when they call someone within their organization, a person actually picks up.”
The recently red-hot Janney, for example, added 32 financial advisors this year and 57 in the last 12 months. Three quarters of their new recruits have joined from wirehouses, according to the firm.
Both Edward James and Janney declined to comment on the recent moves.