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Wells Fargo loses $140M father-son team to Stifel

A former Wells Fargo father-son team joined Stifel, making them the latest wirehouse advisors to join a regional brokerage firm this year.

Nicholas and Jason Dukas managed more than $140 million in client assets while at Wells Fargo, according to Stifel. They joined the regional firm in Clearwater, Florida, where they report to branch manager Jerry Kelly.

Nicholas Dukas is an industry veteran with more than 35 years of industry experience. He and his son had been with Wells Fargo since 2011. They previously worked at Morgan Stanley.

Wells Fargo shiny glass signage displayed on the exterior of a bank branch in Dallas on Monday, July 10, 2017 Bloomberg News
Wells Fargo & Co. signage is displayed on the exterior of a bank branch in Dallas, Texas, U.S., on Monday, July 10, 2017. Wells Fargo & Co. is scheduled to release earnings figures on July 14. Photographer: Cooper Neill/Bloomberg

Stifel and other regional broker-dealers have picked up a number of wirehouse advisors amid a recruiting pullback at three of the big firms: UBS, Morgan Stanley and Merrill Lynch.

Of course, those three firms still hire what industry insiders refer to as franchise players. But many more hiring announcements are coming from the smaller firms.

So far this month, RBC Wealth Management swept up three teams overseeing approximately $1 billion in client assets. Ameriprise hired a broker managing $363 million in client assets. And Raymond James, which has long been on an aggressive recruiting push, is now attempting to build out its Alex. Brown unit, which serves ultrawealthy clients. The company recently hired a former UBS manager for its Los Angeles office.

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