Wells Fargo’s latest loss: $369M team jumps to Ameriprise
Ameriprise has lured six advisors away from Wells Fargo, where the team managed $369 million in combined client assets, according to the regional firm.
The team joined Ameriprise in its office in Overland Park, Kansas, and includes two veteran advisors — David Neihart and Douglas Royle — each with 32 years of industry experience.
Minneapolis-based Ameriprise and other regional broker-dealers have been on a recruiting tear this year. Wells Fargo, plagued by fake accounts and data breach issues, has emerged as a recruiting target for firms like Benjamin Edwards and Janney. To stem the exodus of advisors, it has pursued aggressive recruiting tactics, unlike its competitors UBS, Morgan Stanley and Merrill Lynch, which have all announced hiring cutbacks.
The team shopped around at other firms nationwide before making the decision. “We serve clients in 22 states, so we were attracted to Ameriprise’s strong reputation, brand and financial stability,” David Neihart says.
A Wells Fargo spokeswoman declined to comment.
David Neihart began his career at Merrill Lynch and spent 14 years at Wells Fargo, according to FINRA BrokerCheck records. His son, Brent Neihart, became an advisor and joined him in 2015.
Douglas Royle spent 17 years at A. G. Edwards & Sons prior to Wells Fargo. Johnnie Huff had worked at Prudential Securities for 11 years.
The father of the $141 million team worked for Raymond James for 12 years.October 16
"This is a window for these regional firms to really explode," says Rob Blevins, a recruiter in Dublin, Ohio.September 26
A different regulatory landscape is encouraging brokers to reconsider their options.September 19
Eric Wynkoop and Camdon Fells spent 11 years and 9 years, respectively, at Wells Fargo prior to the move.
The team is joined by client associates Tera Jobbins, Barbara Pendleton and Jen Hanson.
Earlier this month, Ameriprise picked up a $141-million team comprised of three sisters from Raymond James.