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Janney scoops up $445M Wells Fargo advisors

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In an ongoing exodus, Wells Fargo has lost four more advisors managing a combined $445 million in client assets, this time to Janney Montgomery Scott.

Advisors Glenn Ratcliffe, Samuel Sammarco, William Moore and William Nice are joining Janney at its Fairfield, Connecticut, and Syracuse, New York, branches. Together the advisors have over 120 years of combined experience in the financial services industry.

“These highly experienced advisors have dedicated their careers to providing clients with the highest quality advice and service,” Jerry Lombard, president of Janney’s Private Client Group, said in a statement. “Their client-centric approach aligns perfectly with Janney’s values. I am proud to welcome them to the firm and am delighted that they recognize the value of Janney’s boutique culture, unprecedented home office support and long-standing reputation for integrity and stability.”

Ratcliffe will join the firm’s Fairfield office while Sammarco, Moore, Nice and senior registered private client associate Lorrie Frawley will head to Syracuse, according to the firm. Individually, Ratcliffe brings with him over $150 million in client assets, while Sammarco, Moore and Nice join their branch with almost $300 million in assets.

“After extensive due diligence and research, Janney proved to be the best firm to position both me and my clients for success both now and in the future,” Ratcliff said in an email statement to On Wall Street. “Janney has invested in state-of-the-art systems, infrastructure and technology that rivals any larger firm, but its boutique size will give me the flexibility I need to run my business in a way that best serves the needs of my clients.”

Wirehouses have been seeing the backs of many advisors as they seek greater independence and flexibility to run their businesses on their own terms. Many advisors cite the restrictive nature of the larger banked backed firms as their key reason to leave.

Wells Fargo declined to comment on the latest move or its recent string of exits. Recently, the wirehouse has seen planners move on to Stifel, Raymond James, Ameriprise, and Steward Partners.

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