© 2020 Arizent. All rights reserved.

Wells Fargo loses more advisors — this time to Stifel and Snowden Lane

Register now

Six advisors left Wells Fargo to join two rival firms, making them the latest to depart the wirehouse.

They managed more the $370 million in combined client assets.

Wells Fargo has suffered from an uptick in advisor attrition. The firm's brokerage force, numbered at 14,226 advisors, was down 301 from the year-ago period, the bank reported in its second-quarter earnings release. Wells Fargo has attributed this partly to advisor retirements. Talent leaving for rival firms also picked up in the quarters since the company was rocked by scandals on its consumer banking side, resulting in bad press and hundreds of millions of dollars in regulatory penalties.

Regional broker-dealer Stifel picked up four of the recent departures.

Advisors Mike Anderson and Ted Korodan previously managed $168 million in client assets while at Wells Fargo according to their new employer. They now operate from Stifel's office in Port Huron, Michigan.

Anderson got his start in the business Merrill Lynch in 2000, according to FINRA BrokerCheck records. He later worked at UBS before transferring in 2008 to Wells Fargo where Korodan was working. Korodan had previous experience at A.G. Edwards, a Wells Fargo predecessor firm.

In Medford, Oregon, Stifel picked up two more Wells Fargo brokers. Hobart Marliave and Perry Stannard previously oversaw $43 million and $34 million in client assets, respectively, according to Stifel.

Marliave began his career at A.G. Edwards in 1992, staying through its eventual merger with Wells Fargo, per BrokerCheck records. Stannard also has A.G. Edwards roots, having worked at the regional firm for seven years prior to its absorption by Wells Fargo.

The other two departures went to independent firm Snowden Lane Partners.

Former Wells Fargo advisors Keary Castleberry and Lara Sterns oversaw $126 million, according to Snowden Lane. They now operate as the Castleberry Advisory Group from the firm's San Antonio office, which opened last year.

Castleberry said in a statement that they were "thrilled to be a part of an independent firm that empowers its advisors."

Like the other advisors who left Wells Fargo, Castleberry got her start at A.G. Edwards in 1994, per BrokerCheck records. Sterns began her career at Smith Barney in 1987, and also has work experience at Painewebber.

Both Snowden Lane and Stifel have attracted wirehouse talent in recent years. New York-based Snowden Lane was founded by former Merrill Lynch managers in 2011, and has added new eight new offices since.

St. Louis-based Stifel's most recent hires also came from Wells Fargo, and included Russ Schwartz, a 21-year industry veteran who managed $144 million at the wirehouse.

A Wells Fargo spokeswoman declined to comment on the departures.

For reprint and licensing requests for this article, click here.