Wells Fargo loses more talent as Raymond James nabs $250M team
A Wells Fargo team that oversaw about $250 million in client assets joined the independent side of Raymond James, a spokeswoman confirmed.
They're the latest group to quit Wells Fargo, which has struggled to keep advisor headcount up. The bank upped its recruiting efforts, but has been plagued by scandals over the past year and seen its reputation sullied. Wells Fargo recently reported having 14,564 advisors for the third quarter, down 3% compared to a year earlier.
Raymond James' new hires include former Wells Fargo advisors Alan Williams, Thomas Hunter and Susan Crunk. They operate their newly independent practice in Brentwood, Tennessee.
The group previously generated $1.8 million in annual revenue, according to Raymond James.
The 22 million Gen X and Gen Y clients banking with Wells are a competitive advantage for its digital advice platform, executives say.November 6
The company has been benefited from aggressive recruiting, with its advisor headcount hitting a record 7,346.November 1
The team was inspired to make the transition in order to better position themselves for digital changes that are remaking the business, Hunter said.
"Without question, the future of the wealth management industry is going to require advisors to blend a higher degree of professional advice with the ability to leverage new technologies,” he said in a statement. “We felt Raymond James was the best firm to help position ourselves to meet the evolving needs of our clients.”
Raymond James has been an aggressive recruiter in recent years, luring wirehouse talent with promises of less bureaucracy and a more broker-friendly culture. Its previously announced new hires also came from Wells Fargo: a Cottonwood Heights, Utah-based team that oversaw $265 million in client assets.
The St. Petersburg, Florida-based brokerage firm has approximately 7,300 financial advisors and total client assets of $693 billion.