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Wells Fargo loses 6 advisors managing $671M to Stifel

On a recruiting binge, Stifel Financial has enticed over six more wirehouse advisors. The most recent hires come from Wells Fargo where they managed $671 million in total client assets, according to Stifel.

Headcount at the St. Louis-based regional broker-dealer has climbed 2% from the previous year, according to the firm’s first-quarter earnings report. Stifel has about 2,200 financial advisors, a company spokesman confirmed.

Pedestrians pass in front of a Wells Fargo & Co. bank branch in New York, U.S., on Tuesday, Jan. 9, 2018. Wells Fargo & Co. is scheduled to release earnings figures on January 12. Photographer: Daniel Tepper/Bloomberg
Pedestrians pass in front of a Wells Fargo & Co. bank branch in New York, U.S., on Tuesday, Jan. 9, 2018. Wells Fargo & Co. is scheduled to release earnings figures on January 12. Photographer: Daniel Tepper/Bloomberg

It’s hiring efforts have continued into the second quarter. Last week, Stifel hired a $590 million team from Merrill Lynch and in April it brought in a team that oversaw more than $2 billion.

Recruiting this year is expected to outplace last year’s momentum, Ronald Kruszewski, Stifel’s chief executive officer said in the company’s recent earnings call. Total client assets in the first quarter rose to $299 billion, up 9.2% year over year

“Advisors know they own their book at Stifel and are moving here with record assets under management,” John Pierce, head of recruitment, said in a statement.

Three teams and one individual advisor have joined Stifel from broad geographical regions. One team, comprised of 37-year veteran Taylor Browmand and four-year advisor Tyler Weaver managed $240 million in client assets. They have joined Stifel’s office in Newport Beach, California.

Dave Bry was responsible for $170 million in client assets and has worked in the industry for 19 years, according to FINRA BrokerCheck Records. He joined a new Private Client Group office in Bay City, Michigan. It’s the firm’s 16th branch in the Great Lakes State.

Another team joined in Okemos, Michigan. Steve Clark and Rick Stubbs managed over $175 million during their time at Wells Fargo. Clark has 25 years experience while Stubbs has 37 years.

Twenty-one year veteran Stephen Sosangelis joined Stifel in Conshohocken, Pennsylvania. He managed $86 million.

Wells Fargo declined to comment.

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