Nov 16 Wells Fargo & Co said on Friday
it hired 24 veteran advisers over the past three months from
rival brokerages, expanding the company's private client group
across the country.
The brokers, who in total managed more than $2 billion in
client assets at their old firms, came from the U.S. brokerages
of Morgan Stanley, Bank of America, UBS AG, Royal Bank of
Canada, Stifel Financial Corp and Wedbush Morgan.
"It sounds old-fashioned, but Wells reminds me of the way
the industry was like when I started back in 1978 - very much
focused on the clients," said California-based adviser Nancy
Johnson, who came from Morgan Stanley Wealth Management.
Johnson joined Wells' Irvine office in October with fellow
adviser Susan Ellena. The two managed $210 million in client
assets at Morgan Stanley Wealth Management, the brokerage
majority owned by Morgan Stanley and partially owned by
Johnson, along with the other new hires, joined Wells'
private client group. The biggest division within the company's
St. Louis-based brokerage business, it has more than 15,000
advisers with $1.2 trillion in client assets among its brokerage
Wells also has a broker-dealer unit for independent advisers
and a separate division of advisers who work in bank branches.
The advisers' previous employers either declined to comment
or did not return requests for comment.
From Morgan Stanley Wealth Management, advisers Andrew
Siegel, Nickolaus Roeschley and William Kulesh also moved to
Wells in October. They managed $231 million in client assets and
joined Wells' Scottsdale, Arizona office, where they report to
branch manager Robert Burghart.
In Texas, advisers Chris Queen, Peggy Etheridge and Jason
Hofnagel joined Wells in August from Morgan Stanley, where they
managed $206 million in client assets. The advisers are based
out of Wells' Plano office and report to branch manager Jim
In Arkansas, advisers Curtis Coburn and Wade Meeks joined
Wells in September from Morgan Stanley, as previously reported
by Reuters. The advisers managed $127 million in client assets
and are now based out of Wells' Little Rock office, where they
report to branch manager Mark Trevillian.
From Bank of America's Merrill Lynch, advisers
Robert Evans, Walt Shinault and Richard Hastings moved to Wells
in August. The advisers, who managed $250 million in client
assets, joined Wells' Oxford, Mississippi branch, where they
report to branch manager Allen Kimbrell.
In West Virginia, adviser W. Howard Humphrey joined Wells in
August from Merrill, where he managed $101 million in client
assets. Humphrey, who has worked in the advising industry for 20
years, is based out of Wells' Parkersburg office and reports to
complex manager Charles Capito.
From UBS AG's Wealth Management Americas,
advisers Robert Shwedel and Andrea Roth joined Wells in November
in Walnut Creek, California. The advisers, a father-and-daughter
team, managed $196 million in client assets at UBS. They report
to branch manager Kevin Smith at Wells.
In Illinois, adviser Rich Ceffalio rejoined Wells in
November after four years at UBS, where he managed $165 million
in client assets. Ceffalio, based out of Wells' Arlington
Heights office, reports to branch manager George Styskal.
In Maryland, adviser Susan Gallagher moved to Wells in
October from UBS, where she managed $146 million in client
assets. Gallagher, who has worked in the advising industry for
29 years, joined Wells' Bethesda office and reports to complex
manager Buck Grier.
In Pennsylvania, adviser Curt Coulter joined Wells in August
from UBS, where he managed $134 million in client assets.
Coulter is based out of Wells' Pittsburgh office, where he
reports to market manager Nicholas Bruno.
From Wedbush Morgan, adviser Greg Moore joined Wells'
Portland, Oregon office in November. Moore managed $139 million
in client assets at Wedbush and now reports to complex manager
From RBC Wealth Management, the U.S. brokerage owned by the
Royal Bank of Canada , advisers Robert Hart and
Thomas Tonkovich joined Wells' Spring Lake, New Jersey office.
The advisers, who moved in September, managed $107 million in
client assets and now report to complex manager John Puzio.
From Stifel Nicolaus, a subsidiary of Stifel Financial Corp
, adviser Allen Wilson moved to Wells in August. He
managed $212 million in client assets and joined Wells'
Morristown, New Jersey office, where he reports to complex
manager Tom Thives.
In Chicago, adviser Bradley Gummow joined Wells in October
from Stifel Nicolaus. Gummow, who has worked as an adviser for
30 years, managed $100 million in client assets at the firm. He
reports to complex manager Kevin Ortmeyer.