Wells Fargo Loses Advisor to First Republic Bank
Andrea Borgioli worked at Wells Fargo in Santa Barbara, Calif., for 11 years as senior vice president and senior investment manager, according to the press release. Prior to Wells Fargo, Borgiolo was a wealth specialist at Arner Bank in Switzerland, First Republic says. He has also worked at the Boston Consulting Group in Italy, as a research engineer and research scientist at the University of California, Santa Barbara, and at NASA’s Jet Propulsion Lab, according to the press release. In his new role at First Republic, Borgioli will offer investment and retirement planning to individual investors, businesses, nonprofits and foundations, the company says.
It has been reported that Wells Fargo’s wealth management units are currently under investigation by the U.S. Justice Department and the SEC over its sales practices. Insiders say the units practiced aggressive sales tactics similar to those that landed Wells Fargo’s retail bank in trouble in September 2016, when the company settled with regulators for $185 million following revelations that its retail bank employees opened millions of bogus accounts without customers’ knowledge.
Wells Fargo’s wealth units have been almost consistently losing advisors to rivals ever since. In late March two advisors who’d managed more than $300 million at Wells Fargo jumped ship to Steward Partners, the employee-owned, full-service independent partnership associated with Raymond James Financial Services.
Steward Partners also picked up two Wells Fargo Advisors representatives overseeing $170 million in February.