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Wells Fargo Loses Reps to Raymond James, BNY Mellon

April 19, 2018

Wirehouse Wells Fargo has lost two financial advisors in Wisconsin and a senior trust team manager of its private bank unit in California.

Jeff Porasik and Suzanne Yde managed $405 million at the Racine, Wis., office of Wells Fargo, according to InvestmentNews. They have jumped ship to Raymond James’ employee unit, the publication writes. Yde had been with Wells Fargo and its predecessor firms for 21 years. In 2003, Porasik joined Wachovia Securities, which became Wells Fargo Advisors, according to InvestmentNews.

Meanwhile, over in Menlo Park, Calif., BNY Mellon Wealth Management has lured Thomas Moran, according to a press release from BNY Mellon.

Moran, who has 30 years of experience in the financial services industry, started off as a senior fiduciary advisory specialist at Wells Fargo Private Bank, eventually rising to senior trust team manager, BNY Mellon says. In his new role with BNY Mellon, Moran will serve as a senior wealth manager and fiduciary specialist, according to the press release.

Wells Fargo has lost 258 advisors year-over-year, according to the company’s latest quarterly earnings report.

(Getty)

The wealth management unit mostly avoided regulators’ ire following the 2016 revelations that Wells Fargo’s retail bank employees opened millions of bogus accounts, but the wealth division shed advisors during five out of the six quarters since then. And as of this year, regulators are investigating aggressive sales practices of certain products in Wells Fargo’s wealth management division too.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.