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Wells Fargo Loses FAs to Janney, Raymond James

By Alex Padalka May 3, 2018

As its wealth management division apparently continues being investigated by regulators, Wells Fargo continues shedding advisors, most recently to Janney Montgomery Scott and Raymond James.

Janney has recruited Matthew Loitz in Glastonbury, Conn., according to a press release from the firm. Loitz managed $157 million at Wells Fargo Advisors, according to Janney. He’s been in the industry for 22 years and with Wells Fargo since 2005, according to his BrokerCheck profile.

In Portsmouth, N.H., meanwhile,Steward Partners Global Advisory, an employee-owned independent partnership associated with Raymond James Financial Services, recruited Tom Sedoric and Casey Snyder, according to a press release from Steward Partners. As part of the Sedoric Group, the advisors manage more than $350 million, Steward Partners says.

“Working with Steward Partners and Raymond James, we’ve fully embraced this new independent model which enables us to deliver even more value and transparency for those we serve,” Sedoric says in the press release.

Sedoric has been in the industry since 1984 and joined Wells Fargo predecessor A.G. Edwards in 1985, according to his BrokerCheck profile.

Snyder began his career in 2007 and joined Wells Fargo in 2008, according to his profile.

And in Rochester, N.Y., John Banks joins Raymond James’ employee unit, according to a press release from Raymond James. Banks began his financial services career in 1993 at Wells Fargo predecessor A.G. Edwards and produced $1.7 million annually before jumping ship to Raymond James, according to the press release.

“This feels very much like coming home, back to a company that is client-centric, independent and not owned by a bank,” Banks says in the press release. “The culture is a huge win for my clients, and the support and freedom to manage my business is a win for me.”

Advisors have been fleeing Wells Fargo’s wealth management unit following the 2016 revelations that the company’s retail bank employees, pressured by high sales quotas, opened millions of bogus accounts. The reputational risk associated with the bank has driven some financial advisors to go elsewhere, one advisor recently told FA-IQ.

(Getty)

And at the end of 2017, Wells Fargo’s wealth management units attracted regulatory scrutiny as well. At the end of April alone the company lost several advisors who collectively managed more than $2 billion to Raymond James, UBS and RBC Wealth Management.