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Kestra Nabs $300M FA Team from Wells Fargo Advisors

May 21, 2018

A team of made up of Wells Fargo Advisors representatives has jumped ship to Kestra Private Wealth Services, a RIA subsidiary of Kestra Financial, according to a press release from Kestra.

Paramus, N.J.-based Liberty Wealth Solutions is made up of managing director Steve Battel and senior vice presidents Rob Yevchak, Bruce Battel and Nancy Hurst, Kestra says. The team manages $300 million and includes several veterans of the financial services industry, according to the press release.

“We’ve worked for years to develop and deepen our client relationships, even serving up to three generations of families, and believe moving toward independence will allow those relationships to grow,” Steve Battel says in the press release. “Partnering with Kestra Private Wealth Services gives us the flexibility and resources to service our clients more effectively, allowing us to fully exercise our philosophy of putting our clients first.”

Steve Battel has been in the industry since 1998 and with Wells Fargo since 2008, according to his BrokerCheck profile.

Hurst has been in the industry since 1980 and with Wells Fargo since 2003, according to her BrokerCheck profile.

Wells Fargo’s wealth management units have been shedding advisors following the 2016 revelations that employees in its retail banking unit opened millions of debit and credit accounts without client authorizations. The company has been under nonstop regulatory scrutiny over various aspects of its sales practices ever since, with the wealth management units now under direct investigations as well. Wells Fargo’s advisors have been finding new homes at Raymond James, Janney Montgomery Scott, UBS, RBC Wealth Management and other brokerages.

(Getty)

But the bleeding has slowed, according to InvestmentNews. In the first four months of 2018, the publication was able to identify only 24 advisor moves and departures from Wells Fargo. Those advisors managed more than $5.8 billion, according to InvestmentNews. But during the same period last year, the publication identified 37 advisors leaving Wells Fargo, collectively overseeing around $8.5 billion.

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