Wells Fargo Loses $505 Million FA Team to Raymond James
The advisors, Mark Liley and Mark Griffin, left Wells Fargo for First Avenue Wealth Partners of Raymond James in Denver, Colo. to give their clients “elevated client experience[s],” Griffin says to ThinkAdvisor. Joining Raymond James will also let the pair, with 140 years of combined wealth management experience, focus on building an advisor-client relationship-focused business, he says. Pat Allison, western division director for Raymond James Associates, says he is excited to welcome Liley and Griffin, who will help Raymond James build its advice presence in the western U.S.
Raymond James keeps recruiting advisors, most recently adding two FAs managing more than $175 million in May.
Liley and Griffin’s exit from Wells Fargo adds to the stream of advisors to recently leave the wirehouse, with an $186 million team called Undivided Wealth Management being another recent loss.
The exodus of FAs from Wells Fargo follows the 2016 news Wells Fargo’s retail banking unit opened millions of client accounts without authorization. Since then, the firm has faced scrutiny from the U.S. Department of Justice and the SEC.