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Wells Fargo Team Decamps for Snowden Lane

By Alex Padalka June 26, 2018

A team of Wells Fargo advisors in Texas have jumped ship to Snowden Lane Partners, according to a press release from Snowden Lane.

Certified financial planners Mark Hogan and Leah Eller, as well as registered representatives Pam Appleby and Josh Hogan, have joined Snowden Lane’s offices in San Antonio, Texas, as the Hogan Eller Wealth Management Group, according to the press release.

Hogan and Eller managed over $150 million at Wells Fargo, offering retirement and estate planning, business services and education savings plans, Snowden Lane says.

Hogan has been in the industry since 1987 and with Wells Fargo since 2009, according to his BrokerCheck profile.

Eller joined the industry in 2000 and came to Wells Fargo in 2009 as well, according to her BrokerCheck profile.

“Joining Snowden Lane not only provides us greater flexibility, but it allows us to better serve our clients as fiduciaries, to help them achieve their financial goals,” Hogan says in the press release.

The advisor drain from Wells Fargo has been almost nonstop since 2016, when the firm settled with regulators over revelations that thousands of its retail bank employees opened millions of bogus accounts.

For the past several months the bank’s wealth management units have been under direct investigation by the Justice Department and the SEC, according to a Wall Street Journal report published in March.

Many of the firm’s advisors are certainly not staying put. Last week, in addition to the Snowden Lane recruits, Wells Fargo also lost several advisors to Raymond James, RBC Wealth Management, Janney Montgomery Scott and Stifel Financial, who collectively managed well over half a billion dollars.

So far in June Raymond James alone has lured several Wells Fargo advisors collectively overseeing at least $1.4 billion.