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Wells Fargo, Stifel and LPL Lose Reps to Benjamin F. Edwards & Co.

By Alex Padalka July 12, 2018

St. Louis-based Benjamin F. Edwards & Co. has recently nabbed financial advisors from Wells Fargo, Stifel Nicolaus and LPL Financial, according to a press release from Edwards.

Together the new hires bring $616 million in client assets, bringing the company’s total to nearly $24 billion, Edwards says.

From Wells Fargo Advisors, Edwards has recruited David Herr and Tyler Herr, who will operate as Herr Wealth Management in Chandler, Ariz.; Bill Raymon in Birmingham, Ala.; James Garner in Atlanta; and James Goehl in Woodstock, Ill., according to the press release from Edwards.

Wells Fargo has been steadily shedding advisors to rivals ever since a bogus account scandal hit the company’s retail banking unit in 2016. But regulators are now also investigating the sales practices at Wells Fargo’s wealth management units, and advisors continue flocking to rivals. This month, a pair of Wells Fargo representatives overseeing $177 million jumped ship to Janney Montgomery Scott, and advisors collectively overseeing billions of dollars left in June for rivals such as Raymond James.

Meanwhile, David Kohlmeyer joins Edwards’ Wheaton, Ill., office from Stifel, bringing more than 25 years experience in the financial services industry, Edwards says in its press release. And in Galesburg, Ill., Kevin Rodeffer joins from LPL, according to the press release. Finally, Anthony Swart has left Sun Trust Bank to join Edwards’ office in Sarasota, Fla., Edwards says.

Founded in 2008 by Benjamin Edwards IV, the company now has more than 500 employees working from 67 offices across 26 states, according to the press release.