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Splitting Wells Fargo Reps Increasingly Call This Rival Home

By Alex Padalka July 31, 2018

Stifel Financial continues staffing its new Modesto, Calif., office entirely with brokers who’ve jumped ship from Wells Fargo Advisors, according to a press release from Stifel.

The latest addition is Jeff Sutton, who joins Stifel’s broker-dealer subsidiary Stifel, Nicolaus & Company in Modesto, according to the press release.

Sutton oversaw $198 million at Wells Fargo, Stifel says. He has been in the industry since 1994, and after a brief stint at Baraban Securities, joined Wells Fargo predecessor firm A.G. Edwards & Sons the same year, according to his BrokerCheck profile.

Sutton is the sixth advisor at the Modesto office, which opened in late April, and all of them are from Wells Fargo Advisors, Stifel says in the press release.

Stifel also nabbed another Wells Fargo representative for its Newport Beach, Calif., office, according to the press release.

Kerry Mangano managed $110 million at Wells Fargo, Stifel says. He has been in the industry since 1982 and joined A.G. Edwards in 1993, according to his BrokerCheck profile.

In June, two Wells Fargo Advisors in Syracuse, N.Y., managing $230 million left for Stifel’s office in the same city.

And in May, Stifel snatched up Wells Fargo Advisors brokers in Redding, Calif., San Rafael, Calif., Charlottesville, Va., Topeka, Kan. and Modesto. Those brokers collectively oversaw close to $1 billion.

Wells Fargo’s wealth management unit, meanwhile, has been under investigation by federal regulators, with whistleblowers telling the Wall Street Journal recently that the division set aggressive sales targets that led to advisors putting clients into higher-fee products.

Wells Fargo representatives have also gone to Raymond James, RBC Wealth Management, Kestra Private Wealth Services, Janney and Baird Wealth Management in recent months.