Baird Snaps up Veteran Wells Fargo Rep
Harry Buchanan Smith III, who joined Baird in Charlotte, N.C., managed $150 million at Wells Fargo Advisors, according to the publication. He had begun his career in 1992 at A.G. Edwards, which Wells Fargo Advisors acquired in 2008, InvestmentNews writes. Joining Smith is assistant advisor Daniel Bryant, who had joined A.G. Edwards in 2002, according to the publication.
Baird has picked up several representatives from Wells Fargo this year, including two teams of advisors in Ann Arbor, Mich., who collectively had $3.1 million in annual production and another Wells Fargo Advisors veteran who oversaw $566 million.
Wells Fargo’s advisors have been moving to rivals following the 2016 revelations that its retail bank employees opened millions of bogus accounts. This includes several veteran representatives who’d spent decades at the wirehouse, although a Wells Fargo executive told FA-IQ in July that 80% of its attrition is due to advisors retiring.
Federal regulators, meanwhile, are investigating the sales practices in Wells Fargo’s wealth management division. In recent months, the company’s advisors have also jumped ship to Raymond James, Stifel, RBC Wealth Management, Kestra Private Wealth Services and Janney.