Wells Fargo Loses Another FA Team to Ameriprise
Peter De Arcangelis, who oversaw around $140 million at Wells Fargo Clearing Services, joins Ameriprise’s employee channel, according to the press release. He’s joined by his wife Gloria De Arcangelis, who’s a registered client service associate, and daughter Alessandra De Arcangelis, who’s training to become an advisor, Ameriprise says.
“When evaluating firms, Ameriprise stood out as a leader in first-class support and resources for myself and my clients,” Peter De Arcangelis says in the press release.
Earlier this month, Ameriprise lured another team of Wells Fargo advisors in California that managed $161 million.
Wells Fargo has been losing advisors to rivals ever since the 2016 revelations that employees in its retail banking unit opened millions of bogus accounts.
The company’s wealth management division is under investigation by the SEC and the Justice Department, which are scrutinizing its sales practices.
Meanwhile, Wells Fargo is revamping its wealth management business, last week merging its wirehouse and bank-based broker units in a bid to cut costs and boost efficiency.