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Raymond James Nabs Yet Another Wells Fargo Rep

By Alex Padalka January 2, 2019

Raymond James wrapped up 2018 by poaching one more advisor from scandal-plagued Wells Fargo, Raymond James says.

William Hornung joins Raymond James & Associates, the firm’s traditional employee broker-dealer, in Westlake, Ohio, according to a press release from the company.

Together with senior registered client service associate Kathleen Miller, they operate Ethos Wealth Management of Raymond James, with a focus on individuals, families and healthcare professionals, Raymond James says. They previously oversaw around $140 million at Wells Fargo Advisors, according to the press release.

“Raymond James offers us the infrastructure and technology we need to run our business and allows us to show clients who we are through the Ethos brand,” Hornung says in the press release. “Raymond James’ client-first philosophy and respect for our advisor-client relationships are key for us as we continue to serve our clients and the next generation of clients.”

Both Hornung and Miller have been in the financial services industry for more than three decades, Raymond James says. Miller joined A.G. Edwards in 1988 and stayed on as it was acquired by Wachovia and then Wells Fargo Advisors, according to the press release. Hornung came to A.G. Edwards a year after Miller and also stayed on through the acquisitions, according to his BrokerCheck profile.

Wells Fargo has been steadily shedding advisors since the 2016 revelations that thousands of employees in the firm’s retail banking division had opened millions of bogus accounts. Since last year, Wells Fargo’s wealth management units have been undergoing many structural and managerial changes, all while under investigation by the SEC and the Justice Department.

More than 1,000 representatives have jumped ship since the 2016 scandal, and many of them have found a new home at Raymond James. A few days before Hornung’s recruitment, Raymond James brought on a team in Seattle that previously managed $145 million at Wells Fargo Advisors.

In December, Raymond James also poached advisors from Morgan Stanley, LPL Financial and Merrill Lynch, but lost several representatives to Stifel Financial.