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Wells Fargo Loses $331M Team to Raymond James

By Alex Padalka May 13, 2019

Raymond James continues nabbing financial advisors from Wells Fargo, most recently luring a team in Florida.

Marc Hallick, Romain Spell, Tyler Jackson and Andrea Patrick have joined Raymond James & Associates, the company’s traditional employee broker-dealer, in The Villages, Fla., as Precision Wealth Management of Raymond James, according to a press release from the company.

Hallick began his financial services industry career in 2003 with Morgan Stanley and in 2005 moved to Wachovia, which became Wells Fargo, Raymond James says.

Spell began his industry career at Edward Jones in 2009 and came to Wells Fargo in 2014, according to the press release.

Jackson started his industry career at Wells Fargo in 2002 as a private banker and joined Hallick and Spell’s team as a financial advisor in 2012, Raymond James says.

Patrick started her career at Wachovia as a teller manager and became a private banker in 2010 with Wells Fargo before becoming a financial advisor in 2015, according to the press release.

The advisors are joined by senior registered client service associate Nancy Tush, senior client service associate Dody Davison and marketing associates Teresa Davis and Marilyn Mayfield, Raymond James says.

The team, which caters to high net worth investors, business owners and retirees, previously managed around $331 million and generated more than $2.5 million annually at Wells Fargo, according to the press release.

“After conducting thorough due diligence and evaluating several firms, it became apparent that there was only one firm where our whole team agreed we would be happy and be able to serve our clients as we wish and as they deserve,” Hallick, managing director and senior vice president, wealth management, says in the press release. “And that firm was unquestionably Raymond James. The firm’s warm and welcoming atmosphere, its client-first culture and independent values aligned so well with our own, it was an easy decision. We were also impressed with the amount of choice and flexibility Raymond James gives advisors, both in how we choose to affiliate and how we run our practice.”

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SA Stone Adds $200M Wealth Management Practice in California

SB Wealth has left Cetera Advisor Networks and is affiliating its wealth management business with SA Stone, SA Stone says.

Founded in 2005, San Clemente, Calif.-based SB Wealth is bringing more than $200 million in assets to the platform of the broker-dealer SA Stone Wealth Management, according to a press release from SA Stone, a wholly owned subsidiary of INTL FCStone.

SB Wealth will be able to tap SA Stone’s brokerage and advisory solutions, compliance and supervision resources, as well as INTL FCStone’s market intelligence platform and custody and clearing services, SA Stone says.

“We looked extensively for a broker-dealer partner that would add value for our business, be accessible to us and deliver exceptional service,” Jena Schuster, SB Wealth’s chief investment officer, says in the press release. “SA Stone and their leadership team can deliver that for us. We look forward to working with them and experiencing a true partnership for future growth.”

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Focus Financial Adds California RIA Stevens First

A 33-year-old California financial planning firm has agreed to join a Focus Financial Partners firm, Focus says.

Newport Beach, Calif.-based Stevens First Principles Investment Advisors is joining Focus partner Benefit Financial Services Group, according to a press release from Focus. Steve Yamshon, Stevens First’s founder, president and chief investment officer, along with his team, will join BFSG’s wealth management operations, ultimately moving to its Irvine, Calif., office, Focus says.

BFSG also has an office in Phoenix, according to the press release.

“We are excited to join BFSG and Focus, and we look forward to a mutually beneficial relationship. Our clients come first, and by aligning with BFSG we are taking steps to take care of them for generations to come,” Yamshon says in the press release.

The transaction, the terms of which the companies didn’t disclose, is expected to close in the third quarter, Focus says.