A financial advisor managing $289 million in client money has left Wells Fargo Advisors to join Stifel, InvestmentNews reports.
Steve Myatt will join the Waco, Texas, office of Stifel, along with a registered client associate also coming from Wells Fargo, according to the publication. Wyatt had been with Wells Fargo Advisors for a little over eight years, according to his BrokerCheck profile cited by InvestmentNews.
The bank’s advisor business has so far remained relatively unscathed from a cross-selling scandal which hit the bank’s retail business last month. The bank paid $190 million in fines over revelations that thousands of its retail bank employees had opened two million fake accounts. It also caught the ire of lawmakers such as Sen. Elizabeth Warren, D-Mass., as reported previously.
Last week, however, customers and former employees of Wells Fargo Advisors told the Charlotte Observer that similar improper cross-selling practices were in place at the brokerage arm, as reported previously. Following these allegations, the securities law firm Klayman & Toskes launched an investigation into whether cross-selling at Wells Fargo Advisors violated Finra rules, as reported previously.
Meanwhile, lawmakers continue calling for more punishment at the company’s retail division. Yesterday, Wells Fargo Chairman and CEO John Stumpf retired from his position, but Warren, who had called for his resignation, tells Business Insider that Stumpf should also return some of his pay as well as face an investigation by the Justice Department and the SEC.