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Wells Fargo Teams Split for Raymond James and RBC

By Alex Padalka September 6, 2017

As its parent company continues to suffer an onslaught of bad press from a number of scandals, Wells Fargo Advisors is losing experienced reps to its rivals. A duo of financial advisors overseeing $365 million at Wells Fargo Advisors has decamped for RBC Wealth Management, RBC says in a press release. Another two teams have gone off to Raymond James, according to a separate press release.

James Carbonell and Matthew Forrey have joined RBC’s Walnut Creek, Calif., office as Carbonell Forrey Wealth Management Group, according to RBC. Carbonell says in the press release they were drawn to RBC’s “fierce focus on the client/advisor relationship,” adding that it’s “truly a special culture.”

Carbonell, a 20-year industry vet, had been with Wells Fargo since 2004, according to his BrokeCheck profile.

Forrey had been with the firm since 1998, following a two-year stint at Salomon Smith Barney, according to his BrokerCheck profile.

Also joining them from Wells Fargo Advisors is Amy Caffese as senior investment associate, according to RBC’s press release.

In Baton Rouge, La., meanwhile, Wells Fargo Advisors rep W. Bowen McRae Jr. and his associate Shirley Cook have jumped ship to the employee unit of Raymond James, according to a press release from Raymond James.

McRae — who started his career at Wells Fargo predecessor A.G. Edwards a decade ago — managed $200 million, according to the press release.

Roger Sullivan and Kyle Hawthorne, who together managed $145 million at Wells Fargo, also joined Raymond James’ employee channel, according to the press release. Sullivan, who prior to becoming an advisor worked as a minister and then as a pharmacist, had joined A.G.Edwards in 2000, Raymond James says. Hawthorne had been with Wells Fargo since 2014, according to the press release.


Since September, when Wells Fargo paid a $185 million following revelations its reps opened as many as two million fake accounts, the bank has been besieged by scandals. Most recently, the company fessed up that the number of bogus accounts was actually around 3.5 million, but it also faces lawsuits over allegedly unneeded auto loans, merchant account overcharges and hiked-up mortgage fees, as well as a sexual harassment claim. Industry observers say the extent of the reputational damage to Wells Fargo Advisors is hard to pinpoint, but more than 70 teams overseeing around $19 billion have left the brokerage from October through the end of June.