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Merrill Lynch, Wells Fargo Lose Reps to Rivals

May 24, 2018

Wirehouses Merrill Lynch and Wells Fargo both had veteran advisors jump ship to rivals this week.

Merrill Lynch lost a father-son team to Janney Montgomery Scott, Janney says in a press release. Leo Connors and Leo Connors, Jr., who oversaw $130 million at Merrill Lynch, join Janney’s New Haven, Conn., office as the Connors Team, according to the press release.

Both advisors had spent their entire financial services industry careers at Merrill Lynch before leaving for Janney. Leo Connors had been with the firm since 1996, according to his BrokerCheck profile, and Leo Connors since 2005, according to his BrokerCheck profile.

“This multi-generational team is a great addition to the seasoned professionals in our New Haven branch,” George Keith, Janney’s complex manager, says in the press release. “Their personalized and planning-focused approach to client service aligns perfectly with Janney’s culture and we look forward to supporting them in their continued success.”

Meanwhile, advisors continue fleeing Wells Fargo, whose wealth management units are currently under regulator scrutiny over their sales practices.

In Florida, Gary Weissman and Eric Dion have joined the West Palm Beach office of RBC Wealth Management as Weissman & Dion Wealth Management Group, RBC says in a press release. The team oversees $600 million in assets, according to the press release. Weissman had been in the industry since 1987 and with Wells Fargo since 2009, according to his BrokerCheck profile.

Dion had started in the industry in 1985 and joined Wells Fargo in 2009 as well, according to his BrokerCheck profile.

“RBC Wealth Management has a strong reputation of financial stability and a focus on putting the needs of clients first,” Weissman and Dion say in a statement.

In addition, more Wells Fargo representatives are heading to Baird, according to ThinkAdvisor. In Ann Arbor, Mich., John Mathey and Dan Mirabella join Baird as the Mathey-Mirabella Group, while Karla Olson-Bellfi, Thai-Vi Pham and Omer Bellfi join as the Olson Bellfi Pham Group, according to the publication. The two groups have $3.1 million in annual production, ThinkAdvisor writes. Earlier this month, Baird nabbed a pair of veteran Wells Fargo Advisors collectively overseeing $566 million.

By Alex Padalka
  • To read the ThinkAdvisor article cited in this story, click here.