With the feds investigating the sales practices in Wells Fargo’s wealth management units, the company continues shedding advisors.
In California, Wells Fargo Clearing Services lost John Burg and Tamara Colon, who are joining Ameriprise as the Burg Group, according to a press release from Ameriprise. The team previously managed $161 million, according to Ameriprise. Burg has been in the industry since 1986 and with Wells Fargo since 2008, according to his BrokerCheck profile.
Colon began her financial services career in 2000 and also joined Wells Fargo in 2008, according to BrokerCheck.
“We wanted a firm with size and scale, and chose Ameriprise because of their commitment to wealth management and financial planning,” Burg says in the press release. “We like what Ameriprise offers our clients in terms of a full range of product offerings and easily accessible technology.”
And in New Jersey, Wells Fargo lost Corrado Spezzacatena and James Galbraith III to Steward Partners Global Advisory, the employee-owned independent partnership associated with Raymond James Financial Services, according to a press release from Steward Partners. The pair collectively managed $200 million, Steward Partners says. Spezzacatena began his career in the industry in 2002 at Wells Fargo predecessor A.G. Edwards, according to his BrokerCheck profile.
Galbraith began his financial services career in 1992 and joined A.G. Edwards in 1996, according to BrokerCheck.
"The flexibility granted to us through Steward Partners and Raymond James allows us not only to better serve our clients, but truly lets us offer them more options to achieve their financial goals then we’ve ever had before,” Spezzacatena says in the press release.
As the Justice Department and the SEC investigate Wells Fargo’s wealth management business, the company’s advisors have been flooding to rivals, with Raymond James picking up many of them. Earlier this month, the employee unit of Raymond James & Associates lured a pair of Wells Fargo reps California who collectively oversaw $462 million.
In July, Raymond James Financial Services, the firm’s independent broker-dealer, and Steward Partners brought on several Wells Fargo representatives who collectively oversaw at least $1.1 billion. And in June, Raymond James picked up several Wells Fargo reps who collectively oversaw at least $1.4 billion.
Russ Schwartz and Kaival Patel join the Hackensack, N.J., private client group office of Stifel, Nicolaus & Company, the company’s broker-dealer subsidiary, according to the press release. The two advisors collectively oversaw $179 million at Wells, Stifel says.
Schwartz has been in the industry since 1996 and joined Well Fargo predecessor A.G. Edwards in 1999, according to his BrokerCheck profile.
Patel joined the industry in 2001 and came to Wells Fargo in 2011, according to BrokerCheck.
The two representatives are the second and third hires for Stifel’s Hackensack office, joining Janet Stamato, who came from Morgan Stanley in June, according to the press release.
Stifel recently shuffled its top ranks, appointing a new chief financial officers and new chief operation officer.
The company has also been luring advisors from rivals in recent months, particularly Wells Fargo, whose wealth management units are under investigation by the SEC and the Justice Department.
Earlier this month, a pair of Wells Fargo advisors in Pasadena, Calif., who managed $170 million joined Stifel. And all six advisors at Stifel’s Modesto, Calif., office, which opened in April, come from Wells Fargo Advisors.