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Wells Fargo Loses Yet Another Team to This Rival

By Alex Padalka October 18, 2018

Janney Montgomery Scott has poached another team of Wells Fargo Advisors representatives, according to a press release from Janney.

Matthew Kroehler, executive vice president of wealth management, Lee Springer, first vice president of wealth management, along with financial advisor James Farrell and senior registered private client associate Veronica Joyner, join as KSF Wealth of Janney Montgomery Scott, according to the press release. The team previously oversaw $239 million at Wells Fargo, Janney says.

Janney has lured several advisors from Wells Fargo in recent months.

In September, Janney nabbed a team of veteran advisors for its Syracuse, N.Y., office who collectively managed close to $300 million at Wells Fargo Advisors.

Another team of Wells Fargo advisors who oversaw more than $177 million joined Janney’s Frankin, Tenn., office in July.

In August, Janney also picked up three advisors who collectively managed $235 million at Merrill Lynch.

Wells Fargo, meanwhile, has been steadily losing advisors ever since the 2016 revelations that thousands of employees in the company’s retail bank opened millions of bogus accounts without client authorization, although the firm’s executives claimed this month that a third of the recent departures have been due to retirement.

In addition to Janney, in recent weeks Wells Fargo has also lost representatives to Raymond James, Baird’s, RBC Wealth Management, Ameriprise, Sun Trust Private Wealth Management and Surevest Wealth Management.