Breandan Kelly is launching a new branch for the Gladstone Wealth Group in Fort Myers, Fla., according to a press release from LPL.
Gladstone Wealth Group provides investment advice through Gladstone Institutional Advisory, an RIA and separate entity from LPL Financial, the company says. Kelly previously managed $110 million at Wells Fargo Advisors, according to the press release.
Kelly comes to Gladstone through its partnership program, which offers operational support to advisors using LPL’s integrated platform and its custodial and brokerage services, LPL says.
“I chose to join Gladstone because of the numerous capabilities available with the Partnership Program and the effectiveness of the executive team,” Kelly says in the press release. “Combined with the freedom of independence and the tools and resources provided by LPL, I will have the time to focus on serving my clients and better position my business for growth.”
Kelly joined the financial services industry in 2011 and came to Wells Fargo in 2013, according to his BrokerCheck profile.
Several Wells Fargo representatives have ditched the firm for LPL this year already. Earlier this month, Wells Fargo lost a Fresno, Calif.-based team that oversaw $105 million, and last month LPL lured a South Carolina advice practice that managed around $360 million at Wells Fargo Advisors Financial Network.
Wells Fargo also lost Elana Milianta to Alex.Brown, a division of Raymond James, in Greenwich, Conn., according to a press release from Raymond James. Milianta has been in the financial services industry for two decades and caters to retirees, business owners and female clients going through major transitions such as divorce or widowhood, Raymond James says.
She previously managed over $190 million at Wells Fargo Advisors.
“During my due diligence process, the feeling I got with Alex.Brown and Raymond James was that of a unique, welcoming family culture,” Milianta says in the press release. “Everyone is committed to providing a high level of support, and I appreciate the hands-on, accessible approach at all levels of the firm. With Alex.Brown’s boutique feel and Raymond James’ platform, I feel that I have the best of both worlds.”
Wells Fargo is currently in preliminary discussions with the Department of Justice and the SEC about settling outstanding probes into sales practices.
The company has been under nonstop regulatory scrutiny — as well as the target of multiple lawsuits — ever since the 2016 revelations that thousands of the company’s banking employees opened millions of bogus accounts.
Advisors have been leaving Wells Fargo ever since, and despite the firm’s efforts to rebuild its reputation, this year the firm has already lost representatives to AdvicePeriod, First Republic Bank, TD Ameritrade, Ameriprise and Carson Wealth, in addition to Raymond James and LPL.