Six-broker group in Illinois is the second big team to jump to a regional firm in two weeks.
Michigan broker who had spent 36 years at Wells and predecessor firms says small-account policies and red tape prompted him and his partner to look elsewhere.
Read Ron Kruszewski’s Letter to the SEC
$2-million West Coast team joins Stifel, Charlotte advisor working with $150 million of client money goes to Baird, California A.G. veterans sign up with RayJay, and manager who had worked in Tennessee hangs up his spurs.
Firm is latest to unwind DOL changes as it pads bonuses with an additional 25% to 75% for transitioning client assets.
After spending their careers with Wells and predecessor A.G. Edwards, brokers were frustrated by policies penalizing their servicing of “small” accounts and by customers’ questions about the bank’s regulatory issues.
Rich Steinmeier will replace LPL veteran Bill Morrissey as head of recruiting, while Stifel continues to pick up Wells brokers in Modesto.
Duo in Syracuse, New York, spent most of their careers at Wells and its A.G. Edwards predecessor.
Tom Thives, who had been with Wells Advisors and legacy firms for 23 years, will oversee some 40 brokers in Florham Park and also try to expand satellite offices in Princeton and Ramsey.