Stifel Hires Celebrity-Client Broker in L.A. with Wirehouse Past
Stifel Financial on Tuesday hired a Wells Fargo Advisors broker in Los Angeles who had been managing $350 million in client assets for celebrity clients, according to a Stifel spokesman.Joshua Glass, a 15-year industry veteran with about 100 clients, joined Stifel after spending the last 12 years at Wells Fargo Advisors and his early career with UBS, according to his BrokerCheck. Two client associates, Rachelle Ng and Natalie Redig, who were listed on his former Wells Fargo website, moved with him, according to the database.
Glass, whose LinkedIn profile boasts that he was among the “select few advisors within Wells Fargo Advisors to earn the title of Managing Director – Investments before the age of 35” did not return a call for comment. He ranked as a Forbes Best-in-State Wealth Advisor in 2018 and 2019 as a top “Next-Gen” Advisor over the last three years, according to Stifel.
A Wells Fargo spokeswoman declined to comment.
“Josh is another example of larger producers understanding the value of open architecture without the layers of bureaucracy, where you can pick up the phone and have a conversation with Ron [CEO Ron Kruszewski] or Jim [CFO James Zemlyak] at any time,” Stifel recruiting head John Pierce said in a prepared statement.
Stifel Financial ended the second quarter this year with 2,193 brokers, up a net 75 year-over-year. The St. Louis-based firm employs 18 advisors at its downtown Los Angeles Stifel, Nicolaus branch, according to the branch’s website.
In its Top Next-Gen advisor profile of Glass in July, Forbes said the 38-year-old broker leveraged bad timing to build a reputation as a level-headed investment manager. He started his career in 2002 at UBS in the aftermath of the dot-com crash by pitching conservative municipal bonds to shell-shocked celebrities in the L.A. area, many of whom were clients of his parents’ accounting practice, it said.
Glass, who stayed at UBS until 2007 when he joined Wells Fargo, also said that his clients did far better in the 2008-2009 financial crisis than the market. The worst of the portfolios he managed in those years fell 15% compared to a 37% decline in the equity market, according to the profile.