Stifel Nabs Eight Wells Advisors in Five States
Stifel Nicolaus has added eight brokers from Wells Fargo Advisors’ private client group this month. They were collectively managing more than $1.4 billion at their former firm, according to Stifel.
The largest team, led by 45-year brokerage veteran Dick Niemiec in Wooster, Ohio, had been managing about $500 million for Wells clients in the city, Stifel said in a press release.
Niemiec, whose Stifel web biography says he was a former engineer at Rubbermaid, spent all but a year of his brokerage career at Wells and its Cleveland-based predecessor firm Prescott, Ball & Turben.
The advisor, who moved on Thursday with junior brokers Kyle Adams and Lisa Reichert, did not return a call for comment on his reasons for leaving or for choosing Stifel.
Wells Fargo Advisors has lost more than 1,000 brokers net in a reputational drain that began when its parent disclosed thousands of sham-account openings at its branch banks two years ago. Many of the emigrant brokers have joined regional firms such as St. Louis-based Stifel at a time that larger competitors like Morgan Stanley, Merrill Lynch and UBS have shrunk recruiting budgets.
Stifel’s other new hires from Wells include:
- The team of Rick Hueter and Todd Winter in Bloomfield Hills, Mich., who moved Friday and were responsible for $408 million of client assets at Wells, according to Stifel. They had spent their entire careers at Wells and predecessor firms A.G. Edwards and Wachovia Securities, according to their Broker Check histories. Hueter began at Edwards in 1995, and Winter in 2002;
- William Scott, who joined an existing Stifel office in Florham Park, N.J. on Nov. 1. Scott, who spent more than half of his 30-year career at Wells and UBS, had been managing $264 million at Wells;
- James Gregg, who joined a branch in DeWitt, N.Y., near Syracuse, that Stifel had opened in June when it hired two other Wells Fargo brokers. Gregg, who began his brokerage career at A.G. Edwards in 1998, was overseeing about $161 million of client assets at his former firm, according to Stifel;
- Frank Nightingale, who joined Stifel’s Scottsdale, Ariz., branch last Friday and was responsible for $111 million of Wells customers’ assets, according to Stifel. Nightingale has been a broker for 34 years, including 18 at Wells and a predecessor firm.
A Wells Fargo spokeswoman did not respond to a request for comment on the departures.