Stifel Picks Up Wells Fargo Duo in Upstate NY Managing $230 Million
Stifel, Nicolaus’s persistent knocking on Wells Fargo Advisors’ door has landed it another pair of brokers who spent most of their careers at Wells and its A.G. Edwards & Sons predecessor.
The new recruits, who had been managing $230 million of customer assets at the bank-owned broker-dealer, are Mark Demo and Raymond Patraw, according to a news release from Stifel. They are based in a new Stifel office they opened last week just south of Syracuse in DeWitt, New York.
The office is the 12th that St. Louis-based Stifel has opened in New York, and the third since 2014 in upstate New York. It plans to open additional offices from Buffalo in the northwest part of the state to Albany, said Randy Powers, the firm’s upstate New York branch manager.
Stifel is one of a handful of regional firms that have been aggressively wooing brokers from Wells Fargo as it tries to recover from the fake bank-account scandal that was exposed 20 months ago. In May, Stifel hired five Wells teams in California, Kansas and Virginia. The two West Coast teams each were managing more than $300 million of customer assets.
Neither Demo nor Patraw returned calls for comment. Demo began his brokerage career in 1989 at MML Investor Services, and joined A.G. Edwards in 2000, according to his BrokerCheck history. Patraw began his brokerage career in 2005 at Edwards, according to the Finra database.
A spokeswoman at Wells Fargo declined to comment on the moves of the brokers, who were based at a private client group branch in DeWitt, NY.