Wells Complex Manager Jumps to RayJay Affiliate in New Jersey
A Wells Fargo complex manager in New Jersey joined Steward Partners on Monday, replacing a former colleague who stayed at the independent firm for less than two months before returning to Wells.
Timothy Sheridan, who ran Wells’s Westfield, N.J., complex is now a divisional director in charge of around 20 brokers in New York, New Jersey and Connecticut at Steward, a registered investment adviser that also offers securities brokerage through Raymond James Financial Services.
Sheridan is filling a position vacated by Christopher Davis, who sources said was lured back to the private client group of scandal-plagued Wells Fargo Corp. with promises of additional responsibilities. Davis, who had been in charge of Wells’s Melville, Long Island, complex, declined to provide specifics but earlier told AdvisorHub, “Sometimes you have to take a look around to realize what you had all along.”
Sheridan, a registered securities broker for 21 years, supervised five offices with around 120 advisors and $100 million in revenue at his former Wells New Jersey complex. He will oversee a fraction of that from Steward’s Paramus office, but was intrigued by the challenge of building the business and the reward of being an equity partner, said James Gold, chief executive of the Washington, DC-based advisory firm.
Sheridan is a good friend of Jim Connors, a former Wells Advisors market leader who joined Steward 20 months ago to run its New England offices in Massachusetts and New Hampshire, Gold said.
Steward employs 97 advisors in 15 offices, mostly along the East Coast, and aims to add six to 10 more brokers this year in the region Sheridan oversees, Gold said. Wells employs almost 14,500 brokers across its in-bank, independent and private client branches, with more than 9,600 in the traditional private client group.
“It’s tough to be a complex manager at any wirehouse,” Gold said in explaining the attraction of smaller firms to seasoned big-firm managers. “You have three to four times the responsibility [as a decade ago] with the same pay, and 50% of your authority is at the home office.”
A Wells Fargo spokeswoman confirmed the departure.
Sheridan worked for the first eight years of his 21-year brokerage career at Morgan Stanley, according to his BrokerCheck history, and also did stints at UBS Financial Services, Vanderbilt Securities and Raymond James & Associates before joining Wells Fargo in 2012.