Wells Flaunts Best Recruiting Month (by Revenue) in a Decade
Wells Fargo Advisors enjoyed its best recruiting month since May 2009 in the past four weeks, as measured by revenue of newly hired brokers, a spokeswoman said.
The largest came from Montana-based Davidson, the smallest of the firms or origin. The Seattle team of Brock Loen and Brandon Curneen, who produced $2.3 million in fees and commissions over the past 12 months and oversaw $360 million in client assets, joined Wells last Wednesday, according to a person familiar with their practice.
Loen, who began his brokerage career in 1990 at Kidder, Peabody & Co., and joined D.A. Davidson 11 years ago this month, was a producing branch manager in Seattle for most of his stint, according to his LinkedIn profile. Neither he nor Curneen, a broker for 12 years who had been with Davidson since 2013 and also has worked at hedge fund Glacier Peak Capital and Morgan Stanley/Smith Barney, returned calls for comment on their shift.
A spokesperson at D.A. Davidson, which two years ago attracted a Wells Fargo Advisors team in Bend, Ore., overseeing $200 million in client assets, did not return a request for comment. The Oregon departure came as Wells was in the throes of exits by advisors bolting largely over concerns about reputational damage from fake-account scandals at other parts of the bank.
It has lost about 1,500 advisors net since disclosure of the incidents almost four years ago, but through premium signing deals and sweetened recruiting fees, it has been filling seats through efforts that began before the unexpected coronavirus lockdown.
“While the pandemic has prompted us to recruit differently, with virtual leader meetings, for example, our outreach has not slowed,” Elizabeth Quillin, director of internal recruiting and FA integration and growth at Wells Fargo Advisors, said in an e-mailed statement. “Our managers all across the company are eagerly supporting virtual recruiting efforts.”
Joining Wells on Friday was Kevin Meyers, who was producing $1.5 million for Morgan Stanley in Garden City, N.Y., according to the person familiar with his and the other new arrivals’ books. Meyers, who had been a producing manager at the Morgan Stanley branch in Long Island for nine years and who began his brokerage career at Merrill Lynch in 1990, declined to comment on his motivations for leaving. He was overseeing about $228 million in client assets at Morgan Stanley.
In Knoxville, Tennessee, Wells on Friday also lured three brokers who had worked at different Edward Jones offices for their entire careers—William McDavid, Toby Strickland and Jeffrey Lane. They generated a combined $1.4 million in trailing-12 production on $170 million of total client assets, said the source familiar with their metrics.
Strickland, Lane and McDavid, who began their brokerage careers in 1998, 2006 and 2012, respectively, did not respond to requests for comment.
Wells on Friday also reached into UBS Wealth Management USA’s Bethesda, Md., branch, hiring Donald Glab. A 32-year brokerage veteran who worked at Smith Barney and predecessor Lehman Brothers Before joining UBS in 2008, Glab was generating about $762,000 on $144 million of UBS client assets, the source said.
Wells Financial Network (FiNet) business for independent brokers last week attracted a UBS Wealth team in Kansas that was producing about $10 million, while a 23-year UBS veteran producing about $1.2 million joined a Wells private client employee office in Santa Barbara, Calif.,
Wells Fargo Advisors now employs more than 12,000 brokers at its private client group, bank branch and private wealth offices. Including independent contractors and brokers at correspondent clearing firms, it had about 13,500 advisors as of the end of the first quarter, according to its last earnings statements.