Wells Hires from UBS, RBC from Merrill, LPL from Ameriprise
Wells Fargo Advisors and RBC Wealth Management-U.S. continued their recruiting rushes in the days leading up to the long holiday weekend, reaching into Ohio and Texas, respectively, for some wirehouse brokers.
Putinski did not return a call for comment, and Peter Kaldis, his former Northern Ohio complex manager who remains based in the Pepper Pike branch outside of Cleveland, declined to comment on Putinski’s departure.
The new RBC brokers, Kristi Owens and Kendall Pfutzenreuter, joined the firm’s Frisco, Tex., office on January 24 from Merrill Lynch. The pair was overseeing $192 million in client assets at Merrill, an RBC spokeswoman said.
Owens had spent her entire 12-year career with Merrill, according to her BrokerCheck history, while Pfutzenreuter was with the wirehouse and its Banc of America Investment Services predecessor for almost 14 years of his 21-year career. He began his securities industry career with Ameritrade, and also has been a bank-based registered rep with Chase Investment Services Corp.
Owens and Pfutzenreuter did not return requests for comment.
In December, a five-broker team left Merrill’s Frisco branch in December to join Wells Fargo Advisors in the nearby Dallas suburb of Plano. The team produced more than $4.5 million in the previous 12 months on $850 million of customer assets.
Wells Fargo has been extending lofty recruiting offers to brokers in effort to replenish its sales force. A spokeswoman earlier this week said 12 brokers producing at least $750,000 at their former firms have joined this year. The total did not include Putinski.
Wells Fargo Advisors total broker count across its brokerage, bank branch and independent contractor office was 13,512 as of December 31, 2019, down a net 456 from the end of 2018.
UBS had 6,549 advisors in the U.S., Latin America and Canada as of the end of 2019, down 78 from three months earlier and off 301 for the whole year. The count in the U.S. is around 6,050, according to brokers citing internal rankings.
Merrill has experienced a heavy outflow of brokers and managers in Texas. Earlier this month, two lifelong “Thundering Herders” with $183 million in client assets and $1.2 million in production joined Stifel, Nicolaus in McAllen, Texas.
Separately, LPL-affiliated New Jersey-based Gladstone Wealth Group hired Anthony Caruso and a sales assistant from Ameriprise Financial’s employee channel on Friday. Caruso, based in Gladstone’s Chester, N.J. headquarters, was producing $500,000 on $50 million of customer assets, according to Gladstone CEO Richard Frick, a former Morgan Stanley complex manager.
Gladstone partners with 66 independent broker teams in 34 offices. Advisors such as Caruso who ‘plug into” the firm’s turnkey model in existing offices get payouts of 60-75% of production, Frick said. The firm also offers a higher-payout “partnership” model that last summer attracted 22-year UBS veteran Cary Hall in Princeton and three weeks ago drew Patrick Thorogood, a 38-year industry veteran who works from a Red Bank, N.J., office.