Wells Loses $2.2 Mln Michigan Team, Georgia Broker to Raymond James
The holes left by departing senior brokers at Wells Fargo Advisors continue to widen, with Raymond James Financial the latest benefactor.
Donald J. Simpson, a 37-year industry veteran whose six-person team produces around $2.2 million of annual fees and commissions, has joined RayJay’s Bloomfield Hills, MI, branch from Wells’ nearby Birmingham office, people at both firms confirmed.
In Macon, GA, Raymond James recruited Teresa Combs, who had spent half of her 24-year career with Wells Advisors and predecessor firm A.G. Edwards, according to her Raymond James website and BrokerCheck history.
Both made the jump in late April and work at Raymond James & Associates, the Florida-based firm’s business for brokers who are full-time employees rather than independent contractors.
For Wells Fargo Advisors, the departures further the pressure to fill seats amid the continuing fallout from sales scandals at its sister bank branches and investigations into its own activities. The depletion of almost 690 brokers since the problems erupted 20 months ago has prompted Wells to offer recruiters a premium fee for candidates it hires by September 30.
Simpson’s Michigan team includes the husband-and-wife broker pair of Jeffrey R. and Gloria Grant, broker Jason Graves, portfolio analyst Chris Ruifrok and registered client service associate Terry Roth. The team oversaw around $300 million of customer assets at Wells, according to a person familiar with their business.
Simpson had spent his entire career at Wells and its Prudential Securities predecessor, having joined Pru in September 1980, according to his BrokerCheck profile. Jeff Grant began his career in 1985 at Prudential-Bache but did not move to Wells until 2010 after 14 years at Smith Barney and UBS. His wife, who started at Dean Witter in 1988, also worked at Smith Barney and UBS before joining Wells in mid-2010. Graves began his career at Wells in 2013, according to BrokerCheck.
None of the brokers, who moved to Raymond James on April 18, were available to comment as they were busy contacting customers about their moves, Roth said. Their base in Bloomfield Hills is the richest zip code in Michigan, according to a Bloomberg study.
Combs, the Georgia broker, was a vice president-investments at Wells, which she joined via its acquisition of A.G. Edwards. She joined that firm in May 2006, and has been registered as a broker since January 1994, working for the next decade at Bank South Securities Corp.
Combs, who is a senior vice president at RayJay, did not return a call for comment on her move or her production numbers.