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Wells Fargo Advisors Loses More FAs to Raymond James

May 15, 2018

Raymond James continues picking off advisors from the regulator-hounded Wells Fargo. In the most recent hire, a two-person team has left Wells Fargo for Steward Partners, the employee-owned independent partnership associated with Raymond James Financial Services, Steward Partners says in a press release.

Wayne McCormick and Steven Spain join the firm’s Manchester, N.H., office as the McCormick-Spain Wealth Management Group, according to the press release. The duo manage more than $175 million, Steward Partners says.

"We’re very pleased to welcome Wayne and Steven, who share our values and longstanding philosophy that clients’ interests come first,"Scott Curtis, president of Raymond James Financial Services, says in the press release.

Wells Fargo has been under a barrage of regulatory scrutiny and lawsuits following the 2016 revelations that employees at the company’s retail banking unit opened millions of client accounts without authorization.

Regulators have since caught up with Wells Fargo’s wealth management units as well and are now investigating their sales practices. Advisors have been leaving the firm since the end of 2016, however, and Raymond James has been luring many of them.

Earlier this month, a pair of advisors overseeing $110 million joined Steward Partners and a 37-year veteran of the industry managing around $300 million went over to Raymond James.

In the last few weeks alone, Wells Fargo representatives have jumped ship to Janney Montgomery Scott, UBS, RBC Wealth Management, First Republic Bank and BNY Mellon.

Raymond James, meanwhile, also recently lured a Morgan Stanley exec, according to Florida’s Business Observer. At 31 years of age, Chris Fils was the wirehouse’s youngest-ever branch manager, managing Morgan Stanley’s San Francisco Bay Area-Los Gatos branch, according to the paper. Fils will oversee Raymond James & Associates’ Suncoast Complex in Tampa, Fla., the Business Observer writes.

By Alex Padalka
  • To read the Florida Business Observer article cited in this story, click here.