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Wells Fargo Sheds More Reps to These Independents

October 11, 2018

Advisors continue leaving Wells Fargo, most recently heading to Raymond James and Baird.

In Washington, D.C., the Coyle Financial Group has joined Steward Partners, the employee-owned independent partnership associated with Raymond James Financial Services, according to a press release from Steward Partners.

Coyle Financial includes financial advisor Brad Coyle, senior registered client associate Ali Allen and registered client associate Brad Coyle Jr., who collectively oversaw more than $500 million at Wells Fargo, Steward Partners says.

"Our entire team is excited about this opportunity, both for our firm and for our clients," Brad Coyle says in the press release. "Working with Steward Partners grants us greater flexibility and investment options to help our clients achieve their financial goals in ways we couldn’t previously."

Meanwhile, in Abilene, Texas, Gerald Galbraith and Cathie Coleman are joining Baird’s private wealth management business from Wells Fargo Advisors, according to InvestmentNews. The pair manage $220 million and generate $1.5 million annually, the publication writes.

Wells Fargo reps have been steadily leaving the firm since the 2016 revelations that the company’s retail bank employees opened millions of accounts without client authorization. Most recently, the company lost close to a dozen registered representatives who opted to affiliate with Raymond James Financial Services in Mountain Home, Ark., a $240 million advisor to JPMorgan in Dallas, and a pair of brokers overseeing $300 million to Venturi Wealth Management in Oklahoma City.

In recent weeks, other Wells Fargo representatives have also gone to RBC Wealth Management, Ameriprise, Sun Trust Private Wealth Management and Surevest Wealth Management.

Baird, meanwhile, has also nabbed Kris Callaway of Indianapolis from Morgan Stanley, InvestmentNews writes. Callaway manages $390 million and generates close to $4 million annually, according to the publication. Since the beginning of the year, Baird has added 40 financial advisors, and its 890 representatives now oversee $136 billion from 98 locations in 30 states, InvestmentNews writes.

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