Wells Fargo Loses More Reps to Steward Partners
After poaching several advisor teams from Wells Fargo in 2018, Steward Partners Global Advisory is starting the year off by luring several more representatives from its rival, the company says.
Ralph Good and James Nylund, along with Christine Balfour, join Steward Partners, the employee-owned independent partnership associated with Raymond James Financial Services, as GoodNylund Wealth Management Group, according to a press release from Steward Partners.
The team, which managed $200 million at Wells Fargo, joins Steward Partners’ new office in Portland, Maine, the company says.
“We’re thrilled to get started working and look forward to the increased level of flexibility Steward Partners gives us, which in turn will allow us to better serve and interact with our clients in ways which were often previously out of reach,” Good says in the press release.
Also joining the new office are Adam Dunbar and Jackie Gervais, according to the press release. They previously managed around $138 million at Wells Fargo, Steward Partners says.
Following the 2016 revelations about millions of bogus accounts opened at the company’s retail bank, Wells Fargo advisors have been jumping ship to rivals. The wealth management unit — itself under investigation by the SEC and the Justice Department over its sales practices — shed 576 advisors last year. And in the first few weeks of 2019, Wells Fargo has already lost advisors to TD Ameritrade, First Republic Bank, LPL Financial, Ameriprise and Carson Wealth.
But Wells Fargo is making moves this year to attract big producers: the firm is reportedly now offering the types of generous signing bonuses most of its wirehouse rivals decided to abandon over the past three years.
Separately, D.A. Davidson & Co. has opened a new wealth management office in West Fargo, N.D., the company says in a press release.
Joining the office are financial advisors Jeremy Elbert and Chris Holstad and registered client associate Tina Minske, according to D.A. Davidson.
The team, which operates as the Elbert Holstad Group, previously managed $320 million at RBC Wealth Management, according to the press release.
For D.A. Davidson, the new office is part of its broader plan to expand its reach in the Midwest, Michael Purpura, president of wealth management for the firm, says in the press release.