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Wells Fargo Loses More Reps to These Rivals

By Alex Padalka January 11, 2019

The two-year-plus advisor exodus from Wells Fargo continues into the new year, with several advisors departing for rivals LPL Financial and Ameriprise this week.

In South Carolina, the Harbor Financial Group joins LPL’s broker-dealer and corporate RIA platforms, according to a press release from LPL.

Harbor’s five advisors work out of two locations in the state. Partners Cam Werntz and Clay Hershey, along with with Rob Williams, work out of Charleston while Benton Montgomery and Lee Tiller operate out of Murrells Inlet, LPL says. The team previously oversaw around $360 million at Wells Fargo Advisors Financial Network, according to the press release.

“It was important for us to be with an independent firm that treats their advisors as clients, not competition,” Wantz says in the press release. “LPL is committed to serving us, making it possible to deliver a boutique experience to our clients and have the support to grow and incorporate new offices.”

And in Scottsdale, Ariz., Sean Riley, operating as Riley Financial Group, left Wells Fargo for Ameriprise’s employee channel, according to a press release from the company. The practice, which caters to high net worth families, corporations and non-profits, oversees around $100 million, Ameriprise says.

“Ameriprise stands out as the firm that is truly focused on its clients and its core business of financial planning,” Riley says in the press release. “I am excited about the entrepreneurial culture at Ameriprise and the support in place to help us grow our business. This is an exciting change for us.”

Wells Fargo has lost more than 1,000 financial advisors since the 2016 revelations that employees in its retail banking unit had opened millions of bogus accounts.


Regulators have kept up scrutiny of the company’s sales practices across its operations, including Wells Fargo’s wealth management units, which have bene under investigation by the SEC and the Justice Department for over a year now.

Earlier in 2019, Wells Fargo lost a veteran advisor to Carson Wealth.

In December, Raymond James poached several Wells Fargo advisors collectively managing around $285 million.