Wells Fargo, Merrill Lynch Lose Yet More FAs to This Rival
Stifel Financial and Raymond James continue luring financial advisors from wirehouses, most recently poaching several representatives from Wells Fargo Advisors. Merrill Lynch, meanwhile, lost advisors to Stifel and Sanctuary Wealth.
In California, Brad Jackson, Steve Medak and Josh Wiley have joined Stifel’s Redding office, according to a press release from the firm. They previously oversaw $321 million at Wells Fargo, Stifel says. Eric Allen, who previously managed $100 million at Wells Fargo, has joined Stifel’s Spokane, Wash., office, according to the press release. And Bruce Ticknor has joined Stifel’s Los Angeles office from Wells Fargo, where he oversaw $49 million, Stifel says.
Wells Fargo also lost a team of advisors managing $600 million to Raymond James in Richmond, Va. Geoffrey Sisk, Hynson Marvel and Jason Statuta have joined Raymond James Advisor Select, a division of Raymond James & Associates, the firm’s employee advisor broker-dealer, the company says in a press release. The team, which also includes senior registered client service associate Tonita Donaldson, operates as Sisk & Marvel Investment Group of Raymond James, serving high net worth investors and families as well as several foundations and endowments, according to Raymond James.
“First and foremost, we looked for a firm that was client focused, lived up to its expressed cultural values and was large enough to fully support our practice with sophisticated resources and services,” Sisk, who joined Wells Fargo predecessor Wheat First Securities in 1991, says in the press release. “We looked at several firms and did very thorough due diligence, but the only firm that fit, that demonstrated a sincere client-first philosophy and an advisor-focused culture was Raymond James.”
Meanwhile, Clint Anderson has joined Stifel’s Overland Park, Kan., office from Merrill Lynch, where he managed $93 million.
Merrill Lynch also lost an industry veteran to Sanctuary Wealth. Vince Fertitta is joining the firm as president of wealth management, according to a press release from Sanctuary.
Fertitta will establish a hub for the company in Texas, where it says it’s seen a high level of interest from wirehouse advisors.
Fertitta previously led Merrill Lynch’s Texas Mountain South Division, overseeing more than 2,200 advisors across 10 states, Sanctuary says. He stepped down from that role in February to pursue other opportunities within the firm, a person familiar with the move told WealthManagement.com at the time.
Fertitta had been in the financial services industry for 27 years and had spent 22 of them at Merrill Lynch, according to his BrokerCheck profile.
Stifel, meanwhile, has been successfully adding advisors from rivals in the past few weeks. In April, it picked up several advisors from Merrill Lynch, Wells Fargo and Raymond James collectively overseeing more than $1.1 billion, as well as two advisors from UBS and Oppenheimer & Co.
“Judging from the number of St. Louis home office visits we’ve been hosting, financial advisors have accelerated the pace of their due diligence,” John Pierce, Stifel’s head of recruitment, says in the press release.