Waddell & Reed has poached two financial advisors from rivals, the company says.
In September, Lisa Affolter joined Waddell & Reed in Peoria, Ill., from Commerce Brokerage Services, according to a press release from Waddell & Reed. Affolter, who’s been in the financial services industry for 18 years, generated $572,000 in total gross revenue over trailing 12 months, the company says.
And last month, Christopher Dulovich joined Waddell & Reed in Pittsburgh from PNC Investments, according to the press release. His trailing 12-month production was $720,000, Waddell & Reed says.
Together, Affolter and Dulovich oversee more than $100 million, according to the press release.
Waddell & Reed has shed over a hundred financial advisors over the past year or so. Most recently, it lost a $185 million practice to LPL Financial in June and a $330 million practice to Carson Partners in May.
But last month, Waddell & Reed signaled that it’s taking recruitment to a new level with the hire of a 25-year veteran of the industry from Wells Fargo to lead its recruitment across the central U.S. and the addition of a recruiting consultant and three internal advisor acquisition specialists, as well as plans to hire regional directors for the East and West regions.
In addition to luring advisors from rivals, Waddell & Reed plans to hang on to its own ranks.
“While pursuing its growth strategy, the firm also is reinvigorating its focus on advisor retention by advancing support, service and overall experience for its existing national network of independent advisors,” the company says in the press release.
Waddell & Reed’s financial advisors oversaw close to $70 billion as of the end of September, according to the firm.