Wells Fargo (WFC) has added nearly $900 million in client assets by picking up two advisors from Morgan Stanley (MS), one from Bank of America-Merrill Lynch (BAC) and one from Janney Montgomery Scott. Meanwhile, Raymond James (RJF) recruited a team with about $300 million in assets from UBS (UBS).
Richard J. Bernstein joined Wells Fargo in Incline Village, Nevada, from Morgan Stanley, where he managed more than $425 million in client assets.
Bernstein has been in the business since 1983, when he cut his teeth at Merrill Lynch. He later moved on to Bear Stearns (’85-’88), Prudential Securities (’88-’92), Salomon Smith Barney (’92-’03), UBS in Beverly Hills, California (’03-’09) and then Morgan Stanley in Beverly Hills, according to FINRA records.
Ellen Cleary also moved to Wells Fargo from Morgan Stanley. The 30-year industry veteran is based in Alexandria, Virginia, where she manages more than $168 million in client assets. She cut her teeth at Acacia Equity Sales, Laidlaw and Adams & Peck before joining Morgan Stanley in 1980.
Charles Guilbault moved to Wells Fargo Advisors’ Metairie, Louisiana, office from Merrill Lynch, where he managed $100 million in assets. He has been in the business for 12 years and first worked for IDS Life and American Express, before joining Merrill in 2005.
Doug Walters joined Wells Fargo in Saratoga Springs, New York, from Janney, where he managed about $202 million in assets. With has 20 years of industry experience, including time with Barber & Bronson, Raymond James & Associates, Wachovia and Janney.
Raymond James’ News
Raymond James says it added a team of three advisors to its employee broker-dealer in Northern Vermont: Alex Bryan, CFP; Ryan Bartley and Robert Torney of Catamount Financial Advisors.
The group has about $300 million in assets and yearly fees & commissions of $2.2 million.“We are excited to welcome Alex, Ryan and Robert to Raymond James,” said Dominic Prioli, Northern regional director for Raymond James & Associates, in a statement. “With almost 50 years of combined experience and commitment to a long-term, client-first approach, they are a great addition to our firm. We look forward to supporting them as they continue to grow their business and further our firm’s expansion in the Northeast.”
Bryan has 33 years in the business and has worked for E.F. Hutton, Shearson Lehman, A.G. Edwards, McDonald Investments and UBS.
“The financial landscape is changing, and changing quickly,” said Bartley, in a press release. “We sought out a firm that was well positioned to meet today’s challenges and steeped in a culture that understands our business model and values. We fully appreciate the depths of resources Raymond James offers, from lending services and trusts, to financial planning and investment management. We were excited to discover the customizable marketing services, including integration of social media and the higher level support we need to run our practice in a manner that is in the best interest of our clients.”
Batley began work in the business in 2001 at Morgan Stanley and then moved on to McDonald and UBS. Torney began work as an advisor in 2012 at New England Securities and moved to UBS in 2013.