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Wells Fargo, Raymond James Add Reps From UBS, Merrill & Morgan Stanley

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Wells Fargo Advisors (WFC) says it recently added an advisor from Morgan Stanley (MS) and a team of two FAs from UBS (UBS) with more than $340 million in client assets.

Meanwhile, Raymond James’ (RJF) employee channel picked up a group from UBS with $300 million in AUM, while its independent channel added a former Merrill Lynch (BAC) duo with some $120 million in client assets.

Wells’ News

Wells Fargo announced Tuesday that the Borgfeldt Group, led by financial advisor Nick Borgfeldt, joined its branch in South Hills, Pennsylvania, from Morgan Stanley, where he managed more than $176 million in client assets.

Borgfeldt has 37 years of industry experience and now reports to South Hills branch manager Troy Baer.

In Greensboro, N.C., advisors Larry Pulliam and Jeff Kerrigan moved to Wells Fargo from UBS, where they managed more than $165 million in combined client assets.

They team has 40 years of combined experience and reports to Greensboro complex manager William Spivey. They join with Pulliam’s son, Spencer, who plans to start Wells Fargo Advisors’ next-gen training program in September.

Raymond James’ New Reps

A team of three advisors — Alex Bryan, CFP; Ryan Bartley; and Robert Torney — are now part of Raymond James & Associates, the firm’s employee unit. They moved from UBS with more than $300 million in assets and annual 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 RJA, 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.”

The reps will do business as Catamount Financial Advisors in Northern Vermont, where they recently opened up RJA’s first office in that part of the Northeast.

“The financial landscape is changing, and changing quickly,” said Bartley, senior vice president of investments, 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.”

In addition, Bryan said in a statement, “Raymond James provides us with a planning platform second to none in this industry. This was paramount in our decision to join the firm.”

Bryan began his financial services career in 1980 with E.F. Hutton, moving in 1988 to A.G. Edwards. He later joined McDonald Investments in Burlington, which was bought by UBS in 2007.

Bartley started his financial career with Morgan Stanley in 2001 and moved to McDonald Investments in 2003. Torney joined Catamount Financial Advisors in 2013 while at UBS. New Breakaways

Raymond James says that two female advisors moved to its independent broker-dealer in St. George, Utah, from Merrill Lynch: Kayla Koeber, CFP, CIMA; and Lori Baum. They do business as Voyager Wealth Advisors and have about $120 million in client assets.

“Upon meeting Kayla and Lori, it was clear they would be a great addition to the firm, as their client-first approach, integrity and guiding principles align with that of Raymond James,” said Bill Counsman, Western regional director for RJFS, in a statement. “We are very happy they chose to partner with Raymond James as they build and grow their practice.”

“I always felt like we had the heart and soul of an independent planning practice, and in recent years realized we were with a very different company than the one with which we started,” said Koeber, in a statement. “Looking at the products, platforms and strides Raymond James has made with technology, we decided a move to independence and the ability to practice unimpeded at our highest, most ethical level would be a true win for our clients.”

Koeber began her financial services career at Merrill Lynch in 2000 after a 20-year career in the Southern California film and TV industry. She stayed at Merrill Lynch for 15 years before joining Raymond James. In 2008, she became the first advisor in the southern Utah area to earn the certified investment management analyst designation through the Wharton School of Business, part of the University of Pennsylvania.

“What tipped the scale was a trip to the home office, where we experienced Raymond James’ culture firsthand. They are not just talk – it was clear they truly put clients first, operate with integrity and focus on holistic financial planning. We felt a sense of coming home, and one month into the transition, have not had one regret about the move,” Koeber said.

Baum began her financial services career in 1989 at Piper Jaffray and moved to Merrill Lynch in 1994 as a registered client associate. After working with Koeber at Merrill Lynch for 11 years, she became an advisor and full partner in the practice in 2013.

— Check out How Raymond James Is Boosting Employee Advisors on ThinkAdvisor.


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