Raymond James says it has recruited four advisors from Wells Fargo, where they managed about $700 million in client assets and had yearly fees and commissions of $3.8 million.
John Watts; Steuart Evans, Jr.; Russell Henshaw; and Bradford Flowers are joining the semi-independent channel of Raymond James – Advisor Select – from a similar channel at Wells Fargo Advisors, called Profit Formula.
Wells Fargo, recruiters say, is experiencing retention and recruiting issues tied in part to the fake-accounts scandal at its retail bank. Its headcount fell by 225 in the first quarter of 2017 to 14,657, after dropping by 204 in the final quarter of 2016.
“Their desire to remain W-2 employees while creating their own independent practice and maintaining control of their entire branch experience makes them a great fit for our independent-employee channel, Advisor Select,” said Chris Davitt, CFA, director of the channel, in a statement.