Wells recovers veteran Rivals brokers; $ 330 million asset team moves to Stifel
22 October 2021
Wells Fargo Advisors has pulled a slew of seasoned brokers out of the shadows of its competitors while a longtime $ 330 million team led by the market leader of the St. Louis spinning mill left this week for its rival of crosstown Stifel, Nicolaus & Co.
In the largest of recent moves to Wells, 34-year-old industry veterans Lubna B. Jones and Deron J. Hackney in Fenton, Michigan joined UBS Wealth Management USA on Oct. 14, according to registration records. The couple, who joined Brokerage channel independent of the Wells financial network, had managed $ 220 million in client assets generating $ 2 million in annual revenue, according to a Wells spokesperson.
Jones started in 1987 with First of Michigan Corp., moved in 1992 to Merrill Lynch and the following year to Morgan Stanley before joining UBS in 2009, according to his BrokerCheck report.
Hackney joined Morgan Stanley in 1988 after stints at First Investors Corp. and Advantage Capital Corp. the year before, and also joined UBS in 2009, according to the database.
In McLean, Va., 27-year-old broker Steve Katsakos joined Wells’ pool of private clients from Morgan Stanley on Oct. 15, registration records show. He had managed $ 150 million in client assets generating $ 1.1 million in annual revenue, according to the Wells spokesperson.
Katsakos started in 1994 at Morgan Stanley’s predecessor, Legg Mason Wood Walker, according to his BrokerCheck.
In Saginaw, Michigan, Terri Carmichael, who had spent most of her 36-year career at Merrill, left for the Private Client Group of Wells on October 13, according to registration records. It had generated $ 700,000 in annual revenue on $ 100 million in assets, according to the Wells spokesperson.
Carmichael entered the industry in 1985 with Merrill, but left the same year for positions at Thomson McKinnon Securities and Prudential-Bache Securities before returning to Merrill in 1989, according to his BrokerCheck.
In the other direction, a team of $ 330 million of assets led by market leader from Wells to St. Louis, Timothy J. Kertz, left Wednesday for regional broker Stifel Financial, according to an announcement Thursday.
Kertz, a 21-year industry veteran who ranked 51st on the Forbes 2021 list of the state’s best wealth advisers, was joined by 20-year-old broker Joseph J. Hartman and 14-year-old broker. Elgin D. Rees and two client associates.
The group, which calls itself Lake Wealth Management Group, will work from two new Stifel offices in Lake Ozark and California, Missouri, as well as the company’s existing office in Frontenac, Missouri. Kertz declined to comment on his team’s move or production.
“We told many of you that if our business was no longer the right fit, we would find what we thought was the best business for you and for us,” Kertz said in a video on the website of the team announcing the move. “Today is the start of this journey.”
The Wells spokeswoman declined to comment on the team’s departure or whether the company has appointed a replacement for Kertz, who has held the market leader role since 2017.
Kertz, who joins Stifel as regional manager, started in the industry with Edward Jones in 2000 and joined Wells predecessor, AG Edwards & Sons in 2005, according to its BrokerCheck. Hartman was registered with Jones from 1999 to 2003 and also moved to AG Edwards in 2005. Rees joined AG Edwards in 2006, according to the database.
Wells Fargo Consultant Workforce plunged to 12 552 in the third quarter, down 9% from a year earlier and 2.1% from the previous quarter, according to the company’s results released last week. The company spokesperson said the attrition rate had slowed from the previous quarter.
The company’s sales force grew from more than 15,086 in September 2016 when headlines grabbed the headlines about the consumer bank fake accounts scandal. But the bank sought to replenish its ranks with higher signing bonuses to experienced brokers and bonuses to outdoor headhunters, which Wells says helped attract more producers than those who left.