Wells Fargo binges on Morgan Stanley recruits

Since June, the firm has snatched nearly $1.4 billion in assets from rival wirehouse, according to moves tracked by InvestmentNews

Aug 21, 2014 @ 1:32 pm

By Mason Braswell

This summer, Wells Fargo Advisors has made a name for itself as a hot destination for Morgan Stanley Wealth Management advisers looking to jump ship.

The recent addition of a former Morgan Stanley duo with $348 million in client assets pushes the total assets Wells Fargo has recruited from Morgan Stanley to nearly $1.4 billion in the past three months alone, according to InvestmentNews' Advisers on the Move database, which tracks moves reported by the firms. Those assets come from 10 advisers who have moved since June.

Meanwhile, Morgan Stanley, which is the largest firm by head count and has around 16,300 advisers, brought in around $110 million from a former Wells Fargo Advisor, according to the database. Morgan Stanley recruited heavily from rival firms, including Bank of America Merrill Lynch, UBS Wealth Management Americas, and J.P. Morgan Securities.

A Morgan Stanley spokeswoman, Christine Jockle, declined to comment.

(See all of Wells Fargo's hires this year)

As a caveat, not all teams make their moves public when they change firms, so the numbers in the database may not be an accurate representation of the full scale of recruiting. The numbers also fluctuate seasonally and are may not be indicative of an overall trend.

The most recent Morgan Stanley advisers to sign on were the team of Alison Scavone and William “Hayden” Bates, who joined Wells Fargo on Aug. 15 in the Westport, Conn., office.

“The addition of this recent team demonstrates that Wells Fargo Advisors continues to be the firm of choice for successful and experienced financial advisers,” said Wells Fargo spokeswoman Emily Acquisito.

Ms. Scavone and Mr. Bates had been with Morgan Stanley since 2007 and were previously at Citigroup Global Markets Inc., according to Finra records. Ms. Scavone began her career at Merrill Lynch Pierce Fenner & Smith Inc. in 1981. Mr. Bates began his career in 2006, Finra records show.

(See who's left Morgan Stanley this year)

Wells Fargo has around 15,300 advisers, approximately 11,000 of whom are in the firm's employee brokerage channel. Most of the rest comprise the firm's independent division, Wells Fargo Financial Network.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

When can advisers expect an SEC fiduciary rule proposal and other regs this year?

Managing editor Christina Nelson and senior reporter Mark Schoeff Jr. discuss regulations of consequence to financial advisers in 2018, and their likely timing.

Recommended Video

Path to growth

Latest news & opinion

Cutting through the red tape of adviser regulation is tricky

Don't expect a simple rollback of rules under the Trump administration in 2018 — instead, regulators are on pace to bolster financial adviser oversight.

Bond investors have more to worry about than a government shutdown

Inflation worries, international rates pushing Treasuries yields higher.

State measures to prevent elder financial abuse gaining steam

A growing number of states are looking to pass rules preventing exploitation of seniors.

Morgan Stanley's wealth management fees climb to all-time high

Improvement reflect firm's shift of more clients into fee-based accounts priced on asset levels, which boosts results as markets rise.

Legislation would make it harder for investors to sue mutual funds over high fees

A plaintiff would have to state in their initial complaint why fiduciary duty was breached, and then prove the violation with 'clear and convincing evidence.'

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print