Stifel, UBS lose advisers to Wells Fargo's independent unit

Brokers in Missouri and Tennessee decide to take indie route

Jun 1, 2017 @ 12:10 pm

By InvestmentNews

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(Bloomberg)

Two registered representatives each managing more than $100 million in client assets have left their firms and affiliated with Wells Fargo Advisors Financial Network, the bank's independent contractor unit.

(More: Wells Fargo's move to boost signing bonuses could give it a lift)

Robert Stansberry has left Stifel Financial in Columbia, Mo., where he managed more than $125 million in client assets, to start an independent firm affiliated with FiNet. Mr. Stansberry began his career at Edward Jones in 1980 and stayed with the firm, with the exception of a one-year stint at A.G. Edwards, until 1993, when he joined Merrill Lynch. He rejoined A.G. Edwards in 2001, then moved to Wachovia Securities in 2008. Later that year, he joined Stifel Nicolaus.

(More: As Merrill Lynch and Morgan Stanley cut back, what's next for recruiting deals?)

Separately, John Miller has left UBS in Knoxville, Tenn., where he managed $119 million in client assets, to join Riley Private Wealth Management, a firm headed by Brad Riley and affiliated with FiNet. Mr. Miller began his securities career at Lehman Brothers in 1992, moved to Citigroup in 1993 and joined UBS in 2004.

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