Fired $2.5 billion Merrill adviser finds home at Wells Fargo

Marc D. Lowe, the former Bank of America Merrill Lynch adviser who was terminated for alleged “inappropriate workplace behavior,” has found a new home at a competitor wirehouse, Wells Fargo Advisors, in Los Angeles.
Mr. Lowe, who was on a team overseeing around $2.5 billion in assets, registered with Wells Fargo on Aug. 26, according to a Securities and Exchange Commission filing. He joined the firm’s employee channel, according to his website.
A spokeswoman for Wells Fargo, Rachelle Rowe, declined to comment on the hire.
Bank of America Merrill Lynch discharged Mr. Lowe in July on charges of “conduct involving inappropriate workplace behavior resulting in management’s loss of confidence,” according to a publicly available CRD Snapshot Report obtained from state securities regulators. His BrokerCheck report with the Financial Industry Regulatory Authority Inc. does not show he was terminated, but disclosure of a termination is not always required if it is not the result of a violation of Finra rules.
‘CULTURE CLASH’
An attorney for Mr. Lowe, Jeffrey Compton of Markun Zusman Freniere and Compton, did not immediately respond to a request for comment. A call to Mr. Lowe’s office was unanswered.
Mr. Compton said in July that Mr. Lowe was fired because of a “culture clash” that involved a series of disagreements with management at Merrill Lynch. One of the disagreements was over comments made to an individual who came dressed as a stripper to an office Halloween Party, according to Mr. Compton. Another involved wearing flip-flops to the office, he said.
Mr. Lowe’s colleagues, including the other senior member of the team, John Vilardo, remain at Bank of America Merrill Lynch.
Firms have grown more cautious about advisers who have an involuntary termination on their record, according to Ron Edde, an industry recruiter with his own firm, Millennium Career Advisors. He cited the case of another former Merrill Lynch adviser, Thomas Buck, who was hired by RBC Wealth Management but subsequently barred from the brokerage industry.
“It’s those types of things they’re trying to avoid,” Mr. Edde said.