Wells Fargo loses $375M team to Raymond James

Preston Covington III and team expand firm's coverage to Columbia, S.C.
FEB 27, 2017
By  Bloomberg

Preston Covington III and team have joined Raymond James & Associates, the firm's traditional employee broker/dealer, from Wells Fargo Advisors. The team, known as the Covington Financial Group, managed approximately $375 million in client assets and had annual fees and commissions of more than $2.4 million at Wells Fargo, Raymond James said in a release. The team's office is the firm's sole employee-broker-dealer branch in Columbia, S.C. In addition to Mr. Covington, who spent more than 20 years at Wells Fargo and its predecessor firms, the team consists of Amanda Simconis, a senior investment portfolio analyst, and Lindsey Sisk, a registered client service associate.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.