Wells Fargo loses $560 million advisory team to Raymond James IBD

A team of six advisers managing $560 million in client assets is jumping from Wells Fargo to Raymond James' independent broker-dealer. Jackson Rhoades, Jan Schmeski, Mike Stockton, Steve Bettenhausen, David Matty and Logan Stone operate as Financial Services & Investment Strategies Group in Mountain Home, Ark. The group is not a registered broker-dealer. (More:​ Raymond James lands $1 billion team from Wells Fargo Advisors in New York) Mr. Rhoades, FSIS branch manager and registered principal, said in a statement that Raymond James Financial Services' culture aligns with his firm's approach to investing and financial planning. He called Raymond James the best fit for "reshaping and rejuvenating our business." "We spent a great deal of time researching opportunities for the best fit for our clients and our growing practice," Mr. Rhoades said. "We met with senior leadership at the firm, and getting to meet and consult with them really reinforced the type of culture at Raymond James and solidified our decision that this is the right place for us and our clients." Mr. Rhoades started at A.G. Edwards in 1997 and remained through the acquisition by Wachovia and later Wells Fargo. Mr. Rhoades could not be reached for additional comment. Wells Fargo continues to lose advisers in the wake of multiple scandals. According to an InvestmentNews investigation, the firm has lost hundreds of brokers and billions of dollars over the past two years. (More:​ Wells Fargo Advisors loses $850 million hybrid RIA to Triad Advisors) A spokesperson for Wells Fargo Advisors had no comment on the departure.