Wells Fargo loses $700 million team to Raymond James

Four advisers working on the Wells Fargo Advisors' Profit Formula platform have joined the independent-employee channel of Raymond James in Huntsville, Ala. The advisers — John Watts, Steuart Evans Jr., Russell Henshaw and Bradford Flowers — managed $700 million in assets at Wells Fargo with three registered associates. The seven-person team will operate as Evans, Watts, Henshaw and Flowers Wealth Management Group of Raymond James. Mr. Watts began his securities career in 1988 at Morgan Keegan. After stints at Robinson-Humphrey and Prudential Securities, he joined Wells Fargo in 2001. Mr. Evans began his career at Robinson-Humphrey in 1991 and joined Wells Fargo in 2003 after a year at Salomon Smith Barney. Mr. Henshaw joined Wells Fargo in 2009. Earlier, he spent two years at Citigroup and nine years at Legg Mason. He started his career at Dean Witter in 1996. Mr. Flowers began his career at Merrill Lynch in 1990, where he spent 11 years before joining Prudential Securities. He joined Wells Fargo in 2003 after two years with Prudential Securities.