By Ashley Lau
Aug 17 (Reuters) – Wells Fargo & Co has raided the
adviser ranks of Morgan Stanley Smith Barney, hiring
seven veterans in five U.S. states who manage nearly $900
million in assets.
Wells announced four other adviser hires in two more states,
with all to join Wells Fargo Advisors, the company’s St.
Louis-based brokerage business. The 11 advisers managed a total
of $1.4 billion in client assets at their old firms.
Allen Wilson joined Wells in Florham Park, New Jersey last
week from Stifel Nicolaus & Co, where he managed $212
million in client assets.
“I wanted to align myself with a bigger, top-tier company,”
he said in an interview. He was joined by his client associate
Susan McNamara, also from Stifel.
Wilson, whose business is primarily based in fixed income,
said he chose to move because he wanted to expand the types of
products and services he could offer his clients in that market.
Wilson joined Wells’ private client group, the biggest
division within the company’s brokerage business, which has more
than 15,000 advisers with $1.2 trillion in client assets among
its brokerage subsidiaries.
Wells also has a broker-dealer unit for independent advisers
and a separate division of advisers who work in bank branches.
NEW HIRES FROM MORGAN STANLEY SMITH BARNEY
Also on the move, Louisiana-based adviser Michael Prat
joined Wells from Morgan Stanley Smith Barney, where he managed
$251 million in client assets. He joined Wells’ New Orleans
office and reports to branch manager Billy Blakeman.
Prat had been with his old firm for more than 30 years. He
was a legacy Citigroup Smith Barney adviser who joined
Morgan Stanley Smith Barney in 2009 after Smith Barney merged
with Morgan Stanley’s wealth unit that year.
In Florida, adviser Jeff Drowos and his son Bryan Drowos
joined Wells from Morgan Stanley Smith Barney, where they
managed $198 million in client assets. The two advisers are
based in Boca Raton and were joined by their client associate
Cindy Shore. They report to market manager Alex Bigelow.
The senior Drowos had been at his old firm for more than two
decades and also worked at Merrill Lynch. Both Drowos and his
son were legacy Smith Barney advisers.
In Alabama, advisers James “Jimmy” Burns and Judson “Judd”
Fleming joined Wells from Morgan Stanley Smith Barney, where
they managed $146 million in client assets and were legacy Smith
Barney. Burns also had worked at Merrill Lynch for two decades.
They joined Wells’ Birmingham office and report to market
manager Jay Hoyle.
In New York, adviser Cynthia Colin joined Wells from Morgan
Stanley Smith Barney, where she managed $154 million in client
assets. Colin, a four-decade industry veteran and legacy Smith
Barney, had been at her old firm for more than 30 years. She is
based out of Wells’ Park Avenue branch and reports to branch
manager Tim Sheridan.
In Illinois, adviser Steve Freidin joined Wells from Morgan
Stanley Smith Barney, where he managed $110 million in client
assets. Freidin was joined by financial consultant Larry Malles
and they both report to complex manager Jim Johnson in Wells’
Lake Forest office.
All seven of the advisers from Morgan Stanley Smith Barney
joined the Wells’ private client group.
NEW HIRES FROM UBS, MERRILL, PHILLIPS
From UBS Wealth Management Americas ,
adviser Jack Lobianco joined Wells’ St. Petersburg, Florida
office, where he reports to branch manager Gary Garcia.
Lobianco, a 22-year industry veteran, managed $109 million in
client assets at UBS.
From Bank of America Merrill Lynch, adviser Lance
Hubeny joined Wells in New Jersey. Hubeny, a nearly three-decade
industry veteran, managed $98 million in client assets at
Merrill. He reports to complex manager John Puzio and is based
out of Wells’ Red Bank office.
Both Lobianco and Hubeny joined Wells’ private client group.
From Phillips & Co, adviser Pil Hwang joined Wells’ banking
division in Portland, Oregon, where he reports to regional
brokerage manager Tony Brauner. Hwang, a 14-year industry
veteran, managed $120 million in client assets.
So far this year, Wells has added at least 97 veteran
advisers who managed more than $11 billion in client assets at
their old firms, based on moves tracked by Reuters.
Reuters tracks the moves of individual advisers or teams
that manage about $100 million or more in client assets, which
typically translates to $1 million or more in annual production.
