By Michael Wursthorn
Wells Fargo Advisors has hired five brokers from Morgan Stanley,
Stifel Nicolaus & Co., and RBC Wealth Management, where they
collectively managed more than $485 million in client assets.
Advisors Daniel Avan and Alan Shapiro, of Morgan Stanley, were
the biggest hires.
The pair, based in Carlsbad, Calif., started at Wells Fargo on
Monday, and will aim to bring the more than $199 million in assets
they managed to their new brokerage, a spokeswoman for the firm
said.
They generated $1.65 million in fees and commissions while at
Morgan Stanley, which they joined following the firm's 2009
acquisition of Smith Barney from Citigroup Inc.
Meanwhile, Raymond Palmer joined Wells Fargo on Sunday from
Stifel, the spokeswoman said. He amassed more than $148 million in
client assets during his 13 years there and generated $1.1 million
in revenue for the firm.
And in Philadelphia, Wells Fargo said it recruited Michael
Berlin and Scott Richman from RBC, where they managed more than
$138 million in assets. Both had been with RBC since 2009,
according to their BrokerCheck records. They also started on
Sunday, the spokeswoman said.
Spokeswomen at Morgan Stanley and RBC confirmed their respective
departures, but declined to comment further. A Stifel spokesman
said the firm typically doesn't comment on departures.
(Street Moves chronicles the migration of executives on Wall
Street, with a particular emphasis on financial advisers with more
than $1 million in annual production and those who manage more than
$100 million in client assets. Michael Wursthorn can be reached at
212-416-2218 or at michael.wursthorn@wsj.com.)
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