The team’s move underscores the wirehouses’ growing appetite for large private bank teams.
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Robert Mitchell, a million-dollar-plus producer at Morgan Stanley, follows the lead of others fired for compliance missteps by joining a regional firm.
Group of four brokers had been generating $4.6 million in fees and commissions, according to the team leader.
The firm added 131 advisors last year, down from the 150 who joined in 2019, but CEO Ron Kruszewski forecasted a pick-up in hiring even as a rival warned of increased competition.
Broker had been managing over $200 million in client assets, according to two sources familiar with his practice.
Wells’ payout penalties on lower-net worth accounts didn’t mesh with West Virginia brokers’ small-town client base.
J.P. Morgan Securities emigrees to RBC have 89 years of experience and a big book of music and entertainment clients, while its new arrivals had been with Morgan Stanley and predecessors for 87 years.