Recruiting Wrap: Cetera Adds $300-Mln Lincoln Team, Stifel Hires Wells Duo With $239 Mln
The veteran broker recruiting wars continue as a Cetera Financial Group independent broker-dealer nabbed a Lincoln Financial Advisors team led by a 22-year broker in Pennsylvania and Stifel, Nicolaus & Co. hired a tenured Washington state duo from Wells Fargo Advisors.
The nine-person team had been managing roughly $300 million in client assets and generated $2.2 million in annual revenue, according to two sources familiar with the move.
Brumbaugh, who had been with Lincoln since 2013, confirmed the move but said her assets were closer to $400 million. She began her brokerage career in 1998 with AXA Advisors and moved to Metlife Securities in 2003 before joining Lincoln 10 years later, according to her BrokerCheck report.
She is bringing with her at least three Lincoln colleagues–partner and chief investment officer Andrew Storti; financial planner and marketing director Andrew Scheppegrell, and director of financial planning Christopher J. Martin, who had joined the team in January from Merrill Lynch–according to Brumbaugh’s former firm website and their BrokerCheck reports.
Storti had been with Brumbaugh’s practice for 16 years and a formal partner since 2014, Brumbaugh said in an email. Scheppegrell, she said, will move to North Carolina as part of the team’s transition in order to develop a market in his hometown and move into a producing role.
A spokeswoman for Lincoln declined to comment on the departures. A spokesman for El Segundo, California-based Cetera did not respond to requests for comment.
Cetera Advisor Networks is the largest of the Cetera Group’s five independent brokerage firms with roughly 3,500 brokers. It last month added around 800 independent brokers when it closed its acquisition of the financial planning channel of Voya Financial Advisors.
Separately, on the opposite coast, Timothy F. Devlin and Michael R. Jeremiah left Wells to join Stifel Financial’s regional broker-dealer in Washington on July 22, according to their BrokerCheck reports. They had managed $239 million in client assets at Wells, according to an announcement from the St. Louis firm.
Devlin, a 27-year industry veteran, had joined Wells from Edward Jones in 2009, according to BrokerCheck. He started his career in 1993 with Century Investors of America and moved to Cuna Brokerage Services the same year before joining Jones in 1995, according to the database.
Jeremiah, a 26-year industry veteran, joined Wells predecessor firm A.G. Edwards & Sons in 2005, according to BrokerCheck. He had started his career with WM Financial Services in 1995, according to the database.
The brokers did not respond to a request for comment at their new office.
“With no layers of bureaucracy, our team can maintain focus on deepening client relationships and helping every individual and family work toward their goals,” Devlin said in a prepared statement on why the pair chose Stifel.
Devlin and Jeremiah were joined in the move by client associate Debbi Long. They will report to Stifel’s Spokane branch manager Mark E. Graham, their former colleague at Wells, according to Stifel.
A Wells Fargo spokeswoman declined to comment on the departures.
Stifel recently hired industry veterans from Merrill Lynch in the Las Vegas area and California’s Newport Beach, where it also lured two other recruits from Wells Fargo Advisors. The recruits had managed a total of $674 million in client assets at the wirehouses. However, Stifel also lost a $2 million-producing duo to Wells in the Austin, Texas area.
Stifel’s headcount fell by a net five in the first quarter to 2,182, although its Chief Executive Ron Kruszewski expressed optimism in an April earnings call that the slowdown would be short-lived. The company reports earnings on Wednesday.