Wells Nabs $1 Mln-Plus Producers in TX and OH, Loses Indie Broker to LPL
Wells Fargo Advisors’ recruiting gears kept churning with another “strong” round of hires from its rivals, according to a company spokeswoman who said the wirehouse last week brought in more than $675 million in total client assets under management.
The largest producer on the move, 33-year industry veteran Myron “M. Tracy” Barker, joined the firm on Sept. 29 from UBS Wealth Management USA in Cincinnati, Ohio, according to his BrokerCheck report. Barker managed nearly $180 million in client assets generating more than $1.9 million in annual revenue at his former firm, according to the Wells spokeswoman.
Barker, who had been with UBS since 2012, is joined at Wells by his daughter, Brooke Barker, a financial advisor in training, according to her LinkedIn profile.
The father started his career with Gradison & Company in 1988, moved to McDonald in 1991, to Citigroup’s Smith Barney in 2001, and to Merrill Lynch in 2007, according to his BrokerCheck report.
The elder Barker, who has the corporate title of managing director and senior portfolio manager in the firm’s Private Investment Management (PIM) program, did not immediately respond to a request for comment.
In Dallas, Wells added Aaron Goldman and Bikram Singh from J.P. Morgan’s bank-based Chase Private Client group, the spokeswoman said. The two, who are not a team, had managed a combined $200 million generating $1.3 million in revenue, according to the spokeswoman.
Goldman, a 5-year broker who said he alone managed $150 million, joined Wells on Sept. 29, and Singh joined the following day, according to their BrokerCheck reports.
Goldman first registered with Fidelity Brokerage Services in 2016, moved to TD Ameritrade in 2017 and to J.P. Morgan before that year was out, according to his BrokerCheck report. Singh started with Chase Investment Services in 2007, moved to Merrill Lynch in 2011 and joined J.P. Morgan in 2017, according to the database.
Elsewhere in Texas, a Merrill advisor managing $80 million in client assets and generating $625,000 in annual revenue joined a $2 million-producing duo in the Austin area who had joined Wells from Stifel, Nicolaus & Co. in July.
James “Trey” Wolslager, a 20-year industry veteran who had been with Merrill since 2011, is joining Edward Wingrove and Ann Connelly, who managed more than $255 million in client assets at the time they joined Wells, in the town of Bee Cave, according to the spokeswoman.
Wolslager started in 2001 at Morgan Keegan & Company, moved in 2008 to Citigroup’s Smith Barney and ultimately joined Merrill from Morgan Stanley’s Smith Barney, according to his BrokerCheck. He joined Wells on Tuesday, according to the database.
The firm’s independent Financial Network brokerage channel saw the exit of 13-year broker Lindsey Rhea’s Alia Wealth Partners, which this week joined LPL Strategic Wealth Services in Germantown, Tennessee, according to a Wednesday announcement from LPL. Rhea, who had been with Wells since 2011, joined LPL on Monday, according to her BrokerCheck report.
Alia Wealth managed about $260 million in client assets generating about $1.2 million in annual revenue at Wells and was the 16th team (but only the third that was already independent) to join the SWS model, according to the firm’s announcement.
Wells had reported 12,819 advisors in its Wealth and Investment Management unit as of the end of June, representing a nearly 10% year-over-year decline from 14,206 and a 3.4% dip from 13,277 the first quarter. The firm at the time of its second quarter earnings touted a “stronger” recruiting pipeline for the back half of the year and has dangled offers of up to 340% of trailing-12 revenue including upfront and back-end bonuses for large teams.
The firm has said a number of the departures over the past year were tied to layoffs of underperforming salaried brokers.
Wells is scheduled to report its third quarter earnings on Oct. 14.
(Updated to reflect that the two advisors hired in Dallas were not a team but solo producers.)