Wells Nabs two Ed Jones brokers with $ 1.2 million in VT, loses solo producers in IL, SC

August 18, 2021

Two Edward D. Jones & Co. brokers, with $ 1.2 million in annual sales combined with $ 195 million in client assets, have joined Wells Fargo Advisors of Burlington, Vermont, a Wells spokeswoman confirmed.

Brokers Morgan A. Adams and Matt A. Calhoun and a Senior Client Associate joined Wells on July 26th, according to their BrokerCheck reports. They work together at Wells, even though they all worked in separate offices at Jones as part of the unique office model with a single broker.

Both Jones Lifers, Adams, had worked in Barre for nine years while Calhoun worked in nearby Montpelier, according to BrokerCheck 15. No

Their move to Wells underscores the wirehouse’s multi-year recruitment surge and came the same week that rival UBS Wealth Management USA pulled out a $ 7 million manufacturing team led by a 30-year UBS veteran in Newport Beach, California.

Conversely, according to a firm announcement, Stifel, Nicolaus & Co. has hired a solo producer in Wells, O’Fallon, Illinois, with client assets of $ 99 million.

Michelle Sabo, a 19-year-old industry veteran, joined Stifel Financial’s broker-dealer subsidiary on Aug. 3, according to her BrokerCheck report. She started at Edward Jones in 2001, moved to Royal Alliance Associates in 2004 and, according to the database, moved to Wells predecessor AG Edwards & Sons the following year.

Branch manager Stephen Shevlin said in a prepared statement that Sabo chose Stifel “because it gives them the freedom to focus on the needs of their customers”.

Another solo producer, Alexander F. Giles III, left Wells to join Janney Montgomery Scott of Columbia, South Carolina, with a net worth of $ 121 million, according to a firm announcement.

Giles, an 18-year-old industry veteran, joined Janney on July 29, according to his BrokerCheck report. He started his career at UBS Wealth Management USA in 2002 and has been with Wells since 2005, according to the database.

Wells had 12,819 Wealth and Investment Management consultants for the second quarter ended June, a decrease of nearly 10% from 14,206 a year earlier and a 3.4% decrease from 13,277 in the first quarter. The company announced a “stronger” recruiting pipeline for the second half at the time of its second quarter profit and has offered deals of up to 340% of the last 12’s sales, including upfront and back-end bonuses for large teams.

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