June 14 Wells Fargo & Co said on Friday
it hired veteran advisers in six states from rival firms Morgan
Stanley Wealth Management, Merrill Lynch and RBC Wealth
Management to join its U.S. brokerage force.
The new hires, who joined in April and May, managed more
than $1 billion in combined client assets at their old firms.
They joined the private client group at Wells Fargo Advisors,
the company's St. Louis-based brokerage business.
In California, advisers John Lyon and Jeannette Dobbyn moved
to Wells from Morgan Stanley, where they managed $360
million in client assets. The advisers together formed the Lyon
Dobbyn Wealth Management Group at Wells and are currently based
in Anaheim, with plans to move to Brea.
In Illinois, adviser James Hunt also joined Wells from
Morgan Stanley, where he managed $181 million in client assets.
He is based in Wells' Chicago office.
Wells also hired former Morgan Stanley adviser Anthony
Bavedas, who managed $109 million in client assets, in Westport,
Connecticut, and adviser Brian Stahler, who managed $108 million
in client assets, in Wichita Falls, Texas, also from Morgan
In Missouri, advisers Peter Vrooman and Jonathan Sarver
joined Wells from RBC Wealth Management, the U.S. brokerage
owned by the Royal Bank of Canada . They managed
$125 million in client assets and are based in Wells' Kansas
City, Missouri, office.
In Massachusetts, adviser Philip Weber joined Wells' Hyannis
office from Bank of America Corp's Merrill Lynch, where
he managed $129 million in client assets.
Wells Fargo Advisors is the third-largest U.S. brokerage,
following Morgan Stanley Wealth Management and Merrill Lynch.
The top brokerages often compete for the same pool of veteran
RBC and Morgan Stanley declined to comment on the
departures. Bank of America did not immediately return a request