May 10, 2022
Wells Fargo Advisors recruited brokers with more than $4.3 billion in client assets in April, which is a “strong” tally for the aggressive recruiting firm.
Year-to-date, the private client and independent Wells brokerage have added advisers who had managed $10.1 billion at their previous firms, a company spokeswoman confirmed. April’s hires generated $31.5 million in combined production, bringing total production added so far this year to $79.2 million, she said.
“Our hiring momentum is strong,” said the spokesperson, who declined to provide hiring results for the first four months of last year, saying those numbers were not immediately available. The company’s hiring push — now entering its fifth year — has brought $5.8 billion in customer assets and $47.7 million in T-12 revenue in the first trimester of this year despite a decline in the number of brokers.
Amid continued declines in overall headcount, Wells Fargo has increased pressure on its branch and resort managers this year to fill seats and underscored that effort with the threat of sharp declines in premiums in 2022 if they lose brokers or fail to recruit new recruits. He armed them with some of the highest recruitment offers and attracted external recruiters with increased referral fees.
The April hires highlighted by Wells included a pair of teams in California and Michigan that each brought in more than $500 million in client assets.
In the most recent move, Michael Dymkowski and Bryan Schon joined Wells Private Client Group from Morgan Stanley in Birmingham, Michigan, a northern suburb of Detroit, on April 28. The duo had generated $4.2 million in revenue over the past 12 months from approximately $537 million in client assets, according to the spokesperson.
Dymkowski started in 1993 at Edward D. Jones & Co. and worked at Essex National Securities and JP Morgan before joining Morgan Stanley in 2013, according to his BrokerCheck filing. Schon started in 2002 at UBS and also worked at JP Morgan before joining Morgan Stanley, BrokerCheck shows.
On April 21, in a previously reported move, Michael Margiotta and Jerad Chao joined Wells’ chain of banking in Beverly Hills, Calif., through Merrill Lynch. The pair had generated nearly $2 million in annual revenue from approximately $650 million in client assets.
In separate moves, two former UBS Wealth Management USA brokers, Anthony D’Ambrosio and Michael Salimbene, have joined Merritt Point Wealth Advisors, an existing team from the Wells Fargo Advisors Financial Network in Old Greenwich Connecticut. The two brokers, who previously worked as solo producers, joined Wells on April 27, according to recording records and Wells’ spokeswoman.
D’Ambrosio had produced more than $1.6 million in 12-month revenue from $177 million in client assets, while Salimbene produced $1.7 million in 12-month production from $216 million in client assets. assets, according to the spokesperson.
D’Ambrosio, a 32-year-old industry veteran who started in 1990 with now-defunct brokerage firm South Richmond Securities, signed up with UBS in 2007 after 12 years at Morgan Stanley, according to his BrokerCheck folder. Salimbene, a 25-year-old broker who started at Merrill in 1997, signed up with UBS in 2011 after six years at Morgan Stanley and its predecessors, according to the database.
Other April hires at Wells Fargo included:
- Robert Alft and Marci Watters of Raymond James Financial Services, which joined Wells’ FiNet channel in Pensacola, Florida on April 1, generating $1.25 million in T-12 revenue from $188 million in AT M.
- Merrill’s James A. Roberts and James A. “Drew” Roberts, who joined the FiNet chain in Camarillo, Calif., on April 8, generating $1.6 million in T-12 revenue from $195 million of AUM.
- Martin E. Butler of JP Morgan Securities, which joined New York’s Wells banking channel on April 13, generating $1.4 million in T-12 revenue from $196 million in assets under management.
- Morgan Stanley’s Eric Behr, which joined Wells’ private client group in Boca Raton, Fla., on April 20, generating $1.6 million in T-12 revenue from $227 million in assets under management.
Meanwhile, some other major producers continued to migrate in the opposite direction.
Former Wells broker Peter R. Carmack, based in the Kansas City suburb of Lee’s Summit, Missouri, launched an independent practice with LPL Financial on April 13, according to an announcement Tuesday from the largest independent broker.
The 28-year-old industry veteran, who calls his firm Carmack Capital Management, has generated about $5 million in annual revenue from $510 million in client assets, according to the announcement and a source close to his business. He was joined in the move by client associate Jaimie Morrison, according to LPL’s announcement.
“By joining LPL, I have the flexibility to choose the products and services that best serve my customers, and I believe this decision will improve my ability to manage their accounts,” Carmack said in a statement.
Carmack started with H&R Block Financial Advisors in 1993 and joined Morgan Stanley’s predecessor Smith Barney in 2001 before joining Wells in 2010, according to his BrokerCheck report.
Other recent Wells departures include a Southern California and Hawaii-based FiNet team with a $720 million asset portfolio that joined the new independent chain of Stifel Financial April 19.
Wells Fargo Advisors ended 2021 with a thank you note to external recruiters for helping to hire some 101 brokers last year.
Despite new hires, Wells’ workforce continued to decline, though executives in recent quarters said attrition manifests signs of slowing down. The firm’s list of brokers shrank to 12,250 at the end of the first quarter of this year, relatively flat sequentially but still marking an 8% year-over-year decline from 13,277.