Stifel recruited four former Wells Fargo advisors who oversaw more than $300 million in client assets and opened a new branch office, a spokesman confirmed.
The hires illustrate a growing trend of wirehouse talent flowing to regional and independent firms. Stifel, Raymond James, RBC and others have been aggressively courting advisors from the big four firms. Meanwhile, three wirehouses ― Morgan Stanley, UBS and Merrill Lynch ― have reduced their recruiting efforts.
Stifel's new hires include Keith Holzwarth, Angelo Panoff and Michael Hall. They managed about $250 million in client assets and are based in Flint, Michigan.
Holzwarth, a 35-year veteran, will serve as branch manager. Panoff and Hall have been in the industry for 48 and 24 years, respectively, according to FINRA BrokerCheck records.
Morgan Stanley alone lost 11 teams managing about $7 billion after its abrupt exit from the protocol pact, according to recent hiring announcements.
Holzwarth said the team made the move in part because Stifel had a similar investment philosophy.
Stifel hired ex-Wells Fargo broker Joseph Bailey Vaughan Jr. in Pinehurst, North Carolina. Vaughan, a 16-year industry veteran, oversaw $54 million, according to his new employer.
"These advisors and their teams recognize the value of a firm that is not limited by high overhead and bureaucracy, a firm where the advisor’s clients remains the focal point of the relationship," John Pierce, head of advisor recruitment for Stifel, said in a statement.
The regional brokerage firm also recruited former UBS advisor Matthew Welborn to act as Stifel's branch manager in Fort Myers, Florida. Welborn had been with UBS since 2006, according to BrokerCheck records.
Spokeswomen for Wells Fargo and UBS were unavailable for immediate comment.
