Wells Fargo hits JPMorgan for recruiting coup, pulling a $2B team

Wells Fargo has pulled over advisors formerly managing $2 billion for J.P. Morgan Advisors in New York.

A spokesperson for Wells Fargo Advisors confirmed that the firm had recruited the 17-person Canell Group advisory team. The group is led by the brothers Jay Canell and Neil Canell, as well as Justin Dembo, Jake Klarberg, Benjamin Mayo and Daniel Zomback.

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Brendan Krebs, Wells' head of advisor recruiting, said in a statement: "We couldn't be more excited to welcome The Canell Group to Wells Fargo Advisors. Their team has a long-standing commitment to holistically serving clients, and tapping into Wells Fargo's robust suite of resources and capabilities will help enable them to achieve even more growth for their business."

Both Jay and Neil Canell have 31 years of industry experience and seven firms to their names, according to BrokerCheck. They started their careers at Lehman Brothers in 1993, and their later years saw stints at UBS and Morgan Stanley before they joined JPMorgan in 2017.

Dembo, who has 29 years of industry experience at seven previous firms, started at Lehman in 1994. His subsequent positions also included jobs with UBS and Morgan Stanley, and he joined JPMorgan in 2017.

Klarberg and Mayo both started at Morgan Stanley in 2014 and also went to JPMorgan in 2017. And Daniel Zomback started at AXA Advisors in 2018, moved to Merrill in 2020 and joined JPMorgan in 2023.