Two veteran advisory teams have left Wells Fargo this week, taking a combined $580 million in client assets to rival firms. Lee Winters III and Chris McClure, who managed roughly $160 million at Wells Fargo Clearing Services in Columbia, South Carolina, have joined Ameriprise Financial's employee channel. Separately, the Madura Private Wealth Group, which oversees nearly $420 million, has moved to Janney Montgomery Scott, establishing a new Janney office in Lake Forest, Illinois.
Winters and McClure cited Ameriprise's technology stack and collaborative culture as decisive factors. Winters highlighted the firm's integrated tools, from CRM to client-facing platforms, as creating a seamless experience for advisors and clients. The team, which includes client service associate Darragh James, will report to branch manager Tor Bennstrom and regional vice president Michael Rearden. This move underscores the ongoing competition for experienced advisors, as firms like Ameriprise continue to invest in advisor support.
The Madura Private Wealth Group, led by Daniel Madura, a 30-year wealth management veteran, originally joined Wells Fargo from Credit Suisse in 2016. The team's practice covers investment strategy, retirement planning, estate and legacy planning, philanthropic giving, risk management, and business succession planning. Joining Daniel are Ethan Madura, vice president/wealth management and financial advisor; Denise Utes, a vice president and senior registered private client associate who began her career at Dean Witter Reynolds in 1982; and Claudia Austin, a private client associate with a background in municipal government and financial operations.
Janney's new Lake Forest office marks a strategic expansion in the Greater Chicago market, where the Philadelphia-based firm has been actively recruiting advisors seeking an independent, advisor-first culture. This move follows a broader trend of wirehouse teams migrating to independent broker-dealers and RIAs, as seen in recent platform shifts involving $940 million.
Wells Fargo has experienced a series of departures in 2026, with these two teams being the latest. Earlier this year, a team moved to Carson Group, and two others joined LPL Financial in Sun Valley, Idaho, and Sacramento, California, with a combined $550 million in assets. The attrition reflects ongoing challenges for wirehouses in retaining top talent, as competitors offer more flexible models and advanced technology.
Industry observers note that the race for experienced advisors is intensifying, with firms like Ameriprise and Janney leveraging their platforms to attract teams. Ameriprise, for instance, has been expanding its branch channel, while Janney has focused on building its presence in key metropolitan areas. These moves are part of a larger pattern of teams with $920 million in combined assets shifting platforms recently.
For advisors, the decision to switch firms often hinges on technology, culture, and support. Winters noted that Ameriprise's tools are designed to enhance both advisor and client experiences, while Madura's team likely valued Janney's independent model. As the competition for talent continues, firms that can offer a compelling value proposition are likely to gain market share.
The moves also highlight the growing importance of regional offices. Janney's new Lake Forest location will serve as a hub for its Chicago-area recruiting efforts, while Ameriprise's Columbia, South Carolina, branch strengthens its presence in the Southeast. These expansions are expected to continue as firms vie for experienced advisors managing significant assets.
Wells Fargo, for its part, has been working to stabilize its advisor force, but the recent departures suggest that challenges remain. The firm has not publicly commented on these specific moves, but industry analysts will be watching to see if further attrition occurs. In the meantime, the advisors who left are poised to benefit from their new firms' resources and growth strategies.
