Wells Fargo Advisors, the brokerage arm of Wells Fargo & Company, has lured a pair of financial advisors overseeing more than $550 million in client assets back from Ameriprise Financial. Thomas Hughes and Bill Steele, who previously spent nearly a decade at Wells Fargo before departing for Ameriprise, have rejoined the firm and will operate out of Southlake, Texas. Senior registered client associate Betty Cadena accompanies them.
This "boomerang" hire is part of a broader recruiting push at Wells Fargo, which has secured several high-profile teams in recent months. The firm attracted a $6 billion team from Morgan Stanley in Manhattan, a $6.3 billion Boston-based group from UBS, and two additional UBS teams each managing over $1 billion in assets in Ohio, Florida, and Minnesota. Wells Fargo also recruited two billion-dollar-plus ensembles from Merrill Lynch in Melville, New York. The firm's dual-track strategy, encompassing both its traditional brokerage and independent FiNet channel, has fueled this momentum. For context, Wells Fargo Advisors Recruits $9.6B in Assets During First Half of May, Luring Teams from Morgan Stanley and UBS.
Raymond James Employee Channel Adds D.A. Davidson Veteran
On the West Coast, Raymond James' employee advisor channel has welcomed Thomas Conway, a financial advisor with over 40 years of industry experience. Conway joins from D.A. Davidson & Co., where he managed $182 million in client assets. He will operate under the name LakeVue Wealth Management of Raymond James in Kirkland, Washington, focusing on retirement planning and wealth guidance for individuals and families. Financial planning consultant Heidi Hughes joins him.
Conway's move comes alongside a larger transition at Raymond James' independent contractor division, where a 24-person team previously managing $2.8 billion at Commonwealth moved to Raymond James Financial Services. Additionally, D.A. Davidson has seen other defections, including a $600 million multigenerational team and a pair of sixth-generation Wyomingites who joined LPL Financial this month. Raymond James has been active in recruiting, as seen in Raymond James Hires Vanguard's Seth Ford as Chief Architect to Lead AI Expansion.
Ballast Rock Private Wealth Expands with New Advisor
In the independent RIA space, Ballast Rock Private Wealth, a South Carolina-based firm focused on holistic financial planning for accredited high-net-worth individuals, has hired Jake Fetchen as a wealth advisor. Fetchen brings experience in portfolio construction, financial planning analysis, and client relationship management for individuals, families, and business owners.
Andrew Mescon, CEO of Ballast Rock Private Wealth, stated that Fetchen shares the firm's commitment to client-first advice and brings a strong foundation working with high-net-worth families. The hire underscores the firm's growth in the competitive RIA landscape.
These moves highlight ongoing advisor mobility across channels, with firms like Wells Fargo, Raymond James, and Ballast Rock leveraging recruiting to strengthen their teams. For more on industry trends, see Dispatch Launches Advisor Transitions Platform to Automate Firm Moves, Citing 16.2% Rise in Advisor Mobility.
