So far in 2018, the continuing account scandal at Wells Fargo is Raymond James’s gain.
Raymond James announced Monday that it has it added two new advisory teams, both from Wells Fargo Advisors.
The new teams work under the names Water Street Wealth Management and Godin Wealth Management.
Raymond James is slowly building its employee and independent channel and had 7,604 advisors managing $736 billion in client assets as of March. It has 3,053 advisors in its employee channel after it added a net of 15 advisor employees in the first quarter of 2018, according to its earnings report. Its independent channel also grew to 4,551 advisors; that’s 52 advisors more than it had at the close of 2017.
Water Street Wealth Management is located at Raymond James’s newest branch in Bay City, Mich. Godin Wealth Management is in Raymond James’s office in Farmington Hills, Mich.
Water Street includes advisors Craig Cooley, Lee Miller and Michael Wegener as well as five supporting staff members. They provide services to families, business owners and professionals. Miller and Cooley were absorbed into Wells Fargo in 2009 with Wachovia, which had absorbed their previous firm, A.G. Edwards.
Raymond James was not able to confirm how much in client assets the team is bringing with it, but it said Water Street previously managed more than $500 million in assets with Wells Fargo.
Miller, who is also the senior vice president, said Water Street was searching “for a firm that was large enough to provide the resources, products and infrastructure that is necessary to serve our clients.”
Tim Godin of Godin Wealth Management previously managed $260 million in client assets at Wells Fargo. He became a Wells Fargo advisor while also working for A.G. Edwards, where he started his career in 1990.
Wells Fargo is still reeling from a scandal that erupted in 2016 when it was discovered the bank created millions of dummy accounts. That led to investigations into its other divisions, including its wealth management unit.