As regulators continue to probe the activities of Wells Fargo, the bank is seeing the departure of some high-profile advisors.
The Cook Financial Group of Indianapolis, for instance, said Monday that it is moving to Noyes, an employee-owned wealth management and investment-banking firm, which was founded in 1969.
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The advisor group has some $1.7 billion of assets and is led by Chris and Brian Cooke; its members have a combined total of 200-plus years of industry experience amongst its members.
"The partnership will primarily empower Cooke to do more for their clients and concurrently attain a series of key strategic goals," said L.H. Bayley, chairman of the Noyes board of directors, in a statement. "These include: expanding family office capabilities, offering clients additional investment opportunities leveraging Noyes Capital Markets' capabilities and expertise, while boosting growth by acquiring firms or teams with complimentary offerings."
For its part, Cook Financial is equally upbeat on the move.
"CFG was founded on our aspiration to deliver independent, integrated and comprehensive wealth management advice and planning solutions to the families we serve," said Chris Cooke, in a press release. "Merging with Noyes will enable us to eliminate the conflict of interest that may arise by being associated with a wirehouse, gain access to a wider selection of investment products, and serve more affluent clients."
Meanwhile, Raymond James Financial says a team of advisors with about $200 million in assets has joined its employee-advisor channel in Savannah, Georgia, after leaving Wells Fargo Advisors.
Advisors Benjamin E. Price, W. Cal Batchelor and Anson Kanoy now operate as Price, Batchelor and Kanoy Wealth Management.
"We were looking for a work culture where the clients always come first and where the client-advisor relationship was never going to be compromised – with required quotas or pressure to sell certain products," said Price in a statement. We have found that culture here at Raymond James, along with the firm's top tier technology, the freedom to run our practice as we choose and the award-winning equity research."
Price spent 15 years in retail banking in Savannah prior to working for the Robinson Humphrey Company, which he joined in 1989. He moved to A.G. Edwards in 1993.
Batchelor began his career with A.G. Edwards in 1994 and has remained with the firm, while Kanoy came on board the group in Savannah in 2008, partnering with Price in 2001/
"We are delighted to welcome Ben, Cal, Anson and Nancy to the Savannah office of Raymond James," Savanna branch manager Tom Hussey, in a statement. "With their years of experience and a demonstrated commitment to a long-term, client-first approach, they are a great addition to our firm, and we look forward to supporting them as they continue to grow their business."
Other Recruiting News
Raymond James said recently that its Alex. Brown division has attracted advisor Craig Decker to its Baltimore branch, according to Marcus Aiello, a regional executive.
The Decker Global Wealth Group moves to Alex. Brown Raymond James from RBC Capital Markets where they managed $250 million in client assets and had over $1.3 million in annual fees and commissions.
"We are thrilled to welcome Craig and Emma to Alex. Brown," said Aiello, in a statement. "For Craig it is a homecoming as he was with the original Alex. Brown in the late 1990s before the Bankers Trust and Deutsche Bank acquisitions so we couldn't be more pleased to not only have Craig be our first advisor recruit under the revived Alex. Brown flag, but also have him and Emma re-establish an Alex. Brown office in Annapolis where he began his career, and help us continue to grow and expand the brand in this important market."
