Former Wells Fargo Team Rejoins from Ameriprise

Author: Ceren Kaya…

Former Wells Fargo Team Rejoins from Ameriprise

Wells Fargo Advisors has welcomed back a former financial advisory team that had previously moved to Ameriprise, where they oversaw more than $550 million in assets. Advisors Thomas Hughes and Bill Steele joined Wells Fargo on Tuesday.

The Southlake, Texas-based team also includes Betty Cadena, a senior registered client associate. The team manages assets for families, high-net-worth individuals, and trusts, and advises a few small businesses on retirement plans. It produced annual revenue of $1.77 million at Ameriprise, according to Wells Fargo.

This move is part of a series of recruiting wins for Wells Fargo, which recently lured a $6 billion team from Morgan Stanley, a $6.3 billion team from UBS, and a $1.4 billion team from Merrill Lynch.

Impacted Symbols

Symbols affected by this headline and their sentiment signals

UBSGNegative

UBS Group AG

Although UBS has lost large teams to Wells Fargo, this news does not directly affect UBSG; it merely reflects industry competition.

Impact score30%

AMPNegative

Ameriprise Financial, Inc.

Ameriprise lost a team managing over $550 million in assets and generating $1.77 million in annual revenue, which could have a moderate negative impact on its revenue and asset base.

Impact score60%

MSNeutral

Morgan Stanley

Morgan Stanley had previously lost a large team to Wells Fargo, but this news does not involve a new loss; the impact is limited.

Impact score20%

WFCPositive

Wells Fargo & Company

Wells Fargo regained an experienced team managing over $550 million in assets, boosting its growth and revenue potential; this is a positive development for the firm.

Impact score70%

The news, analyses, and comments on this platform do not constitute investment advice. When making investment decisions, you should conduct your own research and consult with a qualified financial advisor if necessary. FiNews cannot be held responsible for any losses that may arise from the use of this information.

More Headlines