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

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%

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%

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%

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