A New York-based team that manages about $2 billion in client assets is joining Wells Fargo's Private Client Group from JP Morgan, the call center announced Thursday.
The Canell Group includes advisors (and brothers) Jay and Neil Canell and fellow advisors Justin Dembo, Jake Klarberg, Benjamin Mayo and Daniel Zomback (and their support staff).
Wells Fargo Chief Recruiting Advisor Brendan Krebs said the firm “couldn't be more excited” to bring The Canell Group into the fold.
“Their team has a long-standing commitment to serving clients holistically, and leveraging Wells Fargo's powerful set of resources and capabilities will help them achieve even more growth for their business,” said he.
FINRA records show both Canell brothers' careers in financial services spanning decades. Jay AND Neil Canell entered the industry at Lehman Brothers in 1993, followed by successive tenures at CIBC World Markets, UBS, Citigroup, Morgan Stanley and JP Morgan. Dembo also started at Lehman in 1993 with subsequent stints at many of the same firms, according to FINRA. Others on the team entered the industry in the past decade.
last month, JP Morgan asked a federal court to issue a restraining order against Kevin Rossow, a former adviser at a Texas branch who moved to Wells Fargo in July but continued to solicit his former clients, according to JP Morgan's complaint.
The court granted the injunction, but within days the parties decided to enter FINRA arbitration, ending the litigation.
Earlier this month, an advisory trio managing nearly $1.8 billion in client assets joined Wells Fargo's independent financial advisory network from Morgan Stanley. The Chicago-based team included Frank Devincentis, Craig Eyler and Molly Girard, who joined Wells Fargo under the firm name Viersmo Financial. Six members of the support staff moved with the team.