Competitora partnership of independent wealth managers affiliated with Raymond James Financial Servicesadded a team of four financial advisors from Wells Fargo.
Marc Sullivan, Michael Schulz, E.Steelman Ketchum and C. Shawn Roberts – who have worked together in the Wirehouse channel for nearly two decades – have formed Vision Wealth Advisors in Columbia, South Carolina, joining Concurrent and Raymond James, aka Concurrent. They previously collectively managed $630 million, according to the firm.
Sullivan and Schulz have worked at Wells Fargo since beginning their careers in the industry in 2002, according to BrokerCheck.
Roberts also started in the industry with Wells Fargo in 2008, according to his BrokerCheck profile.
Ketchum began his career in the industry in 1996 and worked at UBS before joining Wells Fargo in 2002, according to BrokerCheck.
The team also includes the Vice President of Client Operations Rebecca Brooks and new team member Hanna Clarksays Competitor.
“The response we’ve already received from our customers has completely validated our decision to go independent,” Sullivan said in a statement about the move. “They understand that we’re not here to sell them another credit card or another product. We’re free to really focus on their needs and build trust through the advisor-client relationship.”
Sullivan may have been referring to issues that have surfaced over the past six years related to his alma mater’s cross-selling practices.
Aggressive cross-selling has caused major reputational damage to Wells Fargo in recent years, along with $3 billion in the form of a settlement with the US Department of Justice and the Security and Exchange Commissionas reported.
Concurrent also attracted advisors from Wells Fargo last year, as well as Morgan Stanley.
Founded in 2016, Tampa, Fla.-based Concurrent had 140 advisers overseeing $12.7 billion in assets under management and more than $12 billion under advisement as of May 12, according to the firm.