A New York-based team managing about $2 billion in client assets is joining Wells Fargo’s Private Client Group from J.P. Morgan, the wirehouse 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 Head of Advisor Recruiting Brendan Krebs said the firm “couldn’t be more excited” to bring The Canell Group into the fold.
“Their team has a longstanding commitment to holistically serving clients, and tapping into Wells Fargo’s robust suite of resources and capabilities will help enable them to achieve even more growth for their business,” he said.
FINRA records show both Canell brothers’ careers in financial services span 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 J.P. Morgan. Dembo also started at Lehman in 1993 with later stints at many of the same firms, according to FINRA. Others on the team entered the industry in the past decade.
Last month, J.P. Morgan asked a federal court to issue a restraining order against Kevin Rossow, a former advisor in a Texas branch who moved to Wells Fargo in July but continued to solicit his previous clients, according to J.P. Morgan's complaint.
The court granted the restraining order, but within days the parties opted to enter FINRA arbitration, ending the court case.
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 support staff members moved with the team.
