Benjamin F. Edwards & Co. has been picking off Wells Fargo brokers for years
Louis Diamond Quoted
By Bruce Kelly
Wells Fargo Advisors has lost hundreds of brokers and advisers over the last two years to rivals in the wake of scandals at its parent bank, but one firm, Benjamin F. Edwards & Co., has perhaps the greatest long-term success in recruiting advisers and employees from the beleaguered brokerage firm.
“That’s been the whole business model [for Benjamin F. Edwards], taking legacy A.G. Edwards guys and bringing them back to the old country,” said Louis Diamond, an industry recruiter.
“We would consider Ben Edwards to be a regional firm, like Raymond James, Janney Montgomery Scott and Stifel Nicolaus but much smaller,” Mr. Diamond said. “The recruiting deal there is low, but they are having decent success despite the low deal, which must be gratifying to them. The firm is attracting advisers, who are going there for the culture that focuses on the adviser, and also draws on the past history.”