At a glance
- Halloran Dooley Investment Group brought $400 million from Santander Securities, Lester Ernest brought $200 million from Truist Investment Services, and Mark Southwell brought $300 million from Raymond James.
- Our records also list a $3 billion team move between Truist and CAPTRUST and a $2.4 billion breakaway involving U.S. Bank and HighWater Wealth.
- The one revenue figure in the period's coverage — about $4.7 million on the $1.2 billion Santa Fe team that Merrill recruited from UBS, per AdvisorHub — works out to roughly 39 basis points of client assets.
Wells Fargo added about $900 million in client assets across three recruiting moves in one tracking period, according to our records. Halloran Dooley Investment Group brought $400 million from Santander Securities, Lester Ernest brought $200 million from Truist Investment Services, and Mark Southwell brought $300 million from Raymond James.
Janney Montgomery Scott opened a Houston office with The Edward Fitzpatrick Group, which managed about $3.3 billion at Raymond James — roughly 3.7 times the assets in Wells Fargo's three moves combined. Our records also list a $3 billion team move between Truist and CAPTRUST and a $2.4 billion breakaway involving U.S. Bank and HighWater Wealth. None of those three larger moves went to Wells Fargo.
The one revenue figure in the period's coverage — about $4.7 million on the $1.2 billion Santa Fe team that Merrill recruited from UBS, per AdvisorHub — works out to roughly 39 basis points of client assets. That is one team's yield, not a market rate, but it gives the Janney book a scale: something in the neighborhood of $13 million a year at that pace.
Raymond James gave up $3.6 billion of tracked books this period and took in $245 million. The $3.3 billion Fitzpatrick group left for Janney, and Kenneth Montal and Peter Q. Morris brought $245 million from UBS Financial Services the other way. Measured against the UBS pair, Wells Fargo's $300 million addition from Raymond James is a $55 million net advantage inside a much larger outflow.
Two of Wells Fargo's three additions came from Santander Securities and Truist Investment Services, both bank-owned brokerages. UBS Financial Services lost the $1.2 billion Santa Fe team to Merrill and the $245 million pair to Raymond James, and our records pair U.S. Bank with HighWater Wealth in a $2.4 billion breakaway.
The figures do not include transition packages, forgivable loans or payout guarantees, so the asset totals show which firms recruited books this period but not whether any firm overpaid.
Reported by PWD Editors from PWD tracking (deal log), PWD coverage and AdvisorHub. Published . Updated Oct 28, 2026 · 2:57 p.m. ET. Corrections