A Richmond-based investment firm has landed a group of veteran local financial advisors from one of the giants of the industry.
Davenport & Co. recently added a group of five from Wells Fargo Advisors’ local office. The team includes four advisors, Steven Martin, Rebecca Robertson, Thomas Gee Jr. and William Horan, and associate Kimberley Skowysz.
Davenport CEO Lee Chapman said they started with the firm Oct. 25.
The advisors each have decades of experience. Robertson had been with Wells Fargo and various predecessors since 1982. Martin had been with Wells Fargo since 1997. Gee and Horan each had been with Wells Fargo since 2009 and at Morgan Stanley prior to that since 1994 and 1983, respectively.
Chapman wouldn’t comment on the size of the book of business they bring over, saying the makeup of their client base is similar to Davenport’s, which includes individuals and institutions.
“They’re all seasoned advisors that have a good and attractive client practice,” he said.
Davenport manages about $24 billion in client assets. The firm has 425 employees companywide, including about 200 financial advisors.
Chapman didn’t say whether the new group was inclined to find a new home because of recent troubles at Wells Fargo nationally, fueled by its admitting to creating millions of bogus accounts in customers’ names, and more recently this month related to an auto insurance program that’s reportedly under scrutiny from federal regulator.
“There have been a lot of events in our industry in the last five to 10 years that have caused advisors to think about whether they’re in a place where they want to continue their career,” Chapman said. “We’ve fortunately been a good fit for a number of those people.”