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Wells Fargo continues to step on the gas with respect to recruiting across the US. Reaching into the management ranks to bolster long term recruiting, the bank continues to burn the candle at both ends to ensure, at some point their client assets under management and advisor headcount ticks higher, rather than several quarters of negative results.

To that end the firm has hired Michael Goldfader (Goldie as he’s known to his colleagues in the business) to head up several offices in the greater LA area committed to UHNW clients i.e. private wealth.

Per media reports:

“Goldfader, who left UBS in December after more than 20 years, joined Wells’ “private wealth” unit on Thursday. It was created about a year ago to service high-net-worth clients of bank branch-housed advisors, and includes brokers who transferred from Wells Advisor’s traditional private client group.”

“Goldfader is a 28-year industry veteran who was among many managers displaced by a series of UBS wealth management reorganizations last year and early this year. He had managed eight offices for the wirehouse, including a Beverly Hills branch.”

Goldfader (and others) was a casualty in the UBS management purge late last year.

“Complex managers Michael L. Goldfader in West Los Angeles, Peter B. Kaldis in Northern Ohio, and Robert L. Karem, who oversaw four private wealth management offices from Atlanta, are being shifted, they said. They have worked in the brokerage industry for 28, 34, and 41 years respectively, with each spending at least half of their careers at UBS and predecessor PaineWebber.”

There is a glut of management talent on the market right now and it is a buyers market. The smartest hires in the largest money center cities will have the biggest impact long term. Mr. Goldfader falls directly into that category. We eagerly anticipate the type of recruiting results we expect to hear from his crew in the coming months; because that’s precisely why Wells Fargo hires him.

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