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The ‘bounce back’ for Wells Fargo continues. This time the advisors and assets have made the move in Boca Raton, FL.

“Wells Fargo Advisors shook another broker loose from Morgan Stanley’s south Florida offices on Thursday, recruiting $4-million producer Jeffrey R. Zapoleon in Boca Raton, according to a source familiar with the move.”

“The 37-year industry veteran, who has been with Morgan Stanley and its Smith Barney predecessor for three decades, did not return a call for comment.”

“Zalolean, whose team includes his daughter, Samantha, accepted a recruiting deal from  Morgan Stanley in January 2009, just a few days before it announced its plan to absorb Smith Barney. He was producing more than $2 million on more than $300 million of client assets, he said at the time.”

Mr. Zapolean wasn’t the only advisor that saw Wells Fargo as greener pastures. A Morgan Stanley colleague saw it the same way.

“The move is at least the second in a week by a multimillion-dollar Morgan Stanley team in Florida to Wells Fargo. Last Friday, Gary R. Burwick, a 21-year industry veteran who with partner Marc Engleman was producing $2.5 million, joined a Wells office in Fort Lauderdale.”

That’s a lot of assets making their way to Wells Fargo via the ACAT system.

Wells has been exceptionally aggressive in recruiting. Paying both recruiters and recruits outsized bonuses to join the firm. You know the saying, “Money talks, and…”.

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