Wells Fargo’s Naples Win Shows Advisor Recruiting Is A Channel-by-Channel Fight

Wealth Management

Jun 12

Wells Fargo Advisors has added Douglas DiGiorno, a UBS veteran in Naples, Florida, who brings more than $466 million in assets and three decades of industry experience.

The move gives Wells Fargo another sizable recruit in Florida, a state that remains highly competitive for wealth management firms chasing retiring executives, business owners, affluent families and transplanted high-net-worth clients. DiGiorno operates through DiGiorno Wealth Management Group and is joined by support staff Kay DeBoe and Kate Golden.

But the wider advisor-move roundup is not only a Wells Fargo story. Raymond James also added a $480 million Brooklyn-based team from Wells Fargo Advisors Financial Network, while JPMorgan Wealth Management added a $400 million Goldman Sachs advisor in New York. Together, the moves show a recruiting market where large firms are not only gaining or losing advisors. They are competing channel by channel, market by market and client segment by client segment.

TL;DR

Wells Fargo added a UBS veteran: Douglas DiGiorno joined Wells Fargo Advisors’ traditional brokerage channel in Naples, Florida.
The team brings major assets: DiGiorno brings more than $466 million in assets and three decades of industry experience.
Wells Fargo had a broader recruiting month: Four other advisors joined Wells Fargo from JPMorgan, Ameriprise and PNC.
Raymond James also won from Wells Fargo: A Brooklyn-based team managing about $480 million joined Raymond James’ independent advisor channel from Wells Fargo Advisors Financial Network.
JPMorgan added Goldman Sachs talent: Chad Schwartz joined JPMorgan Wealth Management in New York after managing about $400 million in assets at Goldman Sachs.
The deeper story is channel choice: Advisors are moving between traditional brokerage, independent, bank and boutique wealth channels based on how they want to serve clients.
Florida and New York remain active battlegrounds: Naples, Brooklyn and Manhattan all show how local wealth markets are shaping national recruiting competition.

Wells Fargo’s Naples Hire Gives The Firm A Clear Florida Win

Wells Fargo added Douglas DiGiorno from UBS, making the Naples move the headline of the latest advisor roundup.

DiGiorno’s profile fits the kind of advisor major firms want in Florida: experienced, established and attached to a sizable client base. The report said he brings more than $466 million in assets and three decades of industry experience. He is also moving with client-support continuity through Kay DeBoe and Kate Golden.

That support detail matters. A senior advisor move is rarely only about the lead advisor. Clients often know the staff members who handle scheduling, paperwork, service requests and follow-up. Bringing support staff can make the transition feel less disruptive for clients and help the practice keep its service rhythm after moving platforms.

Naples also gives the move more strategic weight. The city is a major Florida wealth market with retirees, executives, business owners, real estate wealth and families relocating from other high-tax or high-cost regions. A strong advisor in that market gives Wells Fargo more local credibility.

Why The Naples Market Matters

Naples is not just a sunny retirement location. It is a serious private wealth market.

The area has attracted affluent retirees, entrepreneurs and investors who often need more than basic portfolio allocation. Many clients in markets like Naples need retirement income planning, estate coordination, tax-aware strategies, philanthropic planning, liquidity planning and multigenerational advice.

That makes advisor trust especially important. Clients in this segment may have complicated finances, long-standing relationships and expectations for white-glove service. A platform move can create questions unless the advisor explains why the new firm improves the client experience.

For Wells Fargo, landing DiGiorno gives the firm a chance to strengthen its Florida Gulf Coast presence. But the move will matter most if clients follow, service remains smooth and the practice can use Wells Fargo’s platform to deepen planning relationships.

The Naples Client Profile

Retirees and pre-retirees: Many clients may need income planning, withdrawal strategies and risk management.
Business owners: Local and relocated entrepreneurs may need liquidity, lending and succession guidance.
Real estate wealth: Florida markets often create planning needs around property, taxes and estate transfer.
Multigenerational families: Advisors may work with spouses, adult children and heirs over time.
High-service expectations: Affluent clients often expect fast support and a personal relationship with the team.

Wells Fargo’s Recruiting Month Was Broader Than One Advisor

The DiGiorno move anchored a larger Wells Fargo recruiting batch.

InvestmentNews reported that Dean Bowen joined Wells Fargo’s Washington, D.C., office from JPMorgan with more than $117 million in assets. Giuseppe Gigliotti joined in Melville, New York, from Ameriprise with about $95 million. James Wetton joined the Frontenac, Missouri, office from PNC with more than $110 million. Steven Haines joined Wells Fargo’s bank channel in Philadelphia from PNC with more than $160 million.

Combined with DiGiorno, those five advisors oversee more than $950 million in assets.

That mix matters because it shows Wells Fargo recruiting through several entry points. It is not only adding one large UBS veteran in a traditional branch. It is also pulling from JPMorgan, Ameriprise and PNC across different markets and channel types.

The Five Wells Fargo Adds Tell Different Stories

DiGiorno From UBS

DiGiorno is the largest move in the group and gives Wells Fargo a senior UBS veteran in Naples. This is the high-net-worth Florida story.

Bowen From JPMorgan

Bowen’s move into Washington, D.C., gives Wells Fargo another advisor in a market tied to professionals, executives, government-adjacent wealth and affluent families.

Gigliotti From Ameriprise

Gigliotti’s move in Melville, New York, shows Wells Fargo competing in suburban wealth markets where long-term client relationships and local trust can matter as much as national brand power.

Wetton And Haines From PNC

The two PNC-related moves show another recruiting lane. Advisors leaving bank-connected platforms may be looking for a different mix of resources, client access, support and advisor control.

These moves are not identical, and that is the point. Wells Fargo is not only recruiting one type of advisor. It is building momentum across different markets and prior platforms.

UBS’ Loss Adds To A Larger Retention Question

DiGiorno’s exit also lands inside a broader UBS storyline.

InvestmentNews noted that UBS has been dealing with advisor departures over the past year, while the firm is also trying to strengthen its U.S. wealth business after securing a national bank license. That combination creates a complicated message.

On one hand, the bank license could give UBS more flexibility and a stronger U.S. banking and lending platform over time. On the other hand, high-profile advisor departures can create pressure before the benefits of that strategy become visible.

That matters because advisors often make decisions based on both current platform experience and future confidence. If they believe a firm’s next phase will improve support, they may stay. If they believe another firm can help them serve clients better now, they may leave.

Wells Fargo’s DiGiorno hire fits that tension. UBS is trying to strengthen its U.S. position, but Wells Fargo is still finding opportunities to recruit experienced UBS advisors in attractive markets.

Raymond James Turns A Wells Fargo Loss Into An Independence Win

The same advisor roundup cut in the other direction for Wells Fargo.

Raymond James welcomed LKMM, a Brooklyn-based team that previously worked with Wells Fargo Advisors Financial Network. The team includes Alex Lerner, Joseph Matovick and Oscar Manrique, along with registered client service associate Vladimir Zusman.

The team managed approximately $480 million in client assets at its prior firm and now operates through Raymond James Financial Services, the firm’s independent advisor channel. It is based in Brooklyn, with an additional presence in Bay Harbor, Florida.

This is where the recruiting story becomes more layered. Wells Fargo gained a major UBS advisor through its traditional brokerage channel, but Raymond James gained a Wells Fargo FiNet team through its independent channel.

That is not a simple win-loss scoreboard. It shows how advisor preferences can vary even inside the same broader industry. Some advisors want the structure of a traditional brokerage. Others want more independence, flexibility and local control.

Why LKMM’s Move Is Different From DiGiorno’s Move

The LKMM move is not the same kind of recruiting story as DiGiorno’s Naples move.

DiGiorno moved into Wells Fargo Advisors’ traditional brokerage channel. LKMM moved from Wells Fargo’s independent network to Raymond James’ independent channel. That means the key issue is not only firm brand. It is the advisor’s preferred operating model.

Raymond James’ announcement said the LKMM team serves individuals, families, business owners and retirees with wealth management, retirement planning and investment guidance. The firm also said the team was recognized as a 2026 Forbes Best-in-State Wealth Management Team.

The team’s comments focused on independence, client focus and the ability to tailor strategies with flexibility. That language explains the move better than the asset number alone. The team appears to be emphasizing freedom in how it serves clients while still using a large firm’s infrastructure.

What Raymond James Gains

A Brooklyn wealth team: LKMM gives Raymond James a sizable team in New York with a Florida connection.
Independent-channel depth: The move strengthens Raymond James Financial Services, not the employee channel.
Business-owner focus: The team’s client base includes business owners, families and retirees.
A service team: The move includes advisor and client-service continuity.
A flexibility message: Raymond James can use the hire to reinforce its independent-advisor pitch.

JPMorgan’s Goldman Sachs Hire Pushes The Roundup Upmarket

JPMorgan Wealth Management added another major move in New York.

Chad Schwartz joined JPMorgan as a wealth partner after managing about $400 million in assets at Goldman Sachs, according to InvestmentNews. JPMorgan’s profile for Schwartz says he works with high-net-worth individuals and families, private business owners, entrepreneurs, public company executives, financial services professionals, hedge fund and private equity principals, nonprofit organizations and healthcare institutions.

That client profile is important. It shows JPMorgan recruiting into a high-end wealth segment where clients may need more than portfolio management. They may need lending, banking, concentrated-stock planning, business-succession coordination, alternative investments, estate planning and family-office-style support.

This move is smaller by reported assets than DiGiorno’s or LKMM’s, but it still matters because Goldman Sachs private wealth advisors serve a highly competitive client segment. Bringing a Goldman advisor into JPMorgan’s wealth partner model gives JPMorgan another way to expand its boutique-style advisory offering inside a much larger bank platform.

The Three Main Moves Show Three Different Channel Bets

This roundup works best when read as a channel map.

Wells Fargo is strengthening its traditional brokerage presence in Naples. Raymond James is strengthening its independent advisor channel in Brooklyn and Bay Harbor. JPMorgan is strengthening its high-net-worth wealth partner model in New York.

Those are three different recruiting bets.

Wells Fargo is betting that advisors will value a major bank-owned brokerage platform with local branch leadership and broad resources. Raymond James is betting that advisors want independent flexibility with a national firm behind them. JPMorgan is betting that high-end advisors want big-bank capabilities delivered through a more boutique wealth partner experience.

Each move points to a different version of advisor value.

Channel One: Traditional Brokerage

Wells Fargo’s DiGiorno move fits a traditional branch-based model. This channel can appeal to advisors who want strong firm backing, brand scale, local leadership and broad client support.

Channel Two: Independent Advisor Affiliation

Raymond James’ LKMM move fits an independent model. This channel can appeal to advisors who want more control over how they run the practice while still using a national broker-dealer platform.

Channel Three: Boutique Wealth Partner Inside A Bank

JPMorgan’s Schwartz move fits a high-net-worth wealth partner model. This channel can appeal to advisors serving complex clients who want broad investment, lending and planning resources inside a more personalized advisory structure.

The point is not that one model is winning everywhere. The point is that advisors are choosing the model that fits their business stage, client base and service style.

Client Relationships Are The Real Transfer Point

Advisor recruiting headlines usually focus on assets. But the real transfer point is the client relationship.

A firm can announce that an advisor managed hundreds of millions of dollars at a prior platform. That does not automatically mean every client or every dollar moves immediately. Advisors still have to explain the transition, answer questions, rebuild account access, introduce new systems and show clients that the move is worth following.

This is especially true in high-net-worth markets such as Naples, Brooklyn, Bay Harbor and New York. Clients may have long relationships with their advisors, but they also expect professionalism, stability and clear communication during a transition.

The winning firm is not only the one that signs the advisor. It is the one that helps the advisor protect trust after the move.

How Advisors Explain Moves To Clients

Advisors usually need a client-facing reason for moving. “I changed firms” is not enough.

Clients want to know what changes, what stays the same and why the move is in their interest. The answer may vary by channel.

For DiGiorno’s clients, the message may center on Wells Fargo’s resources, local support and continuity with the existing service team. For LKMM’s clients, the message may center on independence, flexibility and high-touch planning through Raymond James. For Schwartz’s clients, the message may center on JPMorgan’s broad investing and lending capabilities delivered through a personalized wealth partner relationship.

Questions Clients May Ask

Will my advisor and support team stay the same?
Will fees, accounts or online access change?
Will investment strategy change right away?
Will the new firm offer better planning, lending or service tools?
How much paperwork or disruption should I expect?
Why is this move better for me as a client?

These questions are where recruiting moves succeed or fail in practice.

Florida And New York Are Doing Different Jobs In This Roundup

Geography also shapes the story.

Florida appears twice: Naples through DiGiorno and Bay Harbor through LKMM’s additional presence. New York appears through Brooklyn, Melville and Manhattan. Washington, D.C., Missouri and Philadelphia round out the broader Wells Fargo recruiting list.

That geographic spread shows how national firms are building wealth coverage in different ways.

Florida is about affluent retirees, relocating wealth, business owners and tax-conscious families. New York is about dense private wealth, business owners, finance professionals, multigenerational families and advisors with deep local relationships. Washington, D.C., Philadelphia and Missouri add professional, institutional and regional planning markets.

In other words, advisor recruiting is not only about firm-to-firm movement. It is about where firms want more market density.

Wells Fargo’s Win Also Shows The Value Of Multi-Channel Recruiting

Wells Fargo’s broader list of recruits shows why multi-channel strategy matters.

The firm added advisors to traditional offices and a bank channel. At the same time, it lost an independent-network team to Raymond James. That may seem contradictory, but it reflects the reality of large wealth platforms.

Different advisors want different things. A firm can have a strong traditional brokerage channel and still lose an independent advisor team to another independent model. It can recruit from UBS, JPMorgan, Ameriprise and PNC while also facing pressure from Raymond James.

A large firm needs several channels because advisor preferences are not uniform.

This is why advisor recruiting cannot be judged by a single move. The more useful question is whether a firm is winning the types of advisors it wants in the channels that matter most to its strategy.

The Competitive Pressure On UBS, Wells Fargo And Goldman Sachs Is Not The Same

Each source firm faces a different recruiting implication.

UBS losing DiGiorno adds to questions about advisor retention during a period when the firm is trying to improve its U.S. wealth strategy. Wells Fargo losing LKMM to Raymond James shows that FiNet still faces competition from other independent platforms. Goldman Sachs losing Schwartz to JPMorgan shows that even elite private wealth platforms are not immune to advisor movement.

Those are different pressures.

UBS may need to reassure advisors that its U.S. platform is stabilizing and improving. Wells Fargo may need to keep strengthening the value proposition of FiNet while growing traditional recruiting. Goldman Sachs may need to protect private wealth advisors who might be attracted by JPMorgan’s mix of banking, lending and boutique-style wealth partner resources.

The receiving firms also have different tests. Wells Fargo has to help DiGiorno transition a high-value Naples practice. Raymond James has to help LKMM use its independent platform without losing client service continuity. JPMorgan has to help Schwartz deliver boutique-level attention inside a very large institution.

What To Watch After The Moves

The announcements are only the opening stage.

Client Transition Quality

The first real test is whether clients follow the advisors. Large asset numbers matter, but client retention after the move matters more.

Platform Fit

Each advisor moved into a different platform model. The next test is whether those models actually improve the way the advisors serve clients.

Regional Momentum

Naples, Brooklyn, Bay Harbor and New York are all competitive markets. Rivals will watch whether these moves create more recruiting conversations nearby.

Source-Firm Response

UBS, Wells Fargo’s FiNet channel and Goldman Sachs may all look for ways to reassure remaining advisors after losing teams or talent.

Advisor Productivity

The moves should eventually show whether the new platforms help advisors grow, deepen client relationships and operate more efficiently.

The Bigger Pattern Is Not Firm Loyalty, But Channel Fit

This advisor roundup shows why firm loyalty has limits.

DiGiorno spent years at UBS before joining Wells Fargo. LKMM moved from Wells Fargo’s independent network to Raymond James’ independent channel. Schwartz left Goldman Sachs for JPMorgan. These are not small firms losing advisors to one dominant competitor. These are major platforms competing with one another for experienced professionals.

The common thread is channel fit.

Advisors are asking where their practice belongs now, not where it belonged years ago. A firm that worked well at one stage may not fit the next stage. A client base may become more complex. A team may want more independence. A senior advisor may want broader banking resources. A regional practice may want stronger local support.

That is why the market remains fluid even among large names.

Frequently Asked Questions About Wells Fargo’s Naples Advisor Move

Who Did Wells Fargo Recruit From UBS?
Wells Fargo recruited Douglas DiGiorno from UBS. He operates through DiGiorno Wealth Management Group in Naples, Florida, and joined Wells Fargo Advisors’ traditional brokerage channel with support staff Kay DeBoe and Kate Golden.
How Much In Assets Did Douglas DiGiorno Bring?
DiGiorno brought more than $466 million in assets and three decades of industry experience, according to InvestmentNews.
What Other Advisors Joined Wells Fargo In The Same Recruiting Batch?
Wells Fargo also added Dean Bowen from JPMorgan in Washington, D.C., Giuseppe Gigliotti from Ameriprise in Melville, New York, James Wetton from PNC in Frontenac, Missouri, and Steven Haines from PNC in Wells Fargo’s Philadelphia bank channel.
Who Did Raymond James Recruit From Wells Fargo?
Raymond James recruited the LKMM team from Wells Fargo Advisors Financial Network. The team includes Alex Lerner, Joseph Matovick and Oscar Manrique, along with registered client service associate Vladimir Zusman, and previously managed about $480 million in client assets.
Who Did JPMorgan Add From Goldman Sachs?
JPMorgan Wealth Management added Chad Schwartz in New York as a wealth partner. He came from Goldman Sachs, where he managed about $400 million in assets, according to InvestmentNews.

The Recruiting Map Is Wider Than One Naples Win

Wells Fargo’s DiGiorno hire is the headline, but the broader story is bigger than one Florida recruit.

The same roundup shows Raymond James winning a Wells Fargo independent team and JPMorgan adding a Goldman Sachs advisor in New York. That mix reveals a wealth management market where large firms are gaining and losing advisors at the same time, often for different reasons.

The real story is channel fit. Wells Fargo is building through traditional brokerage and bank channels. Raymond James is strengthening its independent advisor story. JPMorgan is expanding its boutique wealth partner model for high-net-worth clients.

Advisors are not just choosing a logo. They are choosing how they want to operate, how they want clients to experience the practice and which platform gives them the best chance to grow without weakening trust.