$2.4 Million Broker Jumps to RayJay after 24 Years with Wells Fargo
A broker who generated $2.4 million in annual fees and commissions at Wells Fargo Advisors in Columbia, S.C. and was managing some $375 million in client assets, has joined Raymond James Financial in the same city, his new employer said.
James Preston Covington, who first registered as a broker 32 years ago with a unit of Bankers Trust of South Carolina, spent the last 24 years of his career at Wells and predecessor firms Wachovia Securities and Interstate Johnson Lane.
He held the title of managing director at Wells and his average client had $1.5 million in assets with the firm, according to his former website and to a Barron’s listing of top advisors that ranked him 12th in South Carolina in 2016.
Covington, who goes by the name of Preston, did not respond to a call for comment on his motivation for moving. In a prepared statement from Raymond James he claimed that he was won over during his visit to the firm’s home office in St. Petersburg, Fla.
“Everything just felt ‘right,’ rather like that feeling you have when you buy your first home,” he said.
Joining him at Raymond James’ traditional employee network are sales associates Amanda Simconis and Lindsey Sisk.
Three of the four customer complaint disclosures listed on Covington’s BrokerCheck history, including one made last May, were denied. A fourth dating back to 2003 over alleged C-class mutual fund share investments was resolved in arbitration for almost $21,000, more than four times the damage amount requested, according to BrokerCheck.
A graduate of Washington & Lee University in Virginia and an Eagle Scout, according to his former website at Wells, Covington served as a branch manager for nine years at Interstate Johnson and also worked as a broker for seven years at Smith Barney beginning in 1985.
The group reports to Columbia complex manager Dan Parker.
A spokeswoman at Wells Fargo confirmed the move and the production metrics but declined to comment further.