Louis Diamond Quoted – By Andrew Kessel, Financial Advisor IQ – Raymond James executives have informed managers that the compensation plans for the firm’s nearly 3,400 employee-channel advisors will remain unchanged in its 2022 fiscal year, according to a source familiar with the situation.
By Jake Martin, AdvisorHub – Raymond James Financial’s sweetened deals for experienced brokers in its employee division are paying off, even without matching the high-water mark offers of some rivals, Chief Executive Paul Reilly said on Monday.
The St. Petersburg, Florida-based firm’s hiring in 2021 is already “exceeding” targets that it set out at the start of the year, which “weren’t small,” and is ahead of last year’s pace, Reilly said during Morgan Stanley’s virtual U.S. Financials, Payments and CRE Conference on Monday.
Louis Diamond Quoted – By Ellen Sheng, Financial Advisors IQ – Plenty of advisors are yearning for more independence, but that can mean any number of options these days. Advisors may find their freedom at another firm, an existing RIA or an independent broker-dealer. Advisors may also find more independence at regional firms or independent broker-dealers.
By Erika Wheless, Financial Planning – Raymond James snapped up five former Merrill Lynch advisors who managed a collective $515 million in client assets, according to the firm. All five cited Raymond James’ technology platform as motivation for making the career change.
By Jacqueline Sergeant, FA Magazine – Five former Merrill Lynch advisors who collectively managed $515 million have joined Raymond James & Associates’ employee advisor channel in Burlington and Boston, Mass., according to a company release. The advisors – Eric Hobin, Jiles Robinson, Antonio Sordillo, Jason Whittier and Kristen Ragusin – continue RJA’s expansion in the Northeast and will become part of RJA’s Southern New England Complex led by Bill Drew, the release said.
Jodi Perry, President of RJFS Independent Contractor Division shares insights on the firm’s success, its culture and client-first ethos, and how that resonates with advisors looking for freedom and flexibility plus scaffolding and support.
By Andrew Welsch, OnWallStreet – Advisors managing more than $600 million in client assets have joined Raymond James, furthering the firm’s recruiting efforts. Advisors Jon Russell and Ryan Winkler are leaving Merrill Lynch for Raymond James. Based in Novi, Michigan, a suburb of Detroit, the team managed $214 million in client assets, according to Raymond James.
Steward Partners’ first dip into private equity for $50 million will fuel more explosive growth and a nationwide buildout of its 1099 compensation model for advisors
Louis Diamond Quoted – By Lisa Shidler, RIABiz – When Steward Partners Investment Advisory LLC, raised $50 million from private equity earlier this year, it immediately used half the money to cash out early internal shareholders — but not because the company isn’t growing and morphing like crazy. Steward has grown from 60 to 115 advisors, with 19 advisors, six new offices and $13 billion in assets added this year, according to CEO Jim Gold. The new 1099 model competes even more directly with Raymond James, says Louis Diamond, principal of Diamond Consulting.
By Ian Wenik, Citywire – The $13 billion hybrid RIA has hired Kevin Taube away from the wirehouse to work in its Manchester, N.H. office. Taube had worked for Merrill Lynch since 2006, running a practice that he estimated to be 99% fee-based.
Louis Diamond Quoted – By AdvisorHub Staff – Three teams of UBS Wealth Management Americas advisors whose leaders each have more than 20 years of experience left in recent days, adding to a net outflow at the wirehouse.
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