By Alex Padalka, Financial Advisor IQ – As Merrill Lynch reports that its advisor ranks dipped slightly in the second quarter 1% from the previous year, the wirehouse lost a team of brokers to Raymond James, according to Raymond James.
By Graison Dangor, OnWallStreet – Raymond James hired three veteran wirehouse advisors with $487 million in combined assets to its employee channel in another victory for its expansion in the Northeast.
By Wendy Leung – Many advisors dream of going independent for the freedom and flexibility to control their business, client service model and bottom line. What sometimes isn’t a part of this “dream” is the prospect of taking on the additional responsibilities that business ownership entails, while emptying your bank account to fund startup costs. The good news is that you don’t have to abandon your dream of independence. An evolved landscape has answered the call—with a vast ecosystem of capital, support and resources available to help you succeed in living out your dream of independence.
Louis Diamond Quoted – By Brooke Southall, RIABiz – Silver Lane took a step toward becoming a Goldman Sachs-like investment banking force in the world of financial advice by tucking in under the wing of Raymond James.
Howard Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – News surfaced recently that a New York-based team with four senior brokers and more than $1 billion in client assets jumped in late June from Wells Fargo Advisors to Raymond James’ employee channel.
Louis Diamond Quoted – By Michael Thrasher, WealthManagement.com – Linda Pardini and Douglas Wulbrecht, who were previously employed by Wells Fargo Advisors and managed $462 million, are opening a new Raymond James office in Santa Rosa and will report to the complex headed by Nathan Clakley. Pardini and Wulbrecht will both be vice presidents at Raymond James.
By Andrew Welsch, OnWallStreet – A UBS team that managed about $150 million has gone independent with Raymond James, according to the firm. The newly independent firm, named Great Lakes Wealth, became affiliated with Raymond James Investment Advisors Division, which provides custodial and support services to RIAs.
Howard Diamond Quoted – By Thomas Coyle, Financial Advisor IQ – In explaining Raymond James Financial’s recent success attracting advisor teams from the four wirehouses, industry players — from new recruits to headhunters and the company itself — say it comes down to one big thing. New York-area recruiter Howard Diamond agrees there’s something different about how St. Petersburg, Fla.-based Raymond James relates to its 6,700 or so FAs.
Mindy Diamond Quoted – By Ralph R. Ortega, OnWallStreet – Raymond James will buy Deutsche Bank’s U.S. wealth management business and operate the boutique under the Alex. Brown brand, both firms said. “(Raymond James) is a fabulous firm and makes a great home for the right advisor. Many of the (Deutsche Bank) advisors will feel lucky to become part of an organization that is all about culture and that truly values their employees,” said Mindy Diamond, president of Diamond Consultants.
Staff, Financial Advisor Magazine – Financial advisor Patrick Yates, along with associates Carole Yates and Donna Calkin have joined the Louisville, Ky., branch of Raymond James & Associates. The team operates as Yates Financial Partners and manages more than $120 million in client assets and has annual production of $1.1 million. Previously affiliated with UBS Financial Services, Patrick Yates also worked at Morgan Stanley, Pruco Securities and The Ohio Company.
