Howard Diamond Quoted – By Andrew Welsch, OnWallStreet – Raymond James & Associates recruited an advisor team managing $900 million in assets to open its first office in Manhattan. The four-person advisor team left J.P. Morgan Securities, where they generated $6.7 million in annual revenue. This latest addition is Raymond James’ biggest recruiting grab of the year, and furthers the firm’s growth objectives in the Northeast.
By Mindy Diamond – As we wrapped up at the Raymond James Recruiting Partners Forum held at their corporate headquarters in St. Petersburg, FL on November 22, I found myself considering what accounts for the firm’s extraordinary success in recruiting. RayJay reports that 2014 has been the second best recruiting year in its history (second only to the outlier year of 2008-2009 when all firms saw huge increases in their recruiting numbers).
Financial Advisor Magazine – Raymond James Private Client Group has recruited veteran financial advisor Barry Stern in Westlake Village, Calif. Stern comes to Raymond James from UBS Financial Services, where he managed more than $107 million in client assets and had annual fees and commissions of about $1.1 million. Joining him is Kathleen Loretto, serving as client relationship manager. They operate as Ocean West Wealth Strategies Inc.
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Raymond James has executed a complicated deal that involves ponying up millions of dollars for recruiting bonuses to boost former Morgan Stanley branch managers in their effort to win back their former charges to a new company.
Raymond James recently recruited Gene Marx, senior vice president, investments, and Catherine Hunter, CERTIFIED FINANCIAL PLANNER™ and financial advisor, in Charlotte, N.C., according to Ed Ferguson, Charlotte branch manager at Raymond James & Associates (RJA) – the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF). The team operates as Marx Wealth Management of Raymond James.
Raymond James recently recruited the veteran team of Thomas Dedrick, CFP® and Pam Franklin, CRPC® to join the Tuscaloosa, Ala. office of Raymond James & Associates (RJA) ─ the traditional employee broker/dealer of Raymond James Financial, Inc. (NYSE-RJF) ─ according to Tash Elwyn, president of RJA’s Private Client Group. They will do business as the Dedrick-Franklin Group
Bill Van Law, president of Raymond James Investment Advisors Division (IAD) announced the formation and affiliation of Emerald Asset Management, an independent investment advisory firm based in North Carolina.
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Driving home the message that RIAs are no longer relegated to the kids’ table, Raymond James Financial Inc. is poaching talent from two of its biggest competitors — LPL and Fidelity — to expand its regional offices, slashing trade fees, adding products and buttressing its technology.
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Mindy Diamond of Diamond Consultants is skeptical about LPL’s explanation for its sluggish recruitment quarter and wonders if the reasons lie more with LPL than with a hot market. “Yes, it’s true advisors are focused on clients, but they’ll still move and go to another firm. Advisors are listening and hungrier than ever before to leave,” she says. “LPL has lost its luster and it’s not necessarily the best choice out there for advisors like it used to be years ago. I’m not at all surprised by LPL’s numbers.”
Mindy Diamond Quoted – By Lisa Shidler, RIABiz – Raymond James is hoping to stand out among breakaway teams with $100 million in assets by dressing up its payout structure so it is more RIA-like and, ultimately, more competitive with RIA custodians. Their previous payout structure was more complex and costly to advisors, and industry leaders say the company, with its splashy new policy letting advisors keep 100% of their advisory fees, is now poised to compete head-to-head with RIA custodians.
