Raymond James recruits $840M advisors
Four advisors with a combined AUM of $840 million bolted from their old firms to join Raymond James & Associates.
Financial advisors Kevin Bannister, Mark Raney and Nevin Cavanaugh joined the regional broker-dealer in Des Moines, Iowa in September after a decade with RBC. Senior investment portfolio analyst Hobie Bannister also made the move.
Combined, the team, which operates under the name the Bannister, Raney, Cavanaugh Group, managed $240 million in client assets, according to their new employer.
“As we conducted our research while searching for firms, we determined that Raymond James has the strongest technology offerings, especially in terms of financial planning and goal planning and monitoring for our clients,” Bannister said in a statement.
Former Merrill Lynch advisor Ariel Bobroff joined Raymond James at its Beverly Hills, California location in August. He worked at the wirehouse for a decade before leaving. Bobroff managed more than $600 million in client assets, according to his new employer.
Bobroff says he sought out greater flexibility in how he ran his practice.
“It had become obvious to me over the last several years that I had come to a philosophical crossroads with my prior firm,” he said in a statement. “The decreased bureaucracy, promotion of autonomy, and the non-existence of a bank pressuring me to cross-sell their products were all attractive features of how Raymond James does business.”
St. Petersburg, Florida-based Raymond James has made a push to expand its presence on the West Coast. Over the last six months, the firm has added advisors managing approximately $710 million across its multiple channels. Recent hires include advisors in Colorado, Arizona and Oregon as well as a father-daughter duo from Merrill Lynch in San Diego.
Spokeswomen from RBC and Merrill Lynch didn’t reply to requests for comment on the departures.
It’s newest hires have decades of professional experience. Bannister and Raney have been in the business for 23 and 26 years, respectively, according to FINRA BrokerCheck records. Both advisors worked at Piper Jaffray and UBS earlier in their careers.
Cavanaugh has 19 years of experience, eight of which he spent at wirehouses — including UBS — before moving to RBC, according to BrokerCheck records.
Bobroff has 18 years of experience, all of which were spent at UBS and Merrill Lynch, according to BrokerCheck.