Raymond James swipes $725M in advisors
Extending its hiring spree, Raymond James furthered its expansion with the announcement of seven new recruits who managed a total of $725 million in client assets.
The advisors joined the firm’s independent broker-dealer after breaking away from their respective wirehouses.
Financial advisors Lee Henderson and George Hutter joined the IBD in New Orleans after the team left Merrill Lynch in June. Combined, the Henderson Hutter Group managed $375 million in client assets, according to Raymond James.
Henderson and Hutter are accompanied by fellow advisors Megan Giardina, Christine Shea and Patrick Kungl as well as operations coordinator Alli Eis.
Austin Heberger and Gavin Lee bolted from Wells Fargo to join Raymond James in Pasadena in May. Together, the California-based advisors oversaw $350 million in client assets, according to the firm.
Wirehouses continue lose advisors to the independent space. According to a recent survey from TD Ameritrade, wirehouses saw a net advisor drain of 1,247.
Hutter and Henderson had each logged nine years at Merrill Lynch and have 11 and 15 years of experience, respectively.
Giardina, Shea and Kungl spent the entirety of their careers at the wirehouse before joining their colleagues at Raymond James.
Heberger and Lee are industry veterans with 22 and 25 years of experience, respectively. Both had worked at Wells Fargo for 15 years before making the move.
A spokeswoman for Wells Fargo denied comment on the move and a spokeswoman for Merrill Lynch didn't respond to request.
Additionally, joining Raymond James in Pittsburgh as complex manager is Randel Morris. He made the move from Hilliard Lyons last week. Morris manages the Cranberry Township, Beaver, Oil City, and Williamsport branches.
The firm's employee broker-dealer promoted Patrick O’Connor to northern division director. O'Connor, who has been with Raymond James for 18 years, previously served as a regional director in Florida.