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Raymond James grabs Wells Fargo advisors with over $330M

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Two Wells Fargo teams that oversaw more than $330 million in combined client assets have jumped to Raymond James, according to the regional broker-dealer.

Both teams joined Raymond James' employee channel in Baton Rouge, Louisiana, and are the latest hires for the fast growing regional firm. Headcount hit 7,285 advisers at the end of June, up from 7,222 brokers for the prior quarter, the firm recently reported.

While at their former firm, advisors Roger Sullivan and Kyle Hawthorne managed close to $145 million in client assets and generated more than $800,000 in annual revenue.

They made the move in part because of Raymond James' culture, Sullivan said.

A visit to the firm's headquarters in St. Petersburg, Florida, "reminded [me] of my early days at A.G. Edwards," Sullivan said in a statement.

They are joined by registered client service associate Meg Martinez and operate as Sullivan & Hawthorne Wealth Management of Raymond James.

Sullivan started his financial services career at A.G. Edwards in 2000, according to FINRA BrokerCheck records. His previous work experience includes 22 years as a minister, according to Raymond James.

Hawthorne spent six years as a lawyer before he started his financial services career with Wells Fargo in 2014.

Raymond James' other new hire, advisor W. Bowen McRae Jr., managed approximately $200 million in client assets while at his previous firm.

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McRae started his career in financial services in 2007 with A.G. Edwards, which subsequently became Wells Fargo, according to his new firm. Prior to becoming an advisor, he practiced law in Baton Rouge.

Senior client associate Shirley Cook also made the move with him to Raymond James from Wells Fargo. The team operates as McRae Wealth Management of Raymond James.

A spokeswoman for Wells Fargo could not be reached for immediate comment.

Raymond James last announced new hires at the end of August, when the firm said it picked up two teams managing more than $400 million in client assets.

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