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Raymond James’ 4-team, $1B hiring grab

Seven brokers who managed nearly $1 billion in assets at their former firms have joined Raymond James, the firm announced.

Long on a recruiting tear, Raymond James added the new hires to its independent and employee broker-dealer units. The company’s advisor ranks swelled to a record 7,719 for the second quarter, a net increase of 434 from the same period a year ago.

The firm has had particular success in attracting former wirehouse advisors looking for a different corporate culture and less burdensome bureaucracy.

But the company’s recruiting success is not limited to wirehouse advisors. Of the new hires the company announced, two independent advisors managing $285 million in assets joined from LPL Finanical, the nation’s largest independent broker-dealer.

Tammy Mogilski Legacy Financial Planning - Oct 16, 2018

“With LPL, independent really meant no help,” advisor Tammy Mogilski says, adding that she once had to call 24 times in order to get help from the investment department.

Raymond James offered Mogilski and her partner“high-touch” and frequent support, she says. The team, which moved in July, transferred 100% of their clients’ assets over in just 30 days.

“They even sent someone from their own team for four weeks to work in my office,” Mogilski says.

But while she and her partner, Brian Bedford, have been impressed by the technology and support, Mogilski says it was the firm’s culture that most appealed to them.

A visit to Raymond James’ headquarters in St. Petersburg, Florida, reminded Mogilski of what she liked about MetLife, where she had been advisor for 24 years prior to her tenure at LPL.

“When I went to Raymond James, I felt that same feeling. It was the weirdest reaction I’ve ever had,” she says.

Mogilski and Bedford are located in Rochester, New York, and operate as Legacy Financial Planning with an investment consultant, two managers and two associates.

An LPL spokeswoman did not respond to a request for comment.

Three other teams have joined the employee side of Raymond James in recent weeks — all wirehouse advisors.

Dynasty, Raymond James and Stifel are among the biggest beneficiaries of recent advisor moves.
September 21

James Melstrom joined the firm in early June, according to FINRA BrokerCheck. He was previously with UBS for nine years, where he managed $110 million in assets, according to Raymond James. He has also spent time at Morgan Stanley, Prudential Securities, Smith Barney and Lehman Brothers, according to FINRA BrokerCheck. Melstrom is located in Bloomfield Hills, Michigan.

“I was very impressed by the infrastructure and marketing support they provide to allow advisors to grow their businesses. They are willing to invest in me to help me provide the kind of service my clients need,” Melstrom said in a statement.

A spokeswoman at UBS declined to comment on the departure.

Financial advisor Ian MacClure is joined Raymond James in Denver from Wells Fargo, where he managed $114 million in assets, according to Raymond James. He made the move on June 15 and was at Wells Fargo for four years, according to BrokerCheck.

“As I evaluated different firms, I was continually drawn to Raymond James because of its resources, home office support, and the people,” MacClure said in a statement.

A spokeswoman at Wells Fargo declined to comment on the departure.

Matthew Shafer, Mark Barber and Jeffrey Winkler joined Raymond James in late August from Morgan Stanley, where they managed $475 million in assets, according to the firm. Prior to joining Morgan Stanley, they worked at UBS, according to BrokerCheck.

A spokeswoman at Morgan Stanley did not respond to a request for comment on the departure.

The team is based in Boca raton, Florida, with satellite offices in Boston and Grosse Pointe, Michigan.

Joining the team are investment portfolio associate Joseph Danley and senior client service associate Danielle D’Ambrosio.

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