Raymond James adds $420M wirehouse advisors
Raymond James furthered its expansion with the addition of several new hires managing $420 million, all of whom came at the expense of its wirehouse rivals.
The new recruits joined the firm’s independent broker-dealer.
The No. 3 IBD has experienced steady growth. Advisor headcount in its independent channel rose to 4,670 for the second quarter from 4,551 for the same period a year ago. Net revenue increased 3% year-over year to reach $1.8 billion for the second quarter, according to the firm's most recent earnings report.
Justin Davis joined the firm in Fort Collins, Colorado, after 11 years with Wells Fargo. Davis managed $120 million in client assets, according to Raymond James.
A spokeswoman from Wells Fargo was not available for comment.
Davis is the most recent addition from the wirehouse. In April Raymond James poached the $587 million Dallas-based Wealth Partners Alliance from Wells Fargo.
Raymond James’ other pickup, Waterstreet Financial, made the move from Merrill Lynch where the group managed $300 million in client assets, according to their new employer. The team is based in Sandusky, Ohio, and is comprised of Dustin Ness, Chris Nuetzel and Keith Sweigert.
Also moving with the group are business manager and investment representative Emily Bosley and senior operations manager and client services manager Amy Daley.
Sweigert spent his entire nine-year career at the wirehouse while Ness, an advisor of 14 years, also clocked in time at Stifel and A.G. Edwards.
Nuetzel has 32 years of industry experience and has previous work experience including Wells Fargo and A.G. Edwards.
A spokeswoman from Merrill Lynch was not available for comment.