Raymond James lands advisors with over $700M
Raymond James swept up advisors managing more than $700 million in client assets, according to the firm.
The six wirehouse advisors joined Raymond James from Merrill Lynch and Morgan Stanley ― with the latter career changes occurring just prior to Morgan Stanley's exit from the Broker Protocol on Friday Nov. 3.
Raymond James, which has been an active recruiter in recent years, has said it will remain in the protocol, which permits advisors to take basic client contact information when switching employers. Merrill Lynch is also staying in the industry accord.
Morgan Stanley and UBS, which also left the protocol, suffered a raft of departures following their policy shifts: approximately 90 advisors overseeing more than $12 billion quit for rivals such as Raymond James, RBC and J.P. Morgan Securities.
Brokers' top questions and concerns about the protocol's demise answered.November 30
They're the latest mega group to join the boutique wealth manager.November 30
With two wirehouses out, questions arise as to whether Merrill Lynch will follow suit.November 27
While it was driven by the big firms’ desire to avoid litigation costs, there was a catalyst, without which I believe there would have been no pact.November 16
Raymond James’ newest hires say they moved for better corporate culture and capabilities. Four joined the St. Petersburg, Florida-based firm's employee side, while two joined the independent side.
"I liked the fact Raymond James owns a bank and is not owned by one," former Merrill Lynch advisor Arthur Springer said in a statement. He also highlighted what he said was the firm's respect for the advisor-client relationship.
Springer was a Merrill Lynch veteran, having started his career at the wirehouse in 1985, according to FINRA BrokerCheck records. The Woodbury, New York-based advisor managed $230 million in client assets and generated more than $1 million in annual production, according to Raymond James.
Former Morgan Stanley advisors Charles Seller and Michael Salvatore jumped to Raymond James' Westchester office, also in the New York suburbs. In making the move, Seller and Salvatore cited the regional firm's marketing and other resources. They managed $200 million and generated more than $1 million in annual revenues.
Both were longtime Morgan Stanley employees. Seller and Salvatore had been with the company or its predecessor firms since 1979 and 1994, respectively.
"Mike and I thought we’d stay at the same firm forever," Seller said.
Also leaving Morgan Stanley for Raymond James is Christopher Nolan, who joined the firm's employee office in Garden City, New York, where he is reuniting with former Smith Barney branch manager Glenn Fischer. Nolan oversaw approximately $130 million, according to Raymond James.
The firm, which has more than 7,000 independent and employee advisors, also said it had hired two Merrill Lynch advisors in Akron, Ohio. Lee McCauley and his son Evan managed about $166 million. The senior McCauley had been with Merrill since 1984; his son started at the firm in 2014.
They now operate from the independent side of Raymond James.