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Raymond James recruiting intensifies with latest Wells Fargo grab

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Raymond James has nabbed a $130 million team from Wells Fargo, the latest in an aggressive recruitment drive, as the firm works to build a robust advisor pool.

Financial advisors James Trimpe and Timothy Stolt join the firm’s office in Louisville, Kentucky. They will be joined by registered client service associate Lori Rupe.

“There were a few things that really attracted me to Raymond James,” Trimpe said in a statement. “First, the firm remains focused on its primary business being its advisory business, whereas some firms operate as a subsidiary of a bank. Second, the firm gives advisors the ability to choose who they do business with and doesn’t put limitations on minimum account size.”

The planners were not available to comment directly. Wells Fargo declined to comment.

Trimpe has 31 years of experience in the wealth management industry. He spent 18 years with Wells Fargo before joining Raymond James, according to FINRA BrokerCheck. He began his career in 1985 at Prudential Financial. Stolt joined Trimpe’s team in 2015 from PNC Bank.

Raymond James has been pulling in advisors from rival firms including Wells, Fargo, Morgan Stanley, UBS and SunTrust.

“We continue to see strong interest from financial advisors from all types of firms and affiliations,” Raymond James & Associates President Tash Elwyn tells On Wall Street. “Raymond James is appealing to advisors seeking to affiliate with a firm that values book ownership, provides sophisticated service and resources, and reinforces commitment to supporting the advisor-client relationship."

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