Raymond James reels in $1.4M team
A team that generated $1.4 million in annual revenue joined Raymond James' employee channel, the firm said.
The new hires joined from FBT Investments, where they oversaw $240 million, according to their new employer.
Raymond James, like other regional firms, has been on a strong recruiting push this year, netting a number of new hires. RBC Wealth Management recently brought in an advisor managing approximately $220 million while Ameriprise swept up two advisors overseeing nearly $400 million in combined client assets.
Though regionals have had a growing appeal to wirehouse advisors for some time, there has been a shift in the recruiting landscape following announcements from UBS, Morgan Stanley and Merrill Lynch that they would cut back their hiring efforts. That has resulted in fewer firms actively seeking out new talent.
Raymond James' newest hires include Leonard Alsfeld, Leo Barros, Chris McLaughlin and Jannie Markey. They joined the firm in New Orleans, overseen by Jude Huval, South Louisiana complex manager.
Alsfeld is an industry veteran, having started his career at First Jersey Securities in 1978. He's since held a number of management positions, most recently as CEO of FBT Investments, the broker-dealer subsidiary of First Bank & Trust in New Orleans.
“After almost 40 years in this business, I really wanted to liberate myself from the executive management responsibilities of running a broker-dealer and spend more time taking care of my clients," Alsfeld said in a statement.
Barros joined Alsfeld's team as a financial advisor in 2010, according to Raymond James. He previously worked at Wealth Planners, an RIA in Baton Rouge, Louisiana.
McLaughlin joined the advisory profession in 1993, starting his career at F.N. Wolf & Co. He moved to FBT in 2001, according to BrokerCheck records.
Markey, senior branch operations specialist, has worked with Alsfeld for more than two decades, according to Raymond James.
The made the move to Raymond James in August, according to BrokerCheck.
The St. Petersburg, Florida-based firm now counts approximately 7,300 financial advisors and has total client assets of $677 billion.