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Raymond James snags advisors with $600M

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Advisors managing more than $600 million in client assets have joined Raymond James, furthering the firm’s recruiting efforts.

Raymond James' aggressive recruiting strategy has contributed to expanding its headcount and reach. The company counted a record 8,011 advisors for the period ending Sept. 30, according to its latest earnings report. That figure was up a net 198 from the same period a year ago.

The newest additions signed with the firm’s employee broker-dealer and came from three competitors: Wells Fargo, Merrill Lynch and RBC Wealth Management.

In the largest of three moves, advisors James Alioto and Florence Alioto-Prospero, his daughter, joined Raymond James from Wells Fargo where they managed more than $325 million in client assets, according to their new employer. They are based in Waukesha, Wisconsin, a suburb of Milwaukee.

Alioto is an industry veteran, having started his career in 1976 at Loewi & Co., according to FINRA BrokerCheck records. He started working at Wells Fargo in 1990.

Alioto-Prospero joined her father at Wells Fargo in 2005 after a two-year stint at Morgan Stanley.

Alioto cited his early career experience as a reason they moved their practice to Raymond James in September, saying the brokerage “just felt like the right place for our team.”

“While researching firms, a colleague reminded me that Raymond James is very similar to the firm I started with many years ago, with a true focus on serving clients and providing the support to advisors to conduct their practice as they see fit,” Alioto said in a statement.

Also joining Raymond James in Waukesha is former RBC Wealth Management advisor Ruth Kitzmann. She managed $127 million, according to Raymond James.

Kitzmann started her career at Baird in 1995, and moved to RBC in 2004. She signed on with Raymond James in August.

Advisors Jon Russell and Ryan Winkler are leaving Merrill Lynch for Raymond James. Based in Novi, Michigan, a suburb of Detroit, the team managed $214 million in client assets, according to Raymond James.

Russell and Winkler had been with Merrill since 2009 and 2011, respectively, according to BrokerCheck. They registered with Raymond James in September.

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