Raymond James snatches $150M Merrill duo
Raymond James continues to take advantage of the wirehouse recruiting lull by hiring a Merrill Lynch father-son team who oversaw $150 million in client assets, the firm says.
Regional and boutique firms have significantly outpaced the big wirehouses in hiring this year. They have picked up more than 200 advisors managing over $27 billion in client assets, while the top four wirehouse firms have recruited more than 60 advisors managing over $14 billion in client assets, according to hiring announcements.
The St. Petersburg, Florida-based firm alone has reached record growth. During the first half of the year, the firm’s Private Client Group’s assets under administration increased 25% to $631 billion from $506 billion.
John R. Edgecomb Sr. and his son, John Robb Edgecomb Jr., moved to Raymond James for its “cutting-edge technology, extremely efficient systems and a great service-first attitude,” says Edgecomb Jr. He joined as the Austin, Texas office’s new branch manager, a spokeswoman says.
Edgecomb Sr. started his career at Merrill Lynch in 1981 where he worked for 36 years. His son joined him at the wirehouse in 2005, according to FINRA BrokerCheck records.
Leaving Merrill Lynch with the advisors are senior investment portfolio analyst Evette Mock-Hernandez and senior registered client service associate Mia Salomon, according to the firm.
A Merrill Lynch spokeswoman could not be reached for comment on the group’s departure.