Raymond James landed two Merrill Lynch advisers managing a combined $577 million in assets, according to the company, adding to a lucrative recruiting campaign stretching back months.
The regional broker-dealer has netted advisers managing at least $5.5 billion in assets since the end of May alone.
Advisers Gail Giclas and Stephen Neff joined Raymond James at a new office in Tucson, Arizona, continuing a recruiting push in the western U.S.. Last month, a mega wirehouse team that oversaw $3.5 billion in institutional and retail assets joined Raymond James’s Honolulu office.
“As we continue to focus on the western U.S., we are very excited to begin our expansion into the Tucson market with two veteran advisers who have such a passion and commitment to their clients,” southwest complex manager Robert Burghart said in a statement.
Merrill Lynch did not comment on the departure.
The additions also come a day after Raymond James reported its quarterly earnings. Revenue and profit growth for the firm's Private Client Group hit record highs after a two-consecutive-quarter slump.
As far as the reasons behind the move, Neff said his previous firm was heading in the “wrong direction,” and Raymond James offered the “options, investment and service capabilities” needed to meet his clients’ needs.
Neff began his career with Merrill Lynch in 1977, according to BrokerCheck records. He managed more than $200 million in assets at his prior firm, according to Raymond James. He made the move earlier this month.
Before joining Merrill Lynch in 2009, Giclas worked at several other firms, including Smith Barney and Lehman Brothers. She managed assets of $377 million and an annualized production of $1 million, Raymond James said. Giclas made her move in June, per BrokerCheck records.
Among Raymond James’s other recent hires was a $230 million team from Wells Fargo. The regional brokerage firm currently has more than 7,100 advisers and approximately $643 billion in client assets.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access