With New Hire, Raymond James Ramps Up West Coast Expansion
Raymond James & Associates recruited a former Morgan Stanley executive and co-founder of an RIA as a new regional director overseeing the firm's West Coast expansion.
Rick Sanchez, previously managing director at SeaCrest Wealth Management, was appointed a regional director this week at Raymond James. He will supervise the firm's operations in California, Oregon and Washington.
Sanchez, having worked in different channels during his career, says he made the move because of the firm's capabilities, management and culture.
Sanchez emphasized that Raymond James has a national presence, "but it has the feel of a regional firm."
"It has a culture that has not been diluted over the past 30 or 40 years," he added.
In addition to his time in the independent space, Sanchez has extensive wirehouse experience. He started his career as a financial advisor at Dean Witter in 1983, according to FINRA records. He stayed through the merger with Morgan Stanley, rising through the ranks to become director of global wealth management, overseeing more than 440 branches and 10,000 financial advisors.
"His experience in attracting and supporting advisors is just what we are looking for as we build out along the west coast," says Tash Elwyn, president of Raymond James & Associates.
With the addition of Sanchez, Raymond James & Associates has eight regional directors overseeing advisors across the U.S.
His appointment comes at a key moment in Raymond James' push to grow the footprint of its employee channel on the West Coast. Over the past year, the firm has opened offices in cities like Seattle, San Diego and Santa Barbara, Calif.
In the nation's most populous state, more than two dozen advisors managing more than $2 billion have moved to Raymond James, according to press releases.
Sanchez says that he's excited to help Raymond James grow in a region where he has spent the majority of his career. Among other responsibilities, Sanchez will recruit branch managers to oversee new offices, adding that the firm's culture is a strong asset when recruiting new advisors.
He says that "there are a lot of advisors who have been in the business 25 or 30 years, and remember the culture of the firms they were associated with that many years ago Dean Witter, E.F. Hutton, A.G. Edwards. I think that's where Raymond James is today. It's a step back from a global bank, but has the capabilities that these advisors need to succeed in today's world."
Sanchez will be based in Walnut Creek, Calif., a suburb of San Francisco, and report to Western Division Director Pat Allison.
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