Raymond James: Recruiting Wirehouse and Other Advisors with $1 Billion in Total AUM

Recruited advisors continue to join Raymond James from Merrill Lynch, Morgan Stanley Smith Barney and Wells Fargo Advisors.

This news article originally appeared on ResearchMag.com on 2/12.

Raymond James Financial says that has continued to attract experienced financial advisors to its private client group both in the last three months of 2009 and into January, though not as rapidly as during the peak of the recent financial crisis.

The latest batch includes advisors from Morgan Stanley, Wells Fargo and Merrill Lynch with total assets under management of more than $1 billion.

"Recruiting for both traditional employees and independent contractors has certainly slowed from the record levels of early 2009," says Chet Helck, Raymond James COO and head of the firm's private client group. "But we are still attracting top tier advisors who recognize that Raymond James is a stable firm, where they can put their clients' interests first, own their own book of business, access superior resources and research, all while receiving the highest levels of client service."

Recent recruits include the following:

- 25-year veteran Ron Richardson, CFP, and J. Dale Thurman, who came from Morgan Stanley Smith Barney where they managed over $86 million in client assets in Oklahoma City, Ok.

- Alex Opoulos and Nick Holmes joined the Raymond James office in Charleston, SC from Merrill Lynch, where they had annual revenue of $1.1 million and managed over $200 million in client assets.

- Brothers Tom and Steve Biermann joined the firm's St. Louis, Mo., branch from Wells Fargo Advisors, where they had yearly revenue in excess of $770,000 and managed over $100 million in client assets; Tom began his career with A.G. Edwards more than 23 years ago and was joined by Steve in 2006.

Among several advisors affiliating with the firm as independent contractors are:

- Brothers Henry and Lloyd Graham, who came from Morgan Stanley Smith Barney in Houston, and have already attracted client assets of over $300 million;

- Billy Peterson, who opened an office in Ogden, Utah, and spent ten years with Morgan Stanley Smith Barney, where he managed $200 million in client assets;

- Jodi Vleck, a $1 million-plus producer with 11 years experience moved from Essex National Securities in San Diego, Calif. where she managed client assets of $165 million.

Raymond James includes three wholly owned broker/dealers (Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd.) and Raymond James Investment Services Limited, a majority-owned independent contractor subsidiary in the United Kingdom, which have more than 5,300 financial advisors serving some 1.9 million accounts with total client assets are roughly $232 billion.

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