A high-net-worth team that manages more than $500 million joined Raymond James & Associates from Morgan Stanley Smith Barney, Raymond James said Monday. Thomas A. Seiler and his brother Patrick M. Seiler, CIMA, CFP, are now part of the Newtown, Pa.-based employee-channel office of Raymond James.
“We are delighted to welcome such distinguished financial advisors as Thomas and Patrick Seiler to the Raymond James family along with the members of their team,” said RJA President Dennis Zank, in a press release. “Their stellar reputation together with their client-first focus fits perfectly with the culture and values of Raymond James.”
Thomas Seiler began his financial services career in 1990 at Merrill Lynch. Patrick Seiler started his financial career in 1995 with A.G. Edwards, moving subsequently to partner with Thomas at Merrill Lynch. The two moved to Smith Barney in 2005.
“Joining Raymond James has been a great decision both for our clients and our team,” said Thomas Seiler in a statement. “In addition to the extensive high-quality products and services, the firm’s unique culture of independence gives us the support and freedom to make recommendations based solely on our clients’ best interests.”
In late June, Raymond James reached an agreement with state securities regulators and the SEC over sales of auction rate securities. As part of the deal, which affects ARS sales made before mid-February 2008, Raymond James will buy back the ARS at par value, which is now about $280 million, and pay a fine of $1.75 million to state regulators. At the time of purchase, the ARS were valued at $2.1 billion.
Raymond James has some 5,100 financial advisors in a variety of channels with about $278 billion in assets under administration worldwide; 4,500 of its FAs are based in the United States.