Raymond James (RJF) said Thursday that four firms with combined assets of $410 million have affiliated with its RIA division in the past three weeks, including one group joining from Ameriprise Financial (AMP).
“We are delighted to welcome all these principals to the Raymond James family,” said Mike DiGirolamo (left), senior vice president and managing director of the Investment Advisors Division of Raymond James Financial Services, in a statement. “Each of them chose to affiliate with us because they like the fact we are full service, we offer wealth management resources that other custodians don’t, and we offer highly rated, top-notch research. But the greatest appeal is our strong, client first, service-driven culture.”
Raymond James, which includes about 3,200 independent advisors and 1,300 employee advisors in the United States, has 98 firms with some $6.8 billion in assets in its Investment Advisors Division, which was launched in 2001. This group includes about 275 advisors, and the RIA firms have an average of $70 million in assets under management.
The four firms now custodying with Raymond James include:
- Deborah Stauring of Winthrop Financial Inc., with $160 million in assets, based in Buffalo. She formerly was associated with Harold C. Brown & Co., the Buffalo-based broker-dealer that is closing its doors after 80 years in business.
- Michael Pratt, also formerly of Brown & Co, in Buffalo, of Pratt Collard Advisory Partners, with $108 million in assets.
- Steven Elefson of Viking Wealth Advisors in Jackson, Mo., will move to Raymond James from Ameriprise, where he managed $92 million in client assets.
- Michael Weber of Research & Portfolio Management has established an office in Crescent Springs, Ky. He was formerly affiliated with Cantella, where he managed $50 million in client assets.
"We’re seeing stronger potential in our pipeline than at any other time since I’ve been at the firm," DiGirolamo said in an interview earlier this year. "We brought on more in the first quarter than in the first six months of last year. It will probably triple our current recruitment numbers."
In late November, Raymond James named Scott Curtis to run its independent-advisor channel as Dick Averitt prepares to retire, and a new head for its employee-advisor channel, as Dennis Zank moves into the COO slot at the parent company.