October 25, 2012

Raymond James Nabs $225M Wells Rep

The veteran advisor, Mark Teed, joins its employee channel

Raymond James (RJF) said Thursday that Mark W. Teed joined the firm’s employee channel from Wells Fargo Advisors, where he managed about $225 million in client assets.

Teed, a 25-year industry veteran who previously was with A.G. Edwards and Wachovia, is now a senior vice president of investments in the Springfield, Mass., office of Raymond James & Associates.

“I am extremely pleased to welcome Mark to our team,” said complex manager David Varela, in a statement. “He brings a valuable combination of knowledge, experience and most important, an uncompromising commitment to do what’s right for his clients.”

“Joining Raymond James is one of the best decisions I’ve made,” said Teed, in a statement. “I was looking for a brokerage-focused firm with a reputation for putting clients first. Raymond James offers me the support and freedom to make recommendations based solely on my clients’ best interests.”

Raymond James, which announced its most-recent quarterly earnings on Wednesday, is led by Paul Reilly (left). As part of its earnings release, the company said the number of prospective experienced financial advisors visiting the firm's home office in St. Petersburg, Fla., “continues to pick up for both the employee and independent-contractor divisions.”

As of Sept. 30, Raymond James has 6,330 advisors vs. 5,350 a year ago and 6,367 in the earlier quarter. It has 5,452 in the United States, while the rest are in Canada and the United Kingdom; this figure is up from 4,504 last year and down 37 reps from about 5,489 in the earlier period.

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