July 10, 2013

Raymond James Recruits $250M UBS Team

The two veteran advisors join the employee channel in Jacksonville, where they have been in business for a total of more than 55 years

Raymond James (RJF) said late Tuesday that it had recruited a team of two financial advisors, formerly with UBS (UBS), to join its traditional employee-advisor branch in Jacksonville, Fla. The two advisors, Michael Brannam and Patrick Brannam, have managed some $250 million in client assets and produced more than $1.5 million in yearly fees and commissions.

“We are elated to welcome this talented team to our Jacksonville office,” said Tom Galvin, regional director for Raymond James & Associates, in a press release. “Together, Michael and Patrick bring more than 55 years of industry experience and have a history of top performance. We couldn’t be happier to call them a part of the Raymond James family.”

The father-and-son team, also known as Brannam Wealth Management of Raymond James, includes a financial consultant, Matthew Watson, and sales assistant, Brenda Holtinger. Michael has been in the business for 45 years and opened PaineWebber’s office in Jacksonville in 1980. Patrick joined the practice at UBS 11 years ago, after working for Deloitte and Touche and GATX Logistics.

 “We spent three years doing due diligence and research before deciding on a firm,” said Michael Brannam, senior vice president, investments, in a statement. “Raymond James was the best match for our needs. The firm has a reputation for providing excellent research and leading advisor technology, but more important, it reflects our personal philosophy of truly putting the client first. The back office and management here in Jacksonville have offered tremendous support to us during our transition, making us that much more confident that we made the right decision.”

Raymond James & Associates is hosting its summer development conference this week in Orlando, Fla. On July 24, the parent company plans to release its earnings results for the quarter ended June 30.

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