July 17, 2013

Raymond James Taps Wirehouse Talent to Boost Recruiting Team

The 4 new regional directors also will focus on helping RIAs and hybrid advisors grow their business, according to the company

Raymond James (RJF) said Wednesday that it tapped four industry veterans as regional directors for its Investment Advisors Division. One moved to Raymond James from LPL Financial (LPLA) and another from Fidelity, while the others have worked previously at Morgan Stanley (MS) and UBS (UBS).

“We are delighted to add these proven, successful executives to the IAD team,” said Bill Van Law (left) in a press release. “As regional directors their focus will be on supporting our existing RIA relationships and recruiting successful new firms, teams and advisors to Raymond James."

According to Raymond James, the new directors “will assist advisory firms with growth through recruiting new advisors, identifying practice acquisitions as well as consulting and coaching on industry best practices.”

“This significant investment in expanding our management team demonstrates how committed Raymond James is to growing the Investment Advisors Division and attracting high-quality investment advisors to our custodial platform. These four professionals have tremendous industry experience and will lead our efforts in helping existing IAD firms grow in their respective regions, while recruiting new RIAs and hybrid advisors to join Raymond James,” Van Law said.

Sean Marrin joins Raymond James from LPL Financial, where he worked as a masters recruiter. He also spent more than 18 years with Charles Schwab (SCHW). He is based in Denver and will be covering the West.

Chuck Curtis is the regional director for the Central region, based in St. Petersburg, Fla. He spent more than 28 years at Morgan Stanley Smith Barney and its predecessor firms.

Glenn Flego has become the regional director for the Northeast. He joins Raymond James from Fidelity, where he was vice president, institutional wealth services. Prior to Fidelity, he was with Interactive Advisory Software, as well as Schwab and Fidelity Investments.

Christian Williams is the regional director for the Southeast, based in Raleigh, N.C. He joined Raymond James in 2007 as a vice president and business development consultant for the firm’s independent broker-dealer. Earlier, Williams was with UBS and Merrill Lynch, where he started his work in the industry as an advisor.

“There’s no question in my mind that the industry as a whole is moving toward the RIA model,” said Williams, in a press release. “This is the third inning of a nine-inning ball game; Raymond James is positioning itself to take advantage of this trend better than any other financial services firm.”

“The combined experience and proven success of these four directors is exceptional,” added Van Law. “I am confident they are going to jump-start a growth spurt in our division with new RIAs and hybrid advisors, based on their tremendous industry knowledge and the strong interest from firms in the pipeline.”

Latest Recruits

On Thursday, Raymond James independent channel said it recruited a team formerly affiliated with Hunter Associates in Pittsburgh with more than $350 million in client assets and $1.6 million in yearly fees and commissions. The group, Shorebridge Wealth Management, is led by Winfield Smathers and Fred Miller.

“We're pleased to welcome this exceptional team to Raymond James,” said Scott Curtis, president of Raymond James Financial Services, the firm’s independent broker/dealer, in a press release. “Earlier this year we introduced the hybrid-select pricing model for discretionary managers, expecting it would appeal to advisors like Fred and Win and their Shorebridge team. Their industry experience, business model, and commitment to their clients’ needs and interests fit well with the values and culture of Raymond James."

In addition to Miller and Smathers, Shorebridge Wealth Management consists of Managing Director Dean Kartsonas, CFA; Managing Director Kathleen O. Kartsonas, CFA; advisor Kyle D. Balliet, CFP; and registered associate Dena R. Karsin.

“Other IBDs we looked at could not come close to the support and acumen provided by Raymond James, particularly as it relates to individual securities analysis, which is key to us and our clients,” said Miller, in a statement. “Additionally, after learning about the hybrid-select pricing option, it allowed us to include the services of an investment specialist to broaden and deepen our services to clients.”

Raymond James will report its latest quarterly earnings next Wednesday after the market closes.

---

Check out Raymond James’ Saut: We’re Smack-Dab in the Middle of a Bull Market on ThinkAdvisor.

Page 2 of 2
Single page view Reprints Discuss this story
This is where the comments go.