Raymond James Nabs Merrill Team, Set to Open Beverly Hills Branch

The ex-wirehouse recruits discuss why they wanted to leave the ‘big bank’ environment for another firm

Lisa Detanna (left), Tim Kang, Erik Willanger, Chris Horner, Wesley Scott, Brian Kim & Courtney Kershaw (Business Wire) Lisa Detanna (left), Tim Kang, Erik Willanger, Chris Horner, Wesley Scott, Brian Kim & Courtney Kershaw (Business Wire)

Raymond James’ (RJF) employee broker-dealer channel will open an office in two weeks in the Golden Triangle area of Beverly Hills, Calif., the firm said Tuesday. It also says it just recruited a team from Merrill Lynch in Alabama with roughly $160 million in client assets and yearly fees and commissions of more than $1 million.

“We are so proud to plant a flag in Beverly Hills, which is one of the Garden Spots of the World,” said Lisa Detanna, managing director and senior vice president of investments at Raymond James & Associates, in a press release.

Detanna, who has been in the business for 23 years, will head the office. The advisor began her career in 1990 with Drexel Burnham and joined Raymond James in early 2011.

During her career, Detanna also has worked for Morgan Stanley (MS), Citigroup (C), Merrill Lynch (BAC), Dean Witter and Wedbush Securities. She is a Rotarian, past-president of the Beverly Hills Chamber of Commerce and past head of the city’s Economic Development Council.

“As Raymond James looks to deliver on our objective of establishing a number of new offices in the western part of the country, Beverly Hills was at the top of the list,” said Tash Elwyn, president of RJA’s Private Client Group in a statement. “We are delighted to have such a proven talent as Lisa Detanna representing our expansion.”

Recruiting News

Raymond James said recently recruited Thomas Dedrick, CFP, and Pam Franklin to join the Tuscaloosa, Ala., office of Raymond James & Associates. They will do business as the Dedrick-Franklin Group.

“We are delighted to welcome the Dedrick-Franklin team to Raymond James,” said Elwyn, in a statement. “Both Thomas and Pam have distinguished themselves over the years as outstanding financial advisors with a commitment to putting their clients’ interests ahead of their own. This focus aligns perfectly with the Raymond James culture and values and we could not be more pleased to have them join our Tuscaloosa office.”

Dedrick became an advisor with Merrill Lynch in 1984, while Franklin became a Merrill advisor in 2007; earlier, Franklin worked as a CPA beginning in 1987.

“Raymond James reminds me of the firm I started with years ago, with a true focus on serving clients and their wealth management needs,” said Dedrick, in a press release. “It's a firm with no outside influences or pressures.”

The veteran advisor noted, “Many bank-owned broker-dealers are going in another direction; one, I believe, which is counter to what is best for our clients, and counter to what we do as professionals. After much searching and due diligence, my partner and I selected Raymond James — it was the one firm that felt right, and offered the same, client-first values we want to live by."

When asked about having former wirehouse advisors like Dedrick share their views on past employers, Elwyn said the broker-dealer feels they should be able to speak their mind.

“Raymond James advisors have always been able to communicate with the public and the press in discussing their practice and their commitment to their clients…this has not changed,” he shared in a statement. “Having said that, we are pleased that many of the industry’s best advisors continue to find the combination of independence and support that Raymond James offers to be a compelling choice.” 

Reprints Discuss this story
This is where the comments go.

Related

12 Best & Worst Broker-Dealers: Q4 Earnings, 2013

Some of Wall Street's major players haven't been able to turn their results around, but others are putting their troubles...