Raymond James Adds Teams From Morgan Stanley, Wells Fargo

Meanwhile, LPL Financial says a credit union with $317 million in wealth management client assets is now affiliated with the IBD

Raymond James Financial Services President Scott Curtis. Raymond James Financial Services President Scott Curtis.

Raymond James (RJF) says it has recruited a team of reps from Morgan Stanley (MS) and one from Wells Fargo (WFC) with combined productions of $3.8 million in yearly fees and commissions, while LPL Financial (LPLA) has announced that Redstone Federal Credit Union joined its Institution Services platform.

Late Monday, Raymond James said it had just added David Huffman and Aimee Boogs, who have about $1.3 million in yearly production and about $180 million in client assets. They two advisors recently formed the Boggs Huffman Wealth Management Group of Raymond James in Ponte Vedra Beach, Fla., according to Tom Galvin, regional director for Raymond James & Associates – the traditional employee broker/dealer of Raymond James.

“We are pleased to welcome David and Aimee to Raymond James,” said Galvin, in a press release. “They bring more than 31 years of combined experience and a client-first, conservative attitude that aligns with our values here at Raymond James.”

 “For Aimee and me, joining Raymond James was all about the support offered to help grow our business,” said Huffman, senior vice president, investments, and branch manager, in a statement. “Every aspect, from associate responsiveness and timeliness ─ to access and contact with top management ─ to the technology support, allows us to take care of our clients in a way that we like.”

Huffman began his career as an investment representative for Edward Jones in 2001, served as a vice president and branch manager for A.G. Edwards from 2004-2007, and worked for Morgan Stanley as a vice president of wealth management and branch manager from 2007 to 2013.

Boggs, senior vice president, Investments, began her financial services career as a CPA with Ernst and Whinney. Prior to joining Raymond James, she served as a vice president of wealth management for Citigroup Global Markets from 1996 to 2009, and worked at Morgan Stanley from 2009 to 2013 as first vice president of wealth management. 

In addition, Luke Kuchenberg, CFP, and Tyson Ray, CFP, of Lake Geneva, Wis., recently moved to Raymond James' independent advisor channel The team operates as FORM Wealth, which manages about $220 million in client assets. (FORM stands for family, occupation, recreation and mission.)

“We are delighted to welcome Tyson and Luke to Raymond James,” said Scott Curtis, president of Raymond James Financial Services, in a statement last week. “For some advisors, becoming an independent business owner fulfills a career objective. I’m pleased they decided to partner with Raymond James and look forward to supporting their continued growth and success.”

“Given the F in FORM, which stands for family, we were drawn to Raymond James for its family-based culture,” said Kuchenberg, in a press release. “Raymond James is a legacy firm that has withstood the test of time, free of many mergers and buyouts, but more importantly, it has an authentic values system.”

Kuchenberg started his financial services career in 1998. In 2001, he joined Ray at A.G. Edwards, which later became Wachovia and most recently, Wells Fargo Advisors. Ray, FORM co-founder and financial planner, began his career in financial services 16 years ago.

LPL Addition

LPL Financial said last week that Redstone Federal Credit Union (RFCU) is now using its institutional services platform.

Based in Huntsville, Ala., RFCU has about $3.5 billion in assets, while its brokerage services unit has eight financial consultants with roughly $317 million in client assets.

“The choice by Redstone to align with LPL Financial is evidence of the success we have had in attracting banks and credit unions to our integrated platform, which assists financial institutions in the areas of technology, resources, turnkey wealth management and trust capabilities,” said Craig Kamis, senior vice president of business development and advisor recruiting at LPL Financial Institution Services, in a press release.

LPL Financial says it has more than 724 affiliated banks and credit unions with brokerage, trust and wealth-management services.

“We are excited to be teaming with LPL Financial, the nation’s leading independent broker-dealers, in providing financial services to credit union members,” explained Joseph H. Newberry, president and CEO of RFCU, in a statement. “This relationship will allow us to expand and enhance our current investment program, Redstone Brokerage Services, by offering more features, functionality and improved customer service.”

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