Raymond James, Baird, Wells Fargo Add Reps From Rivals

The freshly recruited teams include family teams, as well as individual advisors

Raymond James has added two family teams, Baird recruited two financial advisors and Wells Fargo brought on four reps as part of this busy summer recruiting season.

Raymond James (RJF) said Thursday that it added a team with $200 million in assets and $1.1 million in yearly fees and commissions from Sterne Agee in San Francisco and a team in Goshen, N.Y., with some $200 million in assets and roughly $3.1 million in production from Stifel Nicolaus (SF).

In San Francisco, the new Raymond James & Associates team includes Justin Adams and Stephen Adams, who now report to Nathan Clakley, the employee-channel complex manager for Northern California.

“As successful advisors, [the Adams team] certainly had options,” said Clakley, in a press release. “It is gratifying that after careful consideration, they chose Raymond James, where our client-first culture, tremendous resources and support for advisors will enable them to serve their clients while growing their practice.”

Stephen has over 40 years in the business and has worked for Shearson Hammill, Loeb/Rhoades, Van Kasper & Co./Wells Fargo and Nollenberg Capital Partners/Sterne Agee. His son Justin entered the field in in 2000 with Dean Witter and soon joined his father at Van Kasper.

“We wanted to find a firm that combined the supportive culture of a small firm but with the resources that will enable us to meet our clients’ needs and allow us to thrive in our evolving financial world,” explained Justin Adams, in a statement. “We found that and more at Raymond James.”

Raymond James & Associates said Tuesday that it recruited financial advisors and family members James M., Jason and James C. Pucci, according to Jeff Zelin, the New York metro region complex manager.

“Jim, Jason, Jamie and their team are exceptional additions to the Raymond James family,” said Zelin, in a press release. “With 78 years of combined experience, they are the consummate professionals, with a proven track record of client service and superior performance.”

James M. Pucci has been in the industry for more than 46 years, beginning his career as a broker at Loeb, Rhoades & Co.; he later worked for Shearson Lehman Brothers, Advest Inc., Merrill Lynch and Stifel Nicolaus.

“It is great to welcome such an experienced and talented team to the firm,” said Ira Federer, Eastern Division director for RJA, in a statement. “Their decision to join Raymond James is proof that the firm’s advisor-centric and client-first culture continues to appeal to some of the very best advisors in the industry.”

Wells Fargo Hires

Wells Fargo Advisors (WFC) said last week that it had recently recruited two advisors from UBS (UBS) and two reps from Morgan Stanley (MS).

Shawn Gruver has joined WFA in Manhattan Beach, Calif., from UBS. With UBS, he managed more than $109 million in client assets and was part of the firm’s 2013 Top 35 under 35. 

He has been in the business for 11 years and now reports to branch manager David Fahey. 

St. Louis-based James “Jim” Laughlin Sr., moved to Wells Fargo Advisors’ Town & Country branch. He brings 22 years of experience to the firm, most recently from UBS Financial Services, where he managed more than $97 million in client assets.

Advisors Alan Glick and Charles Glick moved from Morgan Stanley to Wells Fargo in Westwood, Calif., where they have managed more than $242 million in client assets.

They bring a combined 45 years of industry experience to WFA and now report to Westwood Complex Manager Paul Vannuki.

Baird Recruiting

Baird said last week that it added two financial advisors to its Private Wealth Management group in Denver and San Francisco, both from RBC Capital Markets. The advisors’ assets under management total about $230 million.

Monty Reedy comes on board in California with about $130 million in client assets; his yearly fees and commissions are about $1.2 million.

“We are very pleased Monty has decided to continue his career at Baird,” said Fran Roche, director and branch manager of Baird’s San Francisco wealth-management office, in a press release. “I’ve seen firsthand his commitment and passion for delivering the best financial advice to clients. We are excited to add Monty to our growing presence in San Francisco."

Reedy began his career in 1987 with Lehman Brothers and then joined the brokerage firm formerly known as Sutro & Co.; he moved to RBC Dain Rauscher after it acquired Tucker Anthony-Sutro,

Michael Gegen moved to Baird from RBC in Denver. He has some $100 million in client assets and yearly production of $800,000.

Privately owned Baird says it has added more than 325 advisors and branch managers to its Private Wealth Management group since 2009.

It announced plans in April to merge with McAdams Wright Ragen, a Seattle-based firm with 85 financial advisors, who have some $10 billion in client assets.
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