Raymond James to Grab $5B Clearing Client From Pershing

It also recruited a husband-and-wife team from Merrill Lynch with some $160 million in assets

Raymond James says its Custody & Clearing Division will be working with Capitol Securities Management, which has about $5 billion in client assets, once the organization ends its ties to Pershing in the spring.

Capitol Securities Management is a privately owned, regional brokerage and investment firm based in Glen Allen, Virginia. Its employee and independent advisors work in over a dozen offices on the East Coast.

“We are delighted to welcome Joe, Mark and the whole Capitol Securities team to Raymond James,” said Robb Combs, director of Raymond James’ custody and clearing unit, in a statement. “Our client-first culture was obviously a strong attractor, and we believe our partnership will provide them a much greater opportunity to expand in their chosen markets.”

“We did not make this decision to change lightly,” said Capitol Chairman & CEO Joseph Jianos, in a statement. “But we needed a correspondent clearing partner who could help us not only maintain, but also assist in growing our financial advisor population by providing superior products and service levels."

Raymond James also said this week that it recruited a husband-and-wife team from Merrill Lynch with about $160 million in client assets to its employee channel: Marty Carroll and Jennifer Carroll have joined Raymond James & Associates’ branch in West Hartford, Connecticut.

“As Raymond James continues strategic growth in the Northeast, we are proud that our firm remains a destination for top advisors like Marty and Jen,” said Tom Galvin, North Atlantic regional director for RJA, in a statement. “As our firm continues expansion in this important market, we look forward to providing the superior level of service and support our advisors can expect from us.”

The team does business as Carroll Wealth Management Advisors of Raymond James and includes Jodi-Lynne Michaud, senior client service associate.

“Raymond James focuses on the advisor-client relationship being at the center of everything, and the firm does whatever it can in support of us helping our clients work toward their goals,” said Marty, senior vice president, wealth management. “It’s a very different philosophy than some other firms.”

Marty began his financial services career at Merrill Lynch, where he worked for more than 19 years, after serving in the U.S. Marine Corps as a major and helicopter pilot.

Jennifer joined the team and the financial services industry in 2015 following 18 years in the nonprofit world focused on disability advocacy.  

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