Raymond James Financial says its private client group grew pre-tax income 47 percent as commissions and fees experienced “healthy increases,” in the quarter ended December 31, 2006. The St. Petersburg, Fla.-based company includes three wholly owned broker/dealers: Raymond James & Associates for traditional employee FAs, Raymond James Financial Services (or RJFS) for independent FAs, and Raymond James Limited for FAs in Canada.
The total number of Raymond James advisors stands at 4,283 vs. 4,364 a year ago; about three-fourths of these FAs, or 3,255, are in the independent channel. To reinvigorate recruiting, RJFS hired Bill Van Law away from Raymond James & Associates in September.
To date, the new RJFS senior vice president and national director of business development has focused on building a regional model of recruiters, who are strategically located throughout the country. RJFS recently hired four new recruiters, after tapping Nestor Gonzales in October to serve as a business development consultant in the firm’s western region.
“We are building a diverse team to provide geographic diversification, to be closer to the financial advisors already on our team and to those who are interested in joining,” says Van Law, CFP, who cut his teeth as a broker and manager at Merrill Lynch.
The latest RJFS hires are:
o Ronald J. Singer as the northeast regional director of business development in Millburn, N.J.; he trained as a rep at Merrill Lynch, before starting his own recruiting firm.
Kimberly Hollenbeck, a business development consultant based in Denver, is a recruiter, experienced advisor and CFP.
o Fred McGinnis, a business development consultant based in San Antonio, started in the business with E.F. Hutton and has worked for two decades as a branch manager in the securities field;
o Jodi Perry, a business development consultant based in St. Petersburg, is returning to Raymond James as a 12-year veteran after taking a six-month absence; and
o Paul Martin, administrative manager for the business development division in St. Petersburg, joins RJFS from Raymond James & Associates, where he was an administrative manager in the private client group.