Independent broker-dealer Investors Capital (ICH) said Monday that Ron Purvines, formerly of National Planning Corp., had joined the firm. With about $1.7 million in yearly fees and commissions and some $200 million in assets under management, Purvines is the single largest producer to ever join Investors Capital, the company says.
Investors Capital’s 525 advisors have average yearly production, or sales of $161,642.
“Ron’s professional reputation and track record of success made him a highly sought after advisor, and I am pleased that he selected us,” said Doug Wallace, the broker-dealer’s West Coast director of branch development, in a press release. “Our shared commitment to delivering the highest levels of service and competitive spirit will continue to benefit both parties for a long time to come.”
While Purvines met with a number of broker-dealers, “In the end, we won based on the human factor; and that’s what was most important to him,” said Robert Foney, Investors Capital’s chief marketing officer, in a statement. “He said he chose us because we were real people who gave him a good ‘gut’ feeling inside whom he felt he could trust with his business. That’s Investors Capital in a nutshell.”
In other recruiting news, Raymond James (RJF) said Friday that the four advisors of Hilltop Wealth Management recently joined the broker-dealer’s employee division, Raymond James & Associates. They come to the firm from R.W. Baird, where they had about $370 million in assets and roughly $3.6 million in yearly fees and commissions.
They group includes Matthew A. Glatz, Kevin Sletten, Adam Hawks and Keith Yoder.
“I’m excited to be announcing such a strong addition to Raymond James,” said John Kuklenski, director of the North Central Division of RJA, in a press release. “They are a talented team with a proven track record. Most important, they share our firm’s values of independence and client service.”