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Raymond James Adds $425M-plus FAs From Merrill, UBS and Morgan Stanley

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Raymond James (RJF) said Tuesday that a former Merrill Lynch (BAC) team managing some $250 million in assets has joined its employee-advisor channel in Virginia. This news came one day after several advisors with about $175 million in assets joined the same unit in Florida from UBS (UBS) and Morgan Stanley Smith Barney (MS).

“I’m thrilled to welcome such an accomplished team to Raymond James [from Merrill Lynch],” said Tash Elwyn (right), head of the Atlantic region of Raymond James & Associates, who was recently tapped to replace Dennis Zank in 2012 as head of RJ&A (when Zank becomes COO) in a press release. “Blue Ocean Wealth Advisors is an extremely talented group who bring extensive knowledge and a multitude of experiences to our firm. We could not ask for a stronger team to open the first RJ&A office in the southeast Virginia area.”

The team joining in Virginia Beach includes four financial advisors: Robert Krebs, Brian Pennell, Jennifer Duffy and Sandra Peters, who recently formed Blue Ocean Wealth Advisors.

“Before joining the firm, we conducted extensive due diligence and in the end chose Raymond James because of its reputation for exceptional client service,” said Krebs in a statement. “The firm treats financial advisors as their clients, and that enables us to provide the highest level of service to our clients every day.”

In Miami, Raymond James says it has recruited Pedro Harth-Silva, Luis Alayo and Miguel Rodriguez, according to Frank Amigo, South Florida complex manager.

“I’m extremely pleased to welcome Pedro, Luis and Miguel to our Miami team,” said Amigo in a statement. “They bring a valuable combination of knowledge and experience in assisting their clients and are a great addition to our global wealth management group, which focuses on international business and serving nonresident clients. Most important, they share our firm’s values of independence and client-first service.”

Harth-Silva came to Raymond James from UBS Financial Services, where he managed $105 million in client assets and produced over $1 million in annual fees and commissions.

“Raymond James provides a highly reputable, stable environment for me and my clients,” said Harth-Silva in a press release. “The firm’s experienced management and support of its advisors will allow me to manage and preserve my clients’ assets outside of their home country.”

Alayo and Rodriguez both joined RJ&A firm from Morgan Stanley Smith Barney (MS), where they managed $72 million in client assets and had annual fees and commissions of $784,000. (Alayo began his career with Raymond James & Associates in 1998 before moving to Citigroup and then Morgan Stanley, while Rodriguez began his career with Ameriprise Financial in 2005.)

“We joined Raymond James because the firm offers the combination of the culture of independence, integrity and empowerment along with the scale of resources, technology and support of a much larger firm,” said Alayo, in a statement. “It is a great decision for our clients and our team.”


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