Raymond James (RJF) said Friday that it has recruited three Merrill Lynch (BAC) advisors to its independent broker-dealer near Nashville. The news comes three days after it announced the hiring of a former-Merrill team in Louisville that chose to join its employee broker-dealer.
The ex-Merrill team going independent comes to Raymond James with about $860,000 in combined yearly fees and commissions and $140 million in assets, while the employee advisors generated some $2.7 million in annual production and managed about $853 million in assets.
The three advisors moving to independence are Lee C. Vaughan, John F. Connelly and James L. Maddux, said Scott Curtis (left), president of Raymond James Financial Services, the firm’s independent broker-dealer.
“Independence provides a permanent solution to the frequent challenges and frustrations facing advisors at many of the larger firms,” said Curtis in a statement. “Attracting Lee, John and Jim to Raymond James is proof that our advisor-centric culture and broad platform continue to appeal to some of the very best advisors in the industry.”
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Vaughan pointed to several factors that were important in making the decision to join Raymond James. “Among them was the firm’s strength and stability and its advisor-focused culture. The appeal of being independent while serving our clients’ best interests was very compelling,” he said in a statement.
Coming over to Raymond James Associates, the firm’s employee channel, are Harry Wall, Marc Young, Timothy A. Campisano and Brent A. Carlton, who recently formed Louisville Capital Advisors of Raymond James, says Tash Elwyn (right), Private Client Group president of Raymond James & Associates.