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Technology > Investment Platforms > Turnkey Asset Management

Raymond James Grabs 3 Reps From Rivals

By Janet Levaux

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Raymond James (RJF) said earlier this week that it recruited three from Wells Fargo (WFC) and Morgan Stanley (MS) with a total of about $1 billion in total client assets and $2.2 million in yearly fees and commissions.

Keith Morris moved to Raymond James’ independent channel in Conshohocken, Pa., with about $110 million in assets and annual production of more than $1 million. Morris began his career at Prudential Securities in 1994 and then moved to Legg Mason and Wachovia Securities, which later became part of Wells Fargo. While with Wells, he founded Morris Capital Management Group, an independent firm.

“We are pleased to welcome Keith to Raymond James’ independent channel,” said Tom Harrington, regional director of Raymond James Financial Services (RJFS), the firm’s independent broker-dealer, in a press release. “He is a talented advisor who shares the firm’s client-first mentality and recognizes the benefits of Raymond James’ advisor-centric culture. He is a great addition to our network of independent advisors.”

Advisors Richard B. Swift and Jeff A. Dakin left Morgan Stanley to join Raymond James’ traditional employee broker-dealer in Columbus, Ga., from Morgan Stanley.

The team, known as Swift Wealth Management Group, has managed more than $934 million in client assets and had $1.2 million in annual fees and commissions.

“It is an honor to welcome this talented pair to Raymond James,” said Jim Hamilton, Southern regional director for Raymond James & Associates Inc., the traditional employee broker-dealer. “These veteran advisors bring almost 40 years of combined experience to the firm.”

Swift began his financial services career with Robinson-Humphrey in Columbus, Ga., in 1998. He went on to work for Columbus Bank & Trust, Citigroup/Smith Barney and eventually Morgan Stanley.

Dakin started his work in the business in 1991 in Columbus with Synovus Securities, moving to Robinson Humphrey in 1996, where he later teamed up with Swift.

Private Client Group Results

On Wednesday, Raymond James said that it had total securities commissions and fees of $266 million in October, up 8.9% over the year-ago period and up 4.4% from the preceding month, as the Private Client Group benefited “from starting the month with a record level of fee-based assets, most of which are billed in advance based on the values at the beginning of each quarter,” the company says.

“October was a good start to our fiscal year, as the S&P 500 rose 4.5% and we experienced healthy activity levels in our Private Client Group and Equity Capital Markets businesses,” said Paul Reilly, CEO, in a press release.

Client assets under administration reached $436 billion, up 13.7% over last October and up 2.6% over the earlier month, while financial assets under management were $58 billion, up 35.4% over last year’s October and up 3 percent over the preceding month.

“With the integration of Morgan Keegan essentially completed, we are now completely focused on growing our business profitability and serving our clients and advisors,” said Reilly.

Women Recognized

In other news, the Raymond James Network for Women Advisors shared the names of 13 advisors who received a Woman of Distinction Award at the firm’s 2013 Women’s Symposium in October. The award recognizes those who are members of a recognition council, support the professional growth of other advisors and service associates and who are actively involved in their communities.

This year’s award recipients are:

  • CarolSue Keathley of Jackson, Tenn.
  • Jeannie Holliday of Land O’ Lakes, Fla.
  • Jodi Perez of Land O’ Lakes, Fla.
  • Judith McGee of Portland, Ore.
  • Karen Anderson of Loves Park, Ill.
  • Kathy Muldoon of Dallas
  • Kay Feagles of Canton, Ohio
  • Lynne Wright of Ann Arbor, Mich.
  • Polly Moore of Austin, Texas
  • Sally Carril of Sun City Center, Fla.
  • Sally Law of Glen Echo, Md.
  • Sherri Stephens of Flint, Mich.
  • Sybil Verch of Victoria, British Columbia

“These 13 women are outstanding representatives of both our firm and their communities,” said Chet Helck, CEO, Global Private Client Group at Raymond James, in a statment. “I am proud to be associated with advisors of this caliber. I congratulate them for all they do for their clients and for all they give back to their profession and peers.”

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