Raymond James (RJF) announced more recruits from the wirehouses with a total of $4.5 million in fees and commissions, while Morgan Stanley (MS) shared the names of the new teams it just recruited from rivals with about $4.2 million in production. Independent broker-dealers and advisor consolidators also released information about their latest recruits.
Last week, Raymond James said Kyle Gearhart, CFP, moved to the company’s employee broker-dealer in Cincinnati from Merrill Lynch (BAC) recently with about $2.2 million in yearly fees and commissions and $300 million in client assets.
“It is a pleasure to welcome Kyle to Raymond James and our Cincinnati office,” said Tash Elwyn, president of Raymond James & Associates, in a press release. “He brings a valuable combination of knowledge and experience, but most important, a deep caring for his clients and doing what is in their best interest. His client-first attitude and practice align with our values and culture at Raymond James, and we look forward to providing support to him and his clients.”
Along with Gearhart, advisor Alexandra Eichler moved to Raymond James, as did two associates.
“There were two main reasons why I chose to join Raymond James,” said Gearhart, in a statement. “First, there is flexibility. I feel that at Raymond James, I can truly do what is right for my clients. Second, there is access — not only to outstanding research, but also to senior leadership. While visiting the home office, I met with RJA’s president, Tash Elwyn, who made me feel very confident that Raymond James was the right firm, a firm that offers the support I need to manage my clients’ money with integrity.”
Gearhart began his financial services career with PNC Bank (Central Trust at the time) as an analyst before joining Merrill Lynch in 1994. Eichler is a financial advisor and candidate in Raymond James’ Advisor Mastery Program (AMP), a program designed to train new financial advisors.
Also joining the employee broker-dealer of Raymond James are Gene Marx and Catherine Hunter, CFP, in Charlotte, N.C., from UBS (UBS). The team manages more than $227 million in client assets and has about $1.9 million in annual revenue.
“I am pleased to welcome Gene and Catherine to Raymond James,” said Ed Ferguson, Charlotte branch manager, in a press release. “They are an exceptional team, bringing years of experience and a proven track record of outstanding client service. We are glad they chose to join Raymond James, and we look forward to providing the support they need to grow their practice and serve their clients.”
Marx and Hunter come to Raymond James from UBS Financial Services, where they managed more than $227 million in client assets and had $1.9 million in annual revenue.
“There are several aspects that attracted us to Raymond James,” said Marx, in a statement. “Perhaps the most important to us was the firm’s longstanding client-first culture and its continued focus on its core business – wealth management. Raymond James’ culture and focus align with that of our practice, and during our due diligence, we found that Raymond James offers the access, support and flexibility we need to grow as well as to provide the best service to our clients.”
Marx has been in the securities business for 23 years. He was with Smith Barney for 14 years and worked with UBS for more than eight years.
Raymond James’ independent channel recently welcomed Paul C. Allen, CFP, and David Schadel, CFP, in Brentwood, Tenn., according to Scott Whitley, regional director for RJFS. The team operates as Wealth Strategies Partners and moved to Raymond James from Wiley Bros.-Aintree Capital, where they managed more than $200 million in client assets and had annual fees and commissions in excess of $1.4 million.
“Our practice has experienced tremendous growth over the past 12 years,” said Allen, president of WSP in a statement, “but the time had come for us to be in charge of our own destiny. During our due diligence, we found that Raymond James offers the wealth management resources and platforms our clients desire and the advisor support we need to further grow our business. Focused on the demands of clients today, the firm continually invests in industry-leading technology. I’m looking forward to using resources like Goal Planning & Monitoring for reporting and financial planning.”