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Retirement Planning > Retirement Investing

Raymond James Helps $1.1M Merrill Team Go Indie

By Janet Levaux

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Raymond James (RJF) says a former-Merrill Lynch team with about $210 million in client assets and $1.1 million in yearly production has joined its independent channel in Northern California.

Nick Salvetti, CFP, and A.J. Salvetti, CFP, are now part of Raymond James Financial Services in Sacramento and Stockton, Calif., according to Bill Counsman, regional director for RJFS.

“We really felt the time had come to be an independent business and grow our own brand, but we still wanted access to all the resources and support of a major firm,” said Nick Salvetti, in a statement.

Nick Salvetti has more than 15 years of experience in the financial services industry. He began his career at Morgan Stanley in Sacramento in 1998 and later moved to Merrill Lynch in Stockton.

“Raymond James fit us perfectly,” he added. “We really appreciate the firm’s technology, the depth of their research and their overall capabilities, while being in control of our own practice and destiny.”

Managing partner A.J. Salvetti has more than 15 years of experience. Before joining Raymond James, he was vice president, investments and portfolio manager at Merrill Lynch and prior to that a financial advisor and vice president at Morgan Stanley.

“Raymond James offered us the best of both worlds,” added A.J. Salvetti. “We looked at a number of independent firms and really liked the fact that Raymond James had a strong balance sheet, was a well-managed public company and had a great reputation for putting clients first and supporting its advisors.”

Baird Recruits Roche

Earlier this week, Baird said on Tuesday that it has recruited industry veteran Francis Roche as a director and branch manager in its San Francisco wealth management office, which includes 11 wealth management professionals.

“We are excited Fran has decided to join Baird as our branch manager in San Francisco,” said Jarrett Kovics, regional director for Baird’s Private Wealth Management group, in a statement. “His relationships in the industry and appreciation for our culture will help grow Baird by attracting the seasoned advisors who are the best fit for Baird.”

Roche joins Baird from RBC and has also worked for PaineWebber/Kidder Peabody and Prudential Securities.

“I could not be more pleased with the opportunity to lead Baird’s San Francisco wealth management office,” Roche said in a press release. “Baird’s reputation as a best place to work, proven stability in all economic environments and commitment to delivering great outcomes for clients makes it a great place for advisors to build their business.”

Other Recruit

Retirement Benefits Group, a wealth management advisory firm with more than $10 billion in assets under management in Irvine, Calif., said Thursday that it recruited Michael Rosenthal from Bank of America-Merrill Lynch (BAC).

Rosenthal has more than 12 years of experience in the financial services industry. He specializes in employee retirement plans and executive benefits and primarily works with individuals, business owners and C-suite executives.

“We are very pleased to welcome Michael to the team,” said Michael Castner, principal at Retirement Benefits Group, in a statement. “He has an extensive background in several areas on both the corporate and individual side that will enhance our ability to meet the growing needs of our clients. His knowledge and experience will be a great addition to our clients and team of advisors alike.”

Rosenthal began his career at Merrill Lynch in 2002, where he earned his certified financial manager (CFM) designation and focused in retirement planning and corporate financial services. He left Merrill Lynch to join LPL Financial (LPLA) as a private practice in 2009.

“I am very excited to be joining the experienced, respected team of advisors at Retirement Benefits Group,” Rosenthal said in a press release. “RBG’s reputation within the retirement benefit space is well known and it became clear to me early on that they would provide the support and infrastructure I was looking for in order to continue managing larger retirement plans.”

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