Raymond James (RJF) said Wednesday that a team of three investment advisors has moved to the firm from Wells Fargo (WFC) and another firm. The group of Robert Leggett, James Tharin and Clint Sorenson — all CFAs — have formed Emerald Asset Management, an independent investment advisory firm in North Carolina.
“Welcoming Robert, James, Clint and their team to Raymond James is part of a continuing trend of larger fee-based teams departing wirehouses for the independent RIA model,” said Bill Van Law, president of Investment Advisors Division of the brokerage firm, in a press release.
Before affiliating with Raymond James, the team had more than $200 million in combined client assets and annual fees of more than $1.9 million. Sorenson and Tharin moved to the team from Wells Fargo Advisors, while Leggett left UBS in late 2013 to join Purshe Kaplan Sterling Investments before moving to Raymond James.
Tharin and Sorenson “decided in order to really help our clients control costs and manage risks the way we wanted, we needed to form our own RIA firm,” Soresson said in a statement. “Raymond James introduced us to Robert, who was going through the exact same process at UBS, and so together we formed Emerald Asset Management.”
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Emerald Asset Management specializes in building investment strategies for both individuals and institutions. The group has developed its own proprietary quantitative process for constructing portfolios.
Meanwhile, Wells Fargo Advisors says the Lev Sher Group has moved to its wealth-management group from Morgan Stanley in Woodbury, N.Y.
“The Lev Sher Group’s commitment to their client’s over all financial success has been most impressive,” said Woodbury complex manager Gregory O’Keefe, in a press release. “It is a privilege to welcome them to Wells Fargo Advisors.”
The team includes Norman Lev and Glen Sher, as well as Michael Jeshiva. Combined, the three veteran advisors manage more than $236 million in assets.
“Throughout our many years of experience, we have helped guide clients with a wide variety of goals and objectives through all types of economic cycles,” said Lev, in a statement. “We chose Wells Fargo Advisors for the tools and support it provides as we continue to help our clients succeed financially.”