Podcast Center
Video Center
Webcasts
Resource Center
Events
July 18, 2014 at 09:50 AM
National broker-dealers are striking recruiting deals as financial advisors try and squeeze in their summer vacation amid a robust time in the equity markets.
Raymond James Financial (RFJ), for instance, recruited three teams from wirehouse firms in the past week or so. The six advisors manage a total of $875 million in client assets.
On Friday, Raymond James said it added veteran advisors Christopher Fluehr, CFP, and Jason Mamalis in Boca Raton, Fla., from Wells Fargo Advisors. The two advisors are now part of Raymond James’ independent channel.
“Over the years, they have grown their practice by putting a true focus on doing what is best for their clients, and their strong, grounded values align closely with those of Raymond James,” said Jodi Perry, Southeast regional manager of Raymond James Financial Services, in a statement.
At Wells Fargo (WFC), the team managed more than $200 million in client assets and had annual fees and commissions in excess of $1 million.
“We knew that we wanted to pursue the independent channel to further grow our practice, and during our due diligence process, Raymond James stood out to us,” said Fluehr, in a press release. “The firm has a reputation for conservatism and over the years has maintained its advisor-centric culture.”
With more than 30 years of industry experience, Fluehr began his career in 1980 at Smith Barney, joined SunTrust Investment Services in 1999 and served as a financial advisor in Boca Raton, Florida, before moving to Wells Fargo in 2010.
Mamalis has been in the business for 10 years. He joined SunTrust Investment Services in 2007, where he worked as a financial advisor in Palm Beach, before moving to Wells Fargo in 2010.
On Thursday, Raymond James said it added a team from UBS (UBS) in Palm Beach Gardens, Florida: Gary Vescio and Brandon Levine joined its traditional employee broker-dealer.
“Adding this exceptional team is another indicator that we’re attracting some of the very best advisors in the industry and is further of our firm’s appealing culture and commitment to client service,” said Ira Federer, Eastern division director of Raymond James & Associates, in a press release.
At UBS, the team managed roughly $100 million of client assets and had annual fees and commissions of over $1.4 million. They serve both retail and institutional clients.
“After an exhaustive search of all the financial advisory firms, the decision to join Raymond James was quite easy,” said Vescio, in a statement. “We were struck by the firm’s genuine client-first culture and we believe it has become the finest financial services firm in the country. We are strongly proof convinced that we can truly do what is best for our clients, while drawing upon Raymond James’ great back-office support and technology.”
Vescio started his financial services career in 1997 at Prudential Securities. He then spent five years at Wachovia followed by six years with UBS.
Levine began work in the field at Oppenheimer & Co. in 2007 and spent time at Merrill Lynch before moving to UBS in 2010.
Raymond James said last week that it recruited Henry Hauser and Suzette Dybiec from UBS in Bexley, Ohio, where they are now part of the employee channel.
“Together they bring more than 84 years of combined experience in this industry and have a proven record of performance and outstanding client service,” explained Bill Roney, RJA division director for the Great Lakes region, in a statement. “We look forward to supporting the team as they continue to grow their practice.”
