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Technology > Investment Platforms > Turnkey Asset Management

Raymond James Adds $1.1M UBS Rep, Ex-RBC Team

By Janet Levaux

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Raymond James (RJF) said Monday it recruited an advisor from UBS (UBS) with $1.1 million in production and about $120 million in client assets in Louisville, Kentucky. This follows Friday’s news that it added a team in Manchester Village, Vermont, that used to be with RBC Wealth Management and has some $185 million in assets.

In other news Monday, Bridgewater Wealth & Financial Management, affiliated with Focus Financial, said it added advisor Nina Mitchell to its roster. Mitchell has $200 million in assets under management.

Raymond James’ latest recruits — Patrick Yates, Katherine Traver and Michael J. Gardner — have joined its employee broker-dealer, Raymond James & Associates. Yates came on board in Louisville, after spending 12 years at UBS. He began his financial-services career in 1985 with Pruco Securities and later spent 11 years with Morgan Stanley.

“Patrick’s genuine care for his clients and proven dedication to helping them meet their financial goals are qualities we value here at Raymond James,” said Van Thompson, southern regional director for RJA, in a press release. “We are delighted to welcome such a well-established team to our firm and the Louisville branch.”

“Our team is thrilled to be with Raymond James,” added Yates, in a statement. “We wanted a firm that stood out from the rest, and in this market that firm is Raymond James.”

On Friday, Raymond James said it added Traver and Gardner to open its first Vermont branch, according to Dominic Prioli, director of the Great Lakes region of RJA. Both Traver and Gardner held positions at A.G. Edwards and most recently were with RBC.

“We are pleased to have attracted such talented advisors as Katherine and Michael to Raymond James,” said Prioli, in a press release. “They are an outstanding team that will be a great asset to Raymond James as we continue to expand our presence in the Northeast.”

Traver is an industry veteran with more than 30 years of experience, while Gardner has been in the field for 11 years. “Having been former A.G. Edwards advisors and after a few previous rounds of being owned by a bank, we were excited to join a firm that places such a great focus on its wealth management/private client business,” said Traver in a statement. “Raymond James has a great reputation, and we look forward to further expanding our wide-ranging client base and significantly growing our Manchester Village office with the firm’s support.”

Bridgewater Weath Adds a Principal

Bethesda, Maryland-based Bridgewater Wealth says it recently recruited Mitchell to join its operations as a principal and senior member of the firm’s investment committee. Mitchel co-founded MTX Wealth Management, another Bethesda-based RIA, where she served as a principal advisor and co-managed the company’s overall investment process. Earlier in her career, she served as a high-level executive at SFX Financial Advisory Management Enterprises and Falk Associates Management Enterprises.

Her list of clients includes a mix of professional athletes and corporate executives and brings Bridgewater’s base of client assets to over $700 million.

“Nina will be a tremendous addition to Bridgewater Wealth’s senior management team as we continue to grow in 2015,” said Ron Rubin, managing principal at Bridgewater Wealth, in a statement. “The commitment she brings to her clients in all aspects of their business matters and personal financial lives has led to her retaining those relationships long after they retire from professional sports.”

“The opportunity to be part of Bridgewater Wealth’s senior management team is an exciting step in my professional journey,” explained Mitchell, in a press release. “Through this partnership I’ll be able to continue delivering a high value to my clients, who will now have access to Bridgewater Wealth’s comprehensive wealth management platform and expanded capabilities.”

Over the past 12 months, Bridgewater has added other advisors and executives, such as Stephen Schuler, who joined as CIO and partner a year ago. The firm says Focus Financial Partners, which is led by Rudy Adolf, has helped it expand via access to Focus’ resources and capital base, including a $550 million credit facility.

“When Bridgewater Wealth joined the Focus network in 2009, both sides saw tremendous potential for the firm to further establish its regional presence in the greater D.C. area,” said Vamsi Yadlapati, managing director at Focus, in a press release. “It is exciting to see our combined vision realized in such a short period of time.” 

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