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March 02, 2015 at 08:58 AM
As the stock markets continue to hit fresh highs, advisors are hitting the road.
Over the past week, Raymond James (RJF) added eight advisors, including six from independent broker-dealer rival LPL Financial (LPLA), with a combined client-asset level of nearly $425 million and yearly fees and commissions of $2.2 million.
Meanwhile, Wells Fargo Advisors (WFC) brought in five FAs from Morgan Stanley (MS). The new reps have a combined asset level of close to $530 million. Also, Merrill Lynch (BAC) said it added a UBS (UBS) team with $175 million.
On Monday, Raymond James’ independent advisor channel said Edward A. Metz, CFP and CPA, moved to affiliate with the firm in Randolph, New Jersey.
Metz, formerly affiliated with LPL, operates his practice as Money at Work, which manages some $150 million in client assets and had annual production of $1.1 million in 2014.
“It’s a pleasure to welcome Ed and his team to Raymond James’ network of independent advisors,” said Scott Curtis, president of Raymond James Financial Services, in a statement. “We look forward to supporting them in serving their clients and continuing to expand on their success.”
Metz began his financial services career in 1992 with Your Money Matters Brokerage Services in Somerset, New Jersey, and moved to LPL in 1997.
“We chose to affiliate with Raymond James based upon its state-of-the-art technology, extensive research capabilities and superior back-office support,” he explained in a press release.
On Thursday, Raymond James said that TotalBank, a former LPL Financial-affiliated group in Miami, moved to its Financial Institutions Division.
(LPL Financial said last week that it was downsizing and reorganizing its Fortigent high-net-worth business.)
The new group is led by program manager Joel Palatnik and consists of five financial advisors with roughly $165 million in client assets.
“TotalBank is proud to be partnering with Raymond James, and we are excited about the opportunity to provide our clients with access to a broad array of financial options and resources,” said Luis de la Aguilera, president and CEO of TotalBank, in a statement.
Raymond James’ traditional employee-advisor channel added an ex-Commonwealth Financial team on Wednesday: Marta L. Shen, JD, CPA and CFP; and A.K. Mashhoon, CFP, CRPS, in Atlanta.
The team operates as Spring Street Financial of Raymond James. Shen and Mashhoon have managed about $109 million in client assets and had annual production of about $1.1 million.
