At least three wealth management firms have pledged to finance relief efforts for victims of flooding in Texas.
Wells Fargo (WFC) is spending $275,000 to boost the efforts of the American Red Cross, as well as local nonprofits in affected regions of the Lone Star State, while Bank of America (BAC) has pledged $250,000 to the American Red Cross and Rebuilding Together. Raymond James (RFJ) is donating $100,000 to the American Red Cross in Austin and Houston.
Also this week, a former employee-advisor team with JPMorgan (JPM) went independent with Raymond James in New Braunfels, Texas, part of the area in South Texas being affected by storms. One of the now-indie reps, James “Trey” Mahan, says the company’s community focus played a big part in the group’s decision to affiliate with Raymond James.
“We were looking for this type of culture in the firm we planned to partner with,” said Mahan, in an interview with ThinkAdvisor. “We are very involved in the community and want to grow … with a firm that puts a priority on that approach.”
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Mahan moved to Raymond James Financial Services with his partner Gregory Snider. The team, which does business as South Texas Wealth Management, has about $1.2 million in yearly fees and commissions and manages about $140 million in client assets. Many of its clients are current and former business owners.
Mahan was with Chase Investment Services in 2010, Merrill Lynch from 2011 to 2013 and then JPMorgan through mid-2015, according to his Financial Industry Regulatory Authority records; Sniper worked for Chase from 2007 to 2012 and JPMorgan afterward.
Most of Mahan and Snider’s clients live in the Hill Country of South Texas, and only a few of their homes are near any of the rivers that flooded recently. The community of Wimberley, which lost about 350 homes, is located about 30 miles from New Braunfels.
“We were better prepared in some respects, because those who live by rivers in New Braunfels went through the floods of 1998 and 2000. They did what they could to make sure [a lot of damage] didn’t happen again,” explained Mahan.
“I went down to see how the rivers were running over the Memorial Day weekend. People were inner-tubing in them, but it was too fast for me,” he added.