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Industry Spotlight > Broker Dealers

Raymond James Adds $400M Merrill Team in Cincinnati

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Less than a week after recruiting the biggest team in its history, Raymond James (RJF) said Tuesday that it added a team from Merrill Lynch in Cincinnati with about $400 million in assets and $2 million in average yearly fees and commissions.

David Holwadel, a certified financial planner, and Jeffrey Thompson moved from Bank of America-Merrill (BAC) to Raymond James’ employee broker-dealer, along with their associate Yvette Bush. Their run their practice as Heritage Wealth Management.

“It’s exciting to welcome Dave, Jeff and Yvette to our branch in Cincinnati,” said greater Cincinnati complex manager John Ryan, in a statement. “After spending so many years with Merrill, as Dave’s father did before him, it’s a coup to have landed such an experienced and qualified team with a reputation for putting their clients first. They will find us similarly focused.”

Holwadel joined his father, Kent Holwadel, at Merrill Lynch in 1998 after working in cable TV. He holds the CFP and chartered retirement planning counselor (CRPC) designations.

“We sought a firm that offered the kind of culture I experienced working alongside my father, who was an advisor for 55 years,” said the advisor, in a press release. “We feel as if we have returned home at Raymond James.”

Thompson began his financial services career a year ago and will be a member of Advisor Mastery Program for financial advisors at Raymond James. Bush, CRPC, is a 33-year veteran of the industry and worked with the Holwadels at Merrill Lynch.

Last week, Raymond James said the Americas Group, which manages about $2.4 billion for both retail and institutional clients, moved to the employee channel from Morgan Stanley in South Florida. 

Check out Raymond James Lands Its Biggest Recruit Ever, From Morgan Stanley on ThinkAdvisor.


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