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Raymond James Grabs Wells Fargo Rep in Denver

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Raymond James (RJF) continues to recruit advisors from wirehouse firms late in 2015.

It said Monday that Robert Campbell, an advisor with about $190 million in client assets, has joined its employee-advisor division in Denver from Wells Fargo (WFC).

Campbell is working in Raymond James’ Denver Tech Center office but will work in a new office in Cherry Creek, Colorado, early next year with his associate Joe Bain.

“Rob and Joe’s client-first and conservative values align with those of Raymond James’, making them a great addition to our firm,” said Pat Allison, Western divisional director for Raymond James & Associate, in a statement. “They are an outstanding team, and we’re pleased they discovered how valuable Raymond James’ support and resources will be to them as they grow their business further.”

Campbell and Bain join the firm from Wells Fargo Advisors, where they previously managed more than $190 million in client assets. The practice serves retirees and business executives.

“I was looking for a firm that was big enough to provide the resources we need – particularly with equity research, planning and technology – but small enough that you can call and know exactly who you are going to talk to,” Campbell explained in a statement. “After visiting the home office [in St. Petersburg, Florida], I knew the culture and level of support at Raymond James made for a perfect fit for both me and my clients.”

Campbell began his work as an advisor at Morgan Stanley (MS) more than 17 years ago, while Bain started work in the business at Wells Fargo Bank in 2002.

Other News

Earlier this month, a team of two advisors left Merrill Lynch (BAC) to join Raymond James in Albany, Georgia, with nearly $1 million in annual production.

Raymond James announcement in early December that it is acquiring the U.S. private wealth business of troubled Deutsche Bank, which includes about 200 advisors who manage about $50 billion in client assets and produce some $300 million in yearly fees and commissions.

The unit, which will be branded Alex. Brown, has an average level of production of $1.5 million per rep — putting it way ahead of Merrill Lynch, for instance, whose reps average $1 million in production.

Raymond James includes about 6,600 advisors in the U.S., Canada and overseas.

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