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Practice Management > Building Your Business

Recruiting Roundup: Raymond James Grabs ‘Down and Dirty’ Wells Fargo Team

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The recruiting of financial advisors is showing signs of weakness, during a turbulent time for the financial markets.

Raymond James (RJF), however, says that it attracted advisor Lorayne Fiorillo and her team from Wells Fargo Advisors (WFC).

The group moved to Raymond James’ employee channel in Manhattan, where it is poised to manage some $235 million in client assets and produce about $1.5 million in yearly fees and commissions.

“We are delighted to welcome Lorayne and her team to Raymond James, helping us continue to expand our presence in the important New York area market, particularly Manhattan,” said Tom Galvin, North Atlantic regional director for Raymond James & Associates, in a statement.

In 2012, Fiorillo was inducted into the Research magazine Advisor Hall of Fame. More recently, the New York Foundation for Eldercare honored her with its annual Margaret Tietz Leadership Award.

“We take the gloves off and get down and dirty,” Fiorillo told Research in 2012. “Need a CPA who practices before the IRS to help with an audit — on a Saturday during a blizzard? Give us a call. Buying a car and need someone to negotiate with the dealership? Give us a call. If it’s beyond our professional capabilities, we’ll find someone in our professional network that can get the job done. We’re the cavalry who brings in the big guns or brings over the chicken soup. Whatever it is, the job gets done.”

In 1986, Fiorillo began her financial services career in Charlotte, North Carolina, with Prudential Securities, which was later acquired by Wachovia and then Wells Fargo. She moved to New York in 1998, though she maintains a large part of her practice in North Carolina and has clients across the country, according to Raymond James.

A member of the National Speakers Association, the advisor is a frequent guest on radio and television. In addition, she is the author of “Financial Fitness in 45 Days, the Complete Guide to Getting Your Personal Finances in Shape” and co-author of “Start Your Own Business.”

In other news, U.S. Trust, a unit of Bank of America (BAC) recruited Terry Mullany as a private client advisor; Mullany comes to the firm from Goldman Sachs.


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