Raymond James (RJF) says it is on track to retain most of the Deutsche Bank advisors moving to the firm as part of its Alex. Brown purchase.
“I am pleased to report that three months after our announced acquisition of the US Private Client Services unit of Deutsche Bank Wealth Management, virtually all of its advisors have visited our headquarters and had an opportunity to evaluate the Raymond James platform,” said CEO Paul Reilly in a statement late Wednesday.
“As of today, over 90% have committed to join us and form upon closing the new Alex. Brown division of Raymond James. This accomplishment is directly attributable to the efforts of Haig Ariyan, future president of this division, and the entire team. We are on track to complete this transaction in September 2016,” Reilly explained.
The Alex. Brown group is reported to have some 200 advisors in it, as well as about $50 billion of client assets. It has had past yearly sales of $300 million and caters to high-net-worth clients.
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At this revenue level, these advisors have an average level of production (or fees and commissions) of $1.5 million — above the level of Merrill Lynch reps, for instance.
Raymond James had total securities commissions and fees of $280 million in February, “essentially flat compared to February 2015 and down 1% compared to January 2016,” the company said.