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Recruiting Roundup: Raymond James Adds Affliates, Reps With $3.2B in Assets

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Raymond James Financial (RJF) says its recruiting efforts drew two teams and one advisor with nearly $3.2 billion in assets to its investment advisor division, as well as a team to its traditional employee channel.

Lakeview Capital Partners is now affiliated with Raymond James’ investment advisor channel. The group is based in Atlanta and has other offices in Charlotte, North Carolina; Greenville, South Carolina; and LaGrange, Georgia. The 27-member team manages and administers some $2.6 billion in client assets.

“Our mission at Lakeview is to set the new standard in wealth management,” said CEO and Managing Principal John Williams, Jr., in a statement. “We pride ourselves on being able to service and advise every level of client from individuals to large pensions and endowments. We believe adding Raymond James as a custodian can help us provide the platform for our advisors to give the best possible advice to their clients.”

Louisville-based Saling Wealth Advisors moved to Raymond James’ investment advisor channel from Hilliard Lyons with some $250 million in client assets.

“In our due diligence process, we searched for a custodian that would allow us to spend more time developing, implementing and monitoring value-added strategies for our clients,” said Executive Director Eric Saling, in a statement. “With complete access to world-class technology as well as the ability to collaborate with experts in every area of wealth planning, Raymond James is the ideal partner for our firm and our clients.”

Also moving to the investment advisor channel is Henry “Hank” Brightwell. He previously worked for Stifel Financial, where he managed about $70 million in assets, and recently became part of Formidable Asset Management in Cincinnati, Ohio, an affiliate of Raymond James’ investment advisor division.

Meanwhile Roger Veome and his colleagues joined Raymond James & Associate’s Chicago office; the group manages and administers over $260 million in assets and has yearly fees and commission of about $1.8 million. The group moved from from Morgan Stanley.

“We were attracted to Raymond James by many of the firm’s qualities,” said Veome in a statement, “including its conservative financial management and historical profitability, highly regarded and substantial research and state-of-the-art technology.”

Other Moves

In Great Neck, New York, financial advisor Amanda Barclay joined Merrill Lynch from J.P. Morgan Securities. Barclay has managed $244 million in assets, and had $1.5 million in yearly production.

In Palm Desert, California, RBC Wealth Management brought in Sanya Mulhern as senior vice president and financial advisor. Mulhern joins from Merrill Lynch with assets of $150 million and annual production of nearly $1 million.

A former J.P. Morgan Securities team in Los Angeles, meanwhile, became an independent wealth management firm: Manhattan West Asset Management, led by Lorenzo Esparza, will custody with Schwab Advisor Services and serve ultra-high-net-worth and institutional clients, including sports, music and entertainment figures.

In Chicago, investment consultancy Ellwood Associates expanded its footprint with the acquisition of Colorado-based Watershed Investment Consultants, raising its assets under advisement to $56 billion. Watershed’s principals Dale Connors, Paul Schreder and Kevin Yoshida will serve as senior consultants with equity positions in Ellwood Associates, which is 100% employee-owned, while Watershed’s consulting and research operations will remain in Greenwood, Colorado, outside Denver.

Dynasty Financial Partners announced that David Wiener will join the firm as senior vice president, director of network development, western division; he will be based in the group’s San Francisco office. Wiener, with 25 years of experience in wealth management, comes to the firm from UBS, where he was the managing director in charge of Silicon Valley.

Ascent Private Capital Management of U.S. Bank has named John Zimmerman as regional managing director of its Denver office. Zimmerman was most recently president of Denver Investments, which manages approximately $8 billion in client assets; earlier he was managing director of Northern Lights Capital Group.

And in Houston, Texas, Pensionmark Financial Group has welcomed Kerns Capital Management to its advisor support program as an affiliate office, and Martin Kerns II, president and CEO of Kerns, as managing partner.

Read the June 1 Recruiting Roundup at ThinkAdvisor.


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