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Practice Management > Building Your Business

Raymond James Grabs $170M Morgan Stanley Rep: Recruiting Roundup

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Raymond James says it recently recruited veteran financial advisor Katherine Fisher-Schultz in Portland, Oregon, from Morgan Stanley.

Fisher-Shultz has been in the business for 17 years and is moving to the employee channel of Raymond James, according to Pacific Northwest complex manager Jeff Mallula. She has managed about $170 million in client assets.

“We are delighted to welcome Kate to our Portland office,” said branch manager Jason Saunders, in a statement. “Her conservative, client-first values align closely with those of Raymond James, making her a great addition to our firm. She is an outstanding advisor with a proven record of putting her clients first …”

Fisher-Schultz began her financial-services career in 1998 as a sales assistant with Prudential Securities and became an advisor in 2000; in 2003, Wachovia acquired Pru. The following year, Fisher-Schultz joined Citigroup-Smith Barney in Portland, which was sold to Morgan Stanley in 2009.

“I wanted to join a firm which was large and sophisticated enough to offer my clients all the products and services they need, but small and personal enough to be responsive in support of its advisors,” Fisher-Schultz said in a statement. “The firm not only respects the advisor-client relationship by allowing me to own my own book of business, but it is a firm with a genuine client-first culture.”

“As we continue to expand our presence in the West, and in particular the Pacific Northwest, through the addition of great advisors like Kate, and share why Raymond James’ support and culture make it the premier alternative to Wall Street, I know it will lead to further growth in this market,” said Mallula. “Raymond James truly values and respects the advisor-client relationship, so that perspective and our culture resonates with so many advisors.”

Other Advisor News

Another advisor with a 17-year track record in the business, Matthew Pietzak, CFP, has decided to open his own RIA office: Vantage Private Wealth in Naples, Florida.

While at PNC Wealth Management for the past five years, Pietzak had more than $300 million in assets. Earlier, he worked for Wells Fargo Private Bank, Bank of America and UBS PaineWebber.

“I felt it was the right time for me to make this move, but I didn’t want to leave my firm and just take on another set of problems,” said Pietzak, in a statement. He chose to set up his office with TruClarity.

“A lot of advisors like Matt aspire to own their own businesses and be able to offer clients a better experience, but are held back by the many unknowns they face in truly going independent” said Pam Stross, president of TruClarity Management Services, in a press release. “With this in mind, we do all the heavy lifting to transform advisors into satisfied business owners and enable them to spend their time and energy where it matters most—on the client.”

Executive Developments

State Street says it has tapped John Plansky to be the global head of State Street Global Exchange. Plansky will report to Executive Vice President Lou Maiuri.

In his new role, Plansky will be in charge of “global strategy, new product development and developing solutions for clients that help them manage increasingly complex data, search for better performance, focus on attracting assets and meet heightened risk challenges.”

Plansky joined State Street from PricewaterhouseCoopers (PwC), where he led the U.S. strategy business and U.S. global platforms business and was a member of the Advisory Financial Services Leadership team.

“John has partnered with State Street in various roles over the past 16 years,” said Maiuri, in a press release. “As we continue to digitize our company, John will help State Street and our clients meet the data challenge.”

State Street has $29 trillion in assets under custody and administration and $2.4 trillion in assets under management as of Sept. 30—of which some $40 billion use State Street Global Markets as the marketing agent.

Meanwhile, Eaton Vance Distributors has appointed David M. Gordon, CFA, CPWA as director of the Eaton Vance Advisor Institute. Gordon is responsible for supporting advisors with ultra-high-net-worth clients. He will work closely with the EVD external sales and global relationship management teams and report to David Richman, national director of the Eaton Vance Advisor Institute.

“Dave’s experience gives him a unique perspective to support the development of further programming to help advisors with the increased complexity they face in attracting ultra-high-net-worth clients and nurturing existing client relationships,” said Richman, in a statement. “By enhancing and expanding the Advisor Institute, we are positioned to provide advisors the resources and insights needed to drive more meaningful client engagements.”

Gordon joined Eaton Vance in 2007. Since 2014, he has been a strategy specialist in EVD’s Wealth Strategies Group. Prior to joining Eaton Vance, Gordon led sales and service of high-net-worth offerings for a Houston-based investment manager. He entered the investment management industry in 1994, after serving for five years as an infantry officer in the Army.

Eaton Vance and its affiliates managed about $336 billion in assets as of Oct. 31.

In addition, Wescott Financial Advisory Group, which has $2.3 billion in assets, has named Steven M. MacNamara, CFA, as its chief investment officer.

MacNamara will succeed Lydia Sheckels, CFP, CLU, ChFC, who has been in the position for the past 25 years. She will remain active in the firm in other roles.

“Effective succession planning is a key part of the value we provide to clients who own businesses, and we practice what we preach,” said Grant Rawdin, Wescott’s founder and CEO, in a statement. “That’s why, when thinking about the best way to transition this critical role, we identified a proven strategist who knows the RIA industry and shares our forward-looking, research-intensive, independent approach to investing.”

MacNamara joins Wescott with more than 25 years of experience; most recently, he served as CEO and CIO of Horizons West Capital Partners, a boutique investment advisor and asset manager based in Connecticut.

Founded in 1987, Wescott has offices in Philadelphia; Boca Raton, Florida; Miami and San Francisco.


Read last week’s Recruiting Roundup online here.




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