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Financial Planning > Behavioral Finance

Raymond James Adds $2.4M Wells Fargo Team

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Raymond James says a group has left Wells Fargo to join its employee channel in Columbia, South Carolina, with about $2.4 million in yearly fees and commissions as well as $375 million in client assets.

Financial advisor Preston Covington, portfolio analyst Amanda Simconis and associate Lindsey Sisk are now doing business as the Covington Financial Group of Raymond James, according to Dick Ferguson, Southern divisional director of Raymond James & Associates; the group reports to Dan Parker, Columbia complex manager.

“Dan and I are both delighted to welcome Preston, Amanda and Lindsey to our firm and have them open a new office for RJA in Columbia,” Ferguson explained in a statement.

“Attracting a financial advisor like Preston, with his years of experience, outstanding reputation and credentials, is a testament to the broad range of support and resources he and his team will find here at Raymond James. We could not be more pleased he chose to join us and take his practice to the next level,” he added.

Covington started his career with Bankers Trust and later moved to Smith Barney and Interstate Johnson Lane as a branch manager and advisor; the latter firm was bought by Wachovia and then became part of Wells Fargo. 

“After more than two decades with the same firm, I came to realize what I had to offer my clients was incomplete,” the advisor said in a press release. “So I started to look for a firm that had more varied and deeper resources, and could support my practice in areas beyond just investments …, and I found them at Raymond James.”

According to the advisor, “Everything just felt ‘right’ – rather like that feeling you have when you buy your first home. My intention is to grow my practice to the point where I become my clients’ financial concierge – and Raymond James is uniquely positioned and qualified to help me make that happen.”

Last week, Steward Partners Global Advisory, an independent-advisor group affiliated with Raymond James Financial Services, said six advisors had joined it from Morgan Stanley with about $700 million in assets and about $5.9 million in yearly fees and commissions.

The new indie advisors opened an office in Clearwater, Florida, which is Steward’s ninth office; Clearwater is located near St. Petersburg, Florida, where Raymond James is based. The partnership, which is employee-owned, plans to open several more this year.

Across its channels, Raymond James serves 7,100 financial advisors in the United States, Canada and overseas. Total client assets are roughly $617 billion.

— Check out Raymond James Names Top Branch, Complex Managers on ThinkAdvisor.


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