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Industry Spotlight > Women in Wealth

Raymond James, RBC Add Advisors, Exec From Wells Fargo: Recruiting Roundup

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As the wirehouses and other financial firms announce their earnings results this week, rivals are sharing the news on recruiting.

Wells Fargo, for instance, said its Wealth and Investment Management Group grew assets 8% from last year to $1.8 trillion. Its net income hit $682 billion on revenue of $4.2 billion.

Its advisor headcount, though, dropped 1% in the most-recent quarter (by roughly 145) to hit 14,527 on June 30. That figure is down 3% (or by about 436 advisors) from a year ago.

“We continued to make progress this quarter in our efforts to rebuild trust and build a better Wells Fargo and, while there is still more work ahead of us, we are on the right track and I am confident about our future,” said CEO Tim Sloan in a press release.

Raymond James’ News

The independent channel of Raymond James said it recently recruited John Houchin III, CFP, and James A. Ernst, to its operations in Palm Beach Gardens, Florida, according to Jodi Perry, Southeast regional director for Raymond James Financial Services.

The team operates as Houchin Ernst Wealth Advisors, and the two advisors used to work with Wells Fargo Clearing Services, where they previously managed over $230 million in client assets and had annual fees and commissions of about $1.6 million.

“We wanted a customer-centric firm that was primarily focused on wealth management,” said Houchin, who has been in the business for 25 years in a statement.

“We were seeking a firm with a Main Street orientation rather than Wall Street,” explained Ernst, who has 17 years of industry experience. “We looked at several options and decided that affiliating with Raymond James’ independent channel, with its superior platform and all its back-office support, was going to give us the control we desired and be the best fit for us and our clients.”

RBC Exec Hire

Meanwhile, RBC Wealth Management said it had hired Charles R. Carson to serve as the director of its Houston complex, according to Darryl Traweek, director of RBC Wealth Management’s west division. In this role, Carson will be responsible for four branches and about 43 financial advisors.

Carson joined RBC Wealth Management from Wells Fargo Private Bank, where he most recently served as a Regional Brokerage Manager. He joined the industry in 1986, according to FINRA BrokerCheck, and also has worked for American Express and Merrill Lynch.

 “Charles is a highly qualified and motivated leader who has achieved an incredible amount of success in recruiting and growing revenue,” said Traweek, in a statement. “His industry knowledge, leadership skills and experience make him a great fit to grow and lead our Houston-area offices.”

Baird Developments

Baird says that Timothy M. Steffen, CPA/PFS, CFP, CPWA, has been promoted to the newly created role of director of Advanced Planning for its Private Wealth Management business. In a related move, Scott M. Grenier, CFP, AEP, has been promoted to Manager of Financial and Estate Planning.

“The creation of a director of Advance Planning role capitalizes on the strength of Baird’s team of in-house experts who have a specialized focus on financial and estate planning and work closely with our financial advisors,” said Laura Thurow, director of the Wealth Solutions Group at Baird, in a statement.

In his new role, Steffen will focus on educating Baird’s network of more than 875 financial advisors and clients about wealth management planning strategies, while Grenier will oversee Baird’s team of financial and estate planners across the U.S.

“Baird’s Private Wealth Management business continues to grow and evolve at a rapid pace, and our commitment to providing the best financial advice and service continues to set us apart. Now, more than ever, our high-net-worth clients are looking to us to help them filter through the noise and deliver customized advice they can trust,” said Mike Schroeder, president of Baird’s Private Wealth Management group, in a statement. 


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