Close Close

Technology > Investment Platforms > Turnkey Asset Management

Raymond James Adds $555M Wirehouse Reps in West

Your article was successfully shared with the contacts you provided.

Raymond James says it added five advisors from wirehouse firms recently with about $555 million in client assets. The registered reps join its operations on the West Coast, along with an advisor from Wedbush Securities with some $60 million in assets.

In Hawaii, Linda J. Fulgenzi has moved to the employee channel, Raymond James & Associates (RJA) from Merrill Lynch, where she previously managed roughly $113 million in client assets and had over $1 million in yearly fees and commissions.

Fulgenzi has been in the business for 30 years and spent the last nine with Merrill, according to FINRA BrokerCheck. She is joined by planning consultant Lane Nagano, who has 17 years of industry experience.

“I was attracted to the very strong Raymond James philosophy of advisors being the firm’s clients,” said Fulgenzi in a statement, “and that when we advisors take care of our clients by putting their interests first, everyone wins.

“As a number of my clients retire from Hawaii and move to various places on the mainland, I am delighted to have joined a firm that is so supportive and provides me the flexibility to continue to serve my clients in their respective communities, and, in particular, expand my practice in Tucson, [Arizona],” she explained.

Also joining the Honolulu office is Chris Pike, a 25-year industry veteran who previously was with Wedbush Securities. He is joined by associate Irene Yu.

In Southern California, RJA recruited the father-daughter team of John and Deanna De Rosa in Newport Beach. They moved from Morgan Stanley, where they previously managed about $180 million in assets.

“As Raymond James continues its strategic growth along the West Coast, we are proud that our firm remains a destination for top advisory teams like The DeRosa Group,” said Rick Sanchez, West Coast regional director for RJA, in a statement. “We look forward to providing them the superior level of service and support all our advisors have come to expect.”

The DeRosa team includes associate Bill Best.

“As we looked at alternatives, we did not want to substitute one big bank for another, but rather find a firm that was large enough to provide the products, resources and infrastructure necessary to serve our clients well, but that had a reputation for putting clients’ interest first and treating its advisors as clients,” Deanna DeRosa explained in a statement.

Her father began his financial services career at Eastman Dillon in 1970 and then worked for Paine Webber and Kidder Peabody. He joined Smith Barney in 1999, which was acquired by Morgan Stanley in 2009.

The younger DeRosa started her work in the business in 1994 at Kidder Peabody and then spent four years with AEON Corp. in Japan before joining her father at Smith Barney in 1999.

Independent Channel

Meanwhile, Raymond James Financial Services — the firm’s independent channel — recruited Glen D. Smith, CFP and chartered retirement planning counselor, and Robert L. Casey, accredited asset management specialist, from Merrill Lynch in Flower Mound, Texas, near the Dallas-Fort Worth area. At Merrill, they managed $262 million in client assets.

Also joining Smith and Casey at RJFS are Erica L. Doré, client associate and registered principal, and Alisha Liddell, client associate.

Smith began his career in financial services in 2004 at A.G. Edwards and most recently was a senior vice president and financial advisor with Merrill Lynch, where he worked for a decade. Casey previously worked at Merrill Lynch (2014-2017), Wells Fargo Advisors (2010-2014) and Edward Jones (2009-2010), according to his FINRA records.

“We are proud to offer our advisors the freedom to manage their practices as they decide what’s best for their clients. That independence, coupled with a high level of support, continues to differentiate Raymond James,” said Kirk Bell, Central regional director for RJFS, in a statement.

November Results

In other news, Raymond James recently shared its November 2017 results: Total securities commissions and fees were $367 million, a 9% increase over the year-ago period and a 1% jump from the prior month.

Client assets under administration rose 18% year over year and 2% from October to $717.9 billion.

“Client assets under administration were lifted by equity market appreciation, as well as vibrant financial advisor recruiting and high retention levels in the Private Client Group segment,” the firm said in a statement.

“Equity market appreciation and the recent increase in short-term interest rates should provide tailwinds for our business,” said Chairman and CEO Paul Reilly, in a statement. “Additionally, the proposed corporate tax reform is expected to benefit our long-term results, although we anticipate an upfront negative impact related to the revaluation of our deferred tax asset.”

— Check out Will More Firms Leave the Broker Protocol? on ThinkAdvisor.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.