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Financial Planning > Behavioral Finance

$550M Wells Fargo Group Moves to Raymond James: Recruiting Roundup

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Raymond James recruited financial advisors Jim Broadway, Jim Broadway Jr., Kyle Evens, Kent Nuzum, CFP, and William Perkins, RICP, to its independent channel. The registered representatives previously worked for Wells Fargo Advisors.

They are based in Roswell, Georgia, according to Todd Gartrell, Southeast regional director for Raymond James Financial Services, and have collectively managed more than $550 million in client assets and had $2.7 million in annual fees and commissions.

“Each of us was looking for a firm that offers independence, focuses on its wealth management business and provides a high level of client and advisor support. We are pleased we found that at Raymond James,” said Jim Broadway Sr., in a statement.

He began his career in financial services 34 years ago at A.G. Edwards, which as acquired by Wachovia and then Wells Fargo. Jim Broadway Jr., began his financial services career in 2014.

Meanwhile Evens has been in the industry for 30 years. Nuzum has more than 21 years of industry experience, starting with Morgan Stanley in 1996 and transitioning to A.G. Edwards in 2005.

Perkins became a financial advisor with A.G. Edwards in 1982.

Breakaway Brokers

After 10 years at Merrill Lynch, Michael Henley has left to affiliate with Dynasty Financial Partners and form an independent practice, Wyeth Private Wealth in Chadds Forth, Pennsylvania.

He is joined by private wealth advisors and managers Alison Brooks, Steve Maconi, Tracy McGuire and Mark Jackson, as well as relationship manager and CCO Brittany Kalsky. Also moving to Dynasty are associates Erin Yake and David Clark. The advisors have a total of $930 million in client assets.

Henley was with Merrill Lynch since 2007. “By partnering with Dynasty Financial Partners, we are able to upgrade, improve, or enhance all services that we provide to wealthy families,” he said in a statement.

Dynasty President and CEO Shirl Penney added, “Wyeth Private Wealth represents everything that is great about the future of the independent wealth management industry. They are a young team of exceptional advisors who place all of their priorities on serving their clients’ needs and are complete believers in the fiduciary based advisory model.”

Wyeth has selected Fidelity Institutional Wealth Services to provide custody services for its clients’ assets and Black Diamond for performance reporting.

Merrill Lynch News

Nik Totaro has been named market executive for the Stamford, Connecticut, market. He began his career as a financial advisor with Prudential Financial in 2004.

After joining Merrill Lynch in 2008, he spent several years in production for the Fifth Avenue Market and served in market executive position within the North Shore.

Deborah Shepherd is now a market executive for the Short Hills, New Jersey, market. Previously, she was the market executive for the Princeton market and the market integration executive for the New Jersey market.

She joined Merrill Lynch in 1990 as a financial consultant in Shreveport, Louisiana, and became director of the Central Arkansas Complex in Little Rock, Arkansas in 2000.

Recently, Jay Chua, the former director of advanced analytics at the Financial Industry Regulatory Authority (FINRA), accepted a new role at Merrill Lynch. He was with FINRA for three years and seven months and previously was with McKinsey & Co., and Societe Generale.

Chua will lead the analysis and management of business and risk intelligence for Merrill Lynch Wealth Management Business Oversight and Supervision, and will be based in Jersey City, New Jersey.

Executive Moves

Ladenburg Thalmann Financial Services says Kirk Hulett, head of Ladenburg practice management, has been appointed senior vice president for organizational & practice development for the full company, including the five independent advisory and brokerage subsidiaries:  Securities America, Triad Advisors, KMS Financial Services, Investacorp and Securities Service Network (SSN).

In this newly-created Ladenburg position, Hulett will report directly to Ladenburg’s Chief Operating Officer Adam Malamed.  Hulett will continue to serve as executive vice president of strategy & practice management at Securities America.

“There’s never been a more exciting time for Ladenburg and its subsidiaries to grow and succeed … delivering an ideal balance of ownership stability, scale and resources to financial advisors across the country, alongside a proven commitment to the unique brands, cultures and service models of each of Ladenburg’s subsidiary firms,” according to Hullet.


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