Raymond James Taps New Head of Northeast Indie Channel

Raymond James has named Shannon Reid as the Northeast regional director for its independent broker-dealer. She takes the reins from Tom Harrington, who is retiring.

“Shannon brings a strong track record of leadership and experience at Raymond James, and I am pleased to welcome her as the Northeast’s new regional director,” Jodi Perry,  president of the firm’s Independent Contractor Division, said in a statement. “During Tom’s 16-year tenure as regional director, he has made a significant impact in the Northeast region and to ICD’s overall success.”

Raymond James has 4,646 independent advisors and 3,167 employee advisors. As of Sept. 30, assets under administration stood near $756 billion, with fee-based assets totaling $366 billion.

Reid joined Raymond James in 2009 and has served as head of Retirement Solutions, vice president of Cash Management and Private Client Group Planning, vice president of Private Client Group Education and Practice Management, and most recently as senior vice president and divisional sales manager for the employee channel’s Eastern Division.

Before coming on board at Raymond James, she worked at Goldman Sachs for more than nine years. For about six years, she led its Southeast wealth management business, according to her LinkedIn profile.

In her new role, she will oversee the management of independent advisors in the Northeast, which includes Washington, D.C., as well as Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont and Virginia.

“Raymond James … provides advisors the freedom to run their businesses and offers a unique balance of small-firm service with large-firm resources and technology,” said Reid, in a statement. “I am looking forward to supporting our independent financial advisors in the Northeast, and I am excited to leverage my breadth of skills and experience to continue growing our presence in this important region.”

Investment Banking Leader Steps Down 

Raymond James also says that Jeffrey E. Trocin is stepping down as co-president of Global Equities and Investment Banking. Co-President Jim Bunn will become president and take over leadership of the business while maintaining his role as head of Investment Banking by year-end.

Trocin has been appointed vice chairman of Raymond James Financial and plans to continue to serve on several firmwide and equity capital markets committees.

“As [Trocin] transitions into the next phase of his career, we’re excited he has chosen to continue providing counsel to me and executive leadership,” according to CEO and Chairman Paul Reilly.  

With more than 20 years of industry experience, Bunn began his investment-banking career at Salomon Smith Barney/Citigroup in 1998.

He joined Raymond James in 2009 during the acquisition of Lane Berry, where he led the Financial Technology and Technology Services practices. At Raymond James, Bunn has has been head of the Technology Services Investment Banking group and served as co-head of Investment Banking.   

“Jim has done an exceptional job stepping in to co-head all aspects of our Global Equities and Investment Banking businesses and I have the utmost confidence that he will continue to advance that effort to further success,” explained Reilly.