Raymond James’ headquarters in St. Petersburg, Florida.

Raymond James has hired a former Charles Schwab executive as head of its Investment Advisors Division, which works with RIAs.

Greg Bruce joins Raymond James from Schwab Advisor Services, where he most recently served as managing director of the Great Lakes Region; he was first hired by Schwab in 2001 and became a business development officer in 2007 and a managing director in 2011.

“Greg has an impressive track record of success in the RIA business,” according to Private Client Group President Scott Curtis. “Adding his background, experience and deep knowledge of this space furthers our commitment to supporting independent RIA firms and providing them with the best tools and resources available.”

Bruce will start his new role in about a week. With his hiring, the current senior vice president of strategic growth for the Investment Advisory Division, Maria Daley, will become the division’s chief operating officer.

“The firm’s strong reputation in wealth management, client-first culture, robust resources and unique value proposition for independent RIAs are what drew me to Raymond James,” Bruce said, in a statement. “’I’m looking forward to expanding and strengthening Raymond James’ capabilities that provide support and services to RIA client firms.”

Desert Financial

Meanwhile, Raymond James Financial Institutions Division said it welcomed the 11 advisors of  Desert Financial Wealth Management, the retail wealth management program at Desert Financial Credit Union, who manage about $638 million in total client assets throughout Arizona. Earlier, the group worked with LPL Financial.

“Desert Financial Credit Union is Arizona’s largest locally based credit union, and their wealth program includes an experienced team with deep roots and longstanding relationships in the area …,” according to Tim Killgoar, senior vice president and head of FID.

“We’re excited they chose Raymond James as their partner as they continue to grow their program and expand their wealth management services to clients,” he added.

The investment program is led by Joshua Fadel, DFWM managing director and RJFS investment executive, and includes advisors Joseph Greenberg, Robert Nichols, Paul Wintermantel, David Jones, Eric Morgan, Ted McLellan, Jason Romero, Timothy Clemens, Mitchell Layton, Joshua Zahn and Joseph Hurab.

Desert Financial Credit Union has about $4.6 billion in assets, more than 335,000 members and 48 locations.

“We are extremely pleased to align our new brand with one of the most successful brands in the wealth management business for the benefit of our members,” said Desert Financial Credit President and CEO Jeff Meshey, in a statement. “Through this partnership, we are well-positioned to deliver on our commitment to providing financial solutions that make our members’ lives better.”