Two Merrill Lynch advisors who managed approximately $180 million in client assets broke away from the wirehouse to launch an independent practice under Raymond James, according to the firm.
Taylor Adams, who had spent 13 years at Merrill, and Annie Norris, who was there for 31 years, opened Southern Wealth Group as wirehouses lose advisors
Assets under administration for Raymond James’ Private Client Group, which also includes its employee brokerage, grew 18% to $692.1 billion year-over-year in the
The St. Petersburg, Florida-based firm’s advisor headcount also reached a record of 7,537 advisors, aided in particular by strong recruiting of independent advisors,
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The No. 13 IBD’s hybrid RIA subsidiary also unveiled the results of its record recruiting push.
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The four-member group previously generated about $2.5 million in annual revenue.
January 31 -
Concerned about the wirehouse's "trajectory," Glen D. Smith sought out a business model his kids could join one day.
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“Having been with our previous firm for so long, we didn’t take a move lightly and we took more than a year to evaluate how a potential move might benefit us, but more importantly, our clients,” Adams said in a statement. He added praise for the firm’s technology and investment expertise, along with the way it “allows us the freedom to truly run all aspects of our business.”
A spokeswoman for Merrill Lynch didn’t respond to a request for comment on Adams and Norris’ departure.
They formally aligned with Raymond James on Feb. 16, according to FINRA BrokerCheck. Norris began her career at Merrill, while Adams came from Edward Jones in 2005. Southern Wealth’s clients include small business owners, as well as other individuals and families.
Senior client representatives Teresa Ammons joined Norris and Adams in the breakaway move from Merrill, where she had been for 18 years. The team reports to Kirk Bell, Raymond James regional director for its central region.
