A dozen South Florida advisors managing more than $2.2 billion joined Raymond James and Associates, the firm announced on Monday.
The 12 advisors hail from Wells Fargo, Morgan Stanley and Merrill Lynch.
“That's quite a haul,” says Mark Elzweig, president of Mark Elzweig Company.
“Raymond James has an excellent reputation with that space and is the firm of choice for many,” he wrote in an email to Financial Planning.
Over the last four quarters, the firm has recruited advisors with $285 million in trailing 12-month production and $44 billion in client assets, according to
Raymond James’ advisor employee headcount has remained relatively flat over the last five quarters, while its 1099 channel saw an increase of 3% over the same time period, according to the company’s latest earnings report. Overall, Raymond James reported 3,375 employees and 4,952 independent advisors for a company record of 8,327.
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Advisors John Gill and Bryan Horner were joined in the move by Mari Hurd, business practice coordinator, and Katie Bosler, senior registered client service associate.
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The multigenerational practice decided it was time to make the move.
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The 10-person practice, rebranded as Puzzle Wealth Solutions, is led by CEO John Klaas and COO David Millington.
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“We were looking for a firm that has a business owner mentality combined with a distinctive culture that shares the same values of putting its clients first, and we are pleased to have found that in Raymond James,” says former Wells Fargo advisor Edwin Shedd in a press release. “In addition, the efficient technology was very appealing with its sophisticated features in CRM (client relationship management) to best serve our clients.”
Operating out of the Coral Gables office are former Wells Fargo financial advisors: Miguel Viyella, who previously managed $537 million in client assets; Orlando Garcia, who formerly managed $527 million in assets; Rafael Sagarbarria and Oscar Gonzalez, who managed a combined $252 million in assets; Javier Ferreira, who formerly managed $252 million in assets; Andres Galvez and Edwin Shedd, who previously managed approximately $220 million in client assets; Maria Jose Pessoa, who formerly managing $130 million in assets; and Lizzette Inchaustegui, who formerly managing $160 million in assets.
The Coral Gables branch is managed by Mike Origlia.
Griselda Uzcategui, who previously managed $120 million in client assets at Wells Fargo, will operate out of the Ft. Lauderdale office, which is managed by Richard Caccamise.
Ex-Morgan Stanley advisor Charles Fischer, who previously managed $100 million in client assets, will join the Boca Raton office, which is managed by Dan Kraus.
Ex-Merrill Lynch advisor David Letourneau, who previously managed $60 million in assets, joined the firm’s Palm Beach Gardens office. He was joined by trainee Benjamin Graybow, who is part of the firm’s Advisor Mastery Program for new financial advisors. The Palm Beach Gardens office is managed by Larry Gonnello.
Tash Elwyn, president and CEO of Raymond James and Associates, the firm’s employee advisor channel, praised the firm’s culture and high level of support for bringing in advisors looking for an “elevated advisor and client experience” and said the firm was building on its strong presence in South Florida.
