Advisor duo reunites at Raymond James
When David Katz moved from Ameriprise to Raymond James last year, his partner decided to stay behind — but only for a few months.
That advisor, Robert DuKate, has now rejoined his partner at the Florida-based regional broker-dealer. DuKate managed $125 million in assets at Ameriprise, according to Raymond James.
“I was looking for a firm that provides ample resources and alternatives to meet my clients’ evolving financial planning needs,” DuKate said in a statement.
The advisors say they violated no contracts and took no confidential client information when they resigned from the bank.
This is the third such suit the bank has filed against former advisors in recent months.
The firm’s recruiting streak continues with this latest wirehouse hire.
While Raymond James has been primarily successful in recruiting wirehouse brokers, especially from Wells Fargo, the firm has also been stealing advisors from regional broker-dealer competitors like Stifel. Those efforts are pulling its size to new levels.
Raymond James reported a record head count of 7,719 independent and employee advisors in the third quarter — a net increase of 434 advisors from a year earlier.
The firm’s recent hire, DuKate, worked at Ameriprise for the past five years. Before that he was at Morgan Stanley, according to FINRA BrokerCheck records. Carolyn Pisano-Jarboe, a senior registered client service associate, will join him in making the move.
DuKate registered with his new firm, Raymond James, in June, according to FINRA BrokerCheck.
The advisors are operating as Katz DuKate Wealth Management in Boca Raton, Florida, where they primarily serve business owners and high-net-worth families.
Neither DuKate nor an Ameriprise spokeswoman would comment further on the career move.