Raymond James shows no signs of slowing down its recruiting efforts, snagging a three-advisor team managing $230 million from Stifel, the company said.
The St. Petersburg, Florida-based firm's new hires come after it unveiled the addition of several advisors formerly with Wells Fargo and who managed more than $1 billion in client assets, according to Raymond James.
The firm's newest additions joined Raymond James's independent channel in April, according to FINRA BrokerCheck records. The Chesterfield, Missouri-based team operates as Krentz Financial group.
Advisor Todd Krentz cited Raymond James's technology offerings as one motivator for making the move to Raymond James' independent side. He also pointed to what he said was the greater flexibility the independent model offered.
“It’s important to us to provide a very engaging experience for our clients, and establishing an independent practice at Raymond James significantly enhances our value proposition to clients. The firm’s significant investments in technology each year reflect its commitment to providing a compelling experience for both advisors and clients," Krentz said in a statement.
Krentz had been with Stifel since 2009, according to FINRA BrokerCheck records. He previously worked at Wells Fargo and A.G. Edwards.
Fellow team member Justin Brown started his advisory career at Dean Witter in 1999, later joining Stifel in 2001, per BrokerCheck records. Advisor Michelle Evans previously served as a registered client service associate and transition specialist at Stifel, according to Raymond James.
Raymond James has approximately 7,600 independent and employee advisors, and total client assets of $736 billion.
A Stifel spokesman was unavailable for immediate comment on the team's departure.
Like other independent and regional firms, Stifel has also been an aggressive recruiter, picking up a number of recruits primarily from the wirehouses. The St. Louis-based firm's most recent recruiting sweep netted advisors managing approximately $1 billion in client assets ― and included two advisors from Raymond James.