Raymond James landed two wirehouse teams that managed approximately $500 million in client assets, the firm said.
They join hundreds of advisors that have left the industry’s biggest wealth management firms to join smaller regional and independent broker-dealers.
Raymond James has long been among the industry’s most aggressive recruiters. The St. Petersburg, Florida-based firm has more than 8,000 independent and employee advisors and total client assets of approximately $876 billion.
Christopher Stanford and Matthew Douglas left Merrill Lynch for Raymond James' employee channel. They now operate from a Raymond James & Associates branch in Peachtree City, Georgia. The two advisors previously oversaw $270 million in client assets, according to their new employer.
Stanford and Douglas pointed to the accessibility of management at the firm. The duo met with Tash Elwyn, CEO of Raymond James & Associates, during a home office visit.
“It was refreshing to have the ability to have real and receptive conversation and to discuss what is important to us and our clients,” Stanford said in a statement.
Stanford and Douglas both started their advisory careers at Merrill Lynch in 2005, according to FINRA BrokerCheck. They are joined by financial advisor trainee Tanner Low, and client service associates Alexis Lamb and Stephanie Moore. The team made the move in October, according to BrokerCheck.
Also joining Raymond James' employee channel is advisor Steven LeClair, who previously managed more than $228 million in client assets, according to the firm. A former UBS advisor, he is based in Upper Arlington, Ohio.
Senior wealth management associate Lauren Matthiessen, and senior marketing associate Jodi McMillan are moving with him. The team goes by the moniker LeClair Wealth Management of Raymond James.
LeClair cited Raymond James’ culture as a reason to make the move. He had worked at UBS since 2003, according to BrokerCheck. Like Stanford and Douglas, LeClair switched employers in October.
