Raymond James brings on $600M team from Wells Fargo
Raymond James continued its recruiting streak with the addition of a team managing $600 million in client assets from Wells Fargo.
The wirehouse’s advisor ranks have shrunk nearly 10% of its advisors since a fake accounts scandal was revealed three years ago.
While Wells Fargo has suffered from advisor attrition, Raymond James has increased its brokerage force by more than 3% between the first quarters of 2018 and 2019, according to the company’s most recent earnings report. Raymond James now counts more than 7,862 independent and employee advisors. Wells Fargo remains a much larger operation, however, with 13,828 advisors on staff.
Raymond James’ new hires joined the company’s employee broker-dealer unit in Richmond, Virginia. The group operates as Sisk & Marvel Investment Group and includes the namesake advisors Geoffrey Sisk and Hynson Marvel as well as advisor Jason Statuta and client service associate Tonita Donaldson. Sisk and Marvel spent more than 19 years and 11 years at Wells Fargo, respectively, while Statuta joined them in 2016 after working 11 years at Goldman Sachs. Donaldson spent 14 years at the wirehouse.
Their move to Raymond James was motivated by the firm’s trust and banking services, according to Sisk, as well as its technology platform and its “agency-style marketing support.”
The company hopes to recruit new advisors by taking a version of its home office tour on the road.
Headcount is down more than 1,250 since a fake accounts scandal came to light in 2016.
The team focuses on serving high-net-worth individuals, families, foundations and endowments, according to Raymond James.
The firm has recruited other big teams from Wells Fargo. In November, Raymond James brought on a 12-person team responsible for $560 million in client assets.
A spokeswoman for Wells Fargo declined to comment on the move.