RayJay Lands $500 Mln-Asset Wells Team in Philadelphia, $1.2-Bln Group in Kansas
Raymond James Financial lured a trio of veteran brokers who were managing about $500 million at Wells Fargo Advisors in Philadelphia to its Alex. Brown high-net-worth division last week, and welcomed a Kansas City team from UBS that was overseeing $1.2 billion to its Raymond James & Associates employee channel a month ago.
The hires underscore the Florida-based firm’s assertions that its aggressive hiring strategy of recent years into an array of affiliation channels has been bruised but not crippled by the strictures of the coronavirus economy. Alex. Brown, the slowest-growing of those channels, in July hired a three-advisor team in Miami focusing on Latin American investors from UBS Wealth Management USA.
The branch, managed by Rob Kenney, now has 13 advisors, according to its website. Most had been with Deutsche Bank Securities’ U.S. business before it was sold to Raymond James four years ago and rebranded as Alex. Brown.
The new arrivals—each of whom worked at Wells for at least 15 years—did not respond to requests for comment on the motivations for their move or their choice of Alex. Brown. A person familiar with their practice confirmed the size of their collective book at half-a-billion dollars.
The brokers, who were branded at Wells as the Logan Square Group, joined with Michael Gambol, their team business manager, and junior broker Fred Daniels, according to the LinkedIn postings. Two other Logan Square advisors, Thomas Penrose and David M. Engel, joined Wells from Morgan Stanley less than seven years ago and stayed at UBS to work off their promissory notes, said the person familiar with the moves.
Penrose declined to comment, and Engel did not return a call for comment.
Raymond James separately said Monday that it recruited three advisors in Overland Park, Kansas, who had been managing approximately $1.2 billion of client assets at UBS in Arkansas and Kansas City, to its employee channel.
Darryl Dunn, who began his brokerage career with UBS in 2007, joined with Jared Stricklin, a nine-year UBS lifer, and Robert A. Meeder, who had been at the Swiss bank’s U.S. affiliate for 11 years of his 39-year career.
They are the first private-client group team in the public finance branch that RayJay opened in the Kansas City area, and include two registered sales associates and two financial planners who also joined from UBS.
“Raymond James is an organization that has always been and continues to be incredibly committed to its wealth management business,” Stricklin said in a prepared statement. “The ability for us to truly own and run our business was a big factor, and that freedom sets the tone for everything management and support teams do here.”
The brokers, who operate as MDS Advisors, did not return calls for comment about the motivations for their move or their partnership plans. Meeder, who began his career at Kidder Peabody in 1980 as a sell-side analyst, is a senior vice president, according to the team’s website. Dunn and Stricklin are listed as senior vice presidents of investments and managing directors.
Dunn, who RayJay said works with very wealthy families and professionals, became an advisor in 2006 “to help keep Uncle Sam out of clients’ pockets,” according to his LinkedIn profile.
“They are an incredible representation of Raymond James as we open our new RJA office and expand in the Kansas City area,” said RJA Midwest Regional Director Michael O’Meara in a prepared statement. “We’re pleased they found the unique culture of freedom and high-level support that Raymond James is known for as the optimal fit for them, their clients and their practice.”